Members Exchange hopes to challenge the New York Stock Exchange and Nasdaq by charging rock-bottom fees

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Goldman Sachs and JPMorgan agreed to back a new low-cost stock exchange that plans to launch this summer to challenge the New York Stock Exchange and Nasdaq.

The two banks, along with high-speed trading firm Jane Street Capital, led a new round of funding for Members Exchange, or MEMX, the startup exchange said in a news release Thursday.

Goldman and JPMorgan lead funding round for Members Exchange

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