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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Nasdaq    NDAQ

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Wall Street-backed MEMX launches in challenge to NYSE and Nasdaq

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09/21/2020 | 02:43pm EDT

The Members Exchange (MEMX), a new U.S. stock exchange backed by some of the biggest customers of the New York Stock Exchange and Nasdaq Inc, launched on Monday with pricing aimed at taking market share from the incumbents.

"Out of the gate, we're looking to be aggressive in order to attract order flow so that people can experience our exchange," Chief Executive Officer Jonathan Kellner said in a recent interview.

The new bourse went live trading seven symbols, including Alphabet Inc , BlackBerry Ltd, and Exxon Mobil Corp <XOM.N), and plans to begin trading all U.S. stocks on Sept. 29.

The exchange's mission is to improve the market through technological innovation, reduced complexity, and lower fees, while being a voice for its members on market issues, Kellner said.

MEMX was founded in January 2019 by nine financial institutions, including Bank of America, Charles Schwab Corp, Virtu Financial, Morgan Stanley, Fidelity and Citadel Securities.

Since then, MEMX has raised more than $135 million and brought on more than 40 members, including BlackRock Inc, Goldman Sachs Group Inc, JPMorgan Chase and Co and Jane Street Capital.

The Jersey City, New Jersey-based exchange was founded after years of complaints by brokers and other market participants over what they saw as unjustifiably high fees charged by most exchanges for things like market data and exchange connectivity.

Initially, MEMX will give away its market data and will pay more in rebates to brokers that add liquidity to its exchange than it charges in trading fees, meaning it will lose money as it tries to take share from Intercontinental Exchange Inc's NYSE, Nasdaq, and Cboe Global Markets.

The exchange will "normalize" its fees once it attracts meaningful volume, but those fees will be very competitive and MEMX will be transparent in how it sets them, Kellner said.

By John McCrank


Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -3.08% 1590.45 Delayed Quote.18.95%
BANK OF AMERICA CORPORATION -1.45% 24.54 Delayed Quote.-30.32%
BLACKBERRY LIMITED -4.02% 6.44 Delayed Quote.-19.64%
BLACKROCK, INC. -2.37% 622.19 Delayed Quote.23.77%
EXXON MOBIL CORPORATION -2.37% 33.35 Delayed Quote.-52.21%
INTERCONTINENTAL EXCHANGE, INC. -1.20% 97.76 Delayed Quote.5.63%
JPMORGAN CHASE & CO. -2.48% 101.24 Delayed Quote.-25.53%
MORGAN STANLEY -2.99% 50.32 Delayed Quote.-1.56%
NASDAQ -1.35% 127.38 Delayed Quote.18.94%
NASDAQ COMP. -1.64% 11358.936824 Delayed Quote.28.71%
THE CHARLES SCHWAB CORPORATION -2.97% 39.15 Delayed Quote.-17.68%
THE CITADEL GROUP LIMITED -0.18% 5.58 End-of-day quote.13.41%
THE GOLDMAN SACHS GROUP, INC. -1.90% 201.14 Delayed Quote.-12.52%
VIRTU FINANCIAL, INC. 0.07% 22 Delayed Quote.37.59%
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Financials (USD)
Sales 2020 2 826 M - -
Net income 2020 960 M - -
Net Debt 2020 2 336 M - -
P/E ratio 2020 22,6x
Yield 2020 1,52%
Capitalization 20 923 M 20 923 M -
EV / Sales 2020 8,23x
EV / Sales 2021 7,92x
Nbr of Employees 4 361
Free-Float 67,0%
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Number of Analysts 19
Average target price 139,44 $
Last Close Price 127,38 $
Spread / Highest target 21,7%
Spread / Average Target 9,47%
Spread / Lowest Target -25,4%
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Managers
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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MARKETAXESS HOLDINGS INC.44.37%21 223