The consortium includes Bank of America Merrill Lynch (NYSE: BAC), E*TRADE Financial Corp. (NASDAQ: ETFC), Morgan Stanley (NYSE: MS), TD Ameritrade Holding Corp. (NASDAQ: AMTD), UBS AG (NYSE: AG), and Virtu Financial Inc. (NASDAQ: VIRT). Charles Schwab, Citadel Securities and Fidelity Investments are also on board with the project.
"The founding members of MEMX represent leading retail brokers, global banks and financial service firms, and market makers – a diverse array of market participants organizing for the common goal of improving markets for retail and institutional investors," said Douglas Cifu, chief executive officer of Virtu Financial. "The launching of MEMX is a testament to the market-wide demand for competition, innovation, and transparency." TD Ameritrade executive VP Steve Quirk also issued a statement.
"As a founding member of MEMX, we look forward to being part of an initiative we believe will transform markets for the better," he said. "All types of investors could benefit from this simplified investing experience that will foster competition and promote practices that put the needs of investors first."
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