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Competition to heat up among U.S. stock exchanges with new entrants

08/21/2020 | 09:37am EST
A man wears a protective mask as he walks on Wall Street during the coronavirus outbreak in New York

Three new U.S. stock exchanges are set to launch by the end of September, vying for market share against incumbents like the New York Stock Exchange and Nasdaq Inc, which have benefited from elevated trading volumes during the coronavirus pandemic.

Silicon Valley-based Long Term Stock Exchange (LTSE) goes live on Aug. 28, starting with two stocks and then ramping up to include all securities by Sept. 9. The Members Exchange (MEMX), which is backed by a who's who of Wall Street firms, begins a phased launch on Sept. 4, and MIAX Pearl Equities debuts on Sept. 25.

That will bring the total to 16 stock exchanges, with NYSE-owner Intercontinental Exchange Inc operating five, Cboe Global Markets running four, Nasdaq with three, and IEX Group one.

The new bourses enter the market amid frothy trading volumes and a recent record high by the S&P 500 following a months-long rally in stocks after governments pumped trillions into the economy to counter the coronavirus' economic impact.

The new competition also comes at a time of intense debate over fees between the large exchange operators and their customers.

MEMX will address those issues, Chief Executive Jonathan Kellner said in an interview.

"On transaction fees, out of the gate, we are looking to be aggressive to attract order flow," he said.

MEMX's investors include big banks, like JPMorgan, Bank of America, Goldman Sachs, as well as BlackRock Inc, the world's biggest money manager. Online brokers including Charles Schwab Corp, Fidelity, and TD Ameritrade, and market makers Citadel Securities and Virtu Financial are also backers.

MIAX, which runs three options exchanges, has said it intends to start out 40% cheaper than the current lowest-cost operator.

The LTSE said it aims to promote longer-term thinking by the companies it lists through stricter corporate and stakeholder policies.

By John McCrank


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA CORPORATION 1.34% 29.09 Delayed Quote.-20.05%
BLACKROCK, INC. 0.24% 716.975 Delayed Quote.42.28%
DJ INDUSTRIAL 0.19% 29879.35 Delayed Quote.3.86%
INTERCONTINENTAL EXCHANGE, INC. -0.57% 106.55 Delayed Quote.15.79%
JPMORGAN CHASE & CO. 1.90% 122.0136 Delayed Quote.-15.44%
NASDAQ -0.56% 129.18 Delayed Quote.21.30%
NASDAQ 100 -0.03% 12453.552505 Delayed Quote.42.62%
NASDAQ COMP. -0.10% 12344.733473 Delayed Quote.35.96%
S&P 500 0.19% 3669.38 Delayed Quote.13.36%
TD AMERITRADE HOLDING CORPORATION -2.08% 39.97 End-of-day quote.-19.58%
THE CHARLES SCHWAB CORPORATION 1.51% 50.77 Delayed Quote.5.17%
THE CITADEL GROUP LIMITED -0.18% 5.69 End-of-day quote.15.65%
THE GOLDMAN SACHS GROUP, INC. 2.25% 237.2501 Delayed Quote.0.28%
VIRTU FINANCIAL, INC. -0.43% 23.235 Delayed Quote.45.84%
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Financials (USD)
Sales 2020 2 829 M - -
Net income 2020 962 M - -
Net Debt 2020 2 334 M - -
P/E ratio 2020 23,1x
Yield 2020 1,49%
Capitalization 21 310 M 21 310 M -
EV / Sales 2020 8,36x
EV / Sales 2021 8,04x
Nbr of Employees 4 776
Free-Float 66,9%
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Number of Analysts 19
Average target price 140,79 $
Last Close Price 129,91 $
Spread / Highest target 27,0%
Spread / Average Target 8,38%
Spread / Lowest Target -26,9%
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NameTitle
Adena T. Friedman President, Chief Executive Officer, COO & Director
Michael R. Splinter Chairman
Michael Ptasznik Chief Financial Officer & EVP-Corporate Strategy
Bradley J. Peterson Chief Information Officer & Executive VP
Lars Rune Wedenborn Independent Director
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B3 S.A. - BRASIL, BOLSA, BALCÃO32.14%21 964