Wall Street Launches New Stock Exchange Taking Jab At NYSE And Nasdaq

A high-profile group of banks, brokerages and market makers have revealed plans to join forces and start their own trading venue called the Members Exchange.The launch has been come as a result of longstanding frustrations with the current exchange system.
Power players such as  Bank of America, UBS, Citadel Securities and Fidelity Investments are spearheading this launch after brokerages and market makers were upset with the cost that leading exchanges charge for access to the lucrative data feeds that are used to monitor stock prices.
The goal set by these companies is to simplify and lower fees by boosting competition and increasing transparency among themselves.Shares of Nasdaq (NDAQ) and The New York Stock Exchange dropped by more than 2% after the announcement was made.

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