Members Exchange aims to be a cheaper place to trade stocks than the incumbent exchanges

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A new venture backed by nine financial heavyweights including Morgan Stanley, UBS and Citadel Securities is seeking regulatory approval to launch an exchange, making a bid to challenge the New York Stock Exchange and Nasdaq.

Members Exchange, or MEMX, filed an application with the Securities and Exchange Commission to become a stock exchange. The application was published on the SEC’s website on Thursday.

New stock exchange seeks nod to take on NYSE and Nasdaq

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