A new national securities exchange founded by financial firms got a greenlight Tuesday from the Securities and Exchange Commission, market operator Members Exchange said.
MEMX founding members are large retail broker-dealers, global banks, and financial-services and proprietary trading firms, including Bank of America Merrill Lynch, Charles Schwab, Citadel Securities, E-Trade Financial, Fidelity Investments, Morgan Stanley, TD Ameritrade, UBS and Virtu Financial.
In announcing its launch in January 2019, the company said it was formed "as a result of industry demand for competition, meaningful technical innovation and increased operational transparency," and that it would benefit institutional and retail investors.
MEMX applied to the SEC on Oct. 31. The exchange is expected to go live in the third quarter, once platform testing and member certification gets started.