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Exchange stocks slide after report of new competitor

Published 01/07/2019, 01:37 PM
Updated 01/07/2019, 01:37 PM
© Reuters.  Exchange stocks slide after report of new competitor
  • NYSE-owner Intercontinental Exchange (ICE -1.7%), Cboe Global Markets (CBOE -0.1%), and Nasdaq (NDAQ -2.4%) slump after the Wall Street Journal reports that a group of nine financial firms are planning to start their own low-cost stock exchange.
  • Initial investors of the Members Exchange, or MEMX, include Morgan Stanley (MS +1.7%), Fidelity Investments, Citadel Securities, Bank of America (BAC +0.6%) Merrill Lynch, UBS (UBS +1.4%), Virtu Financial (VIRT -0.3%), Charles Schwab (SCHW +1.4%), E*Trade Financial (ETFC +1.8%), and TD Ameritrade (AMTD +0.9%).
  • Previously: Wall Street firms to form stock exchange to rival NYSE, Nasdaq: WSJ (Jan. 7)
  • Now read: Buy Bank Of America: Recession Fears Are Overblown


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