New Wall Street-backed stock exchange MEMX to launch on Sept. 4

NEW YORK (Reuters) – The Members Exchange (MEMX), a new bourse that aims to take on the New York Stock Exchange and Nasdaq Inc , and is backed by financial heavyweights including Bank of America Corp and BlackRock Inc , said on Thursday it will launch on Sept. 4.

MEMX, which was founded by many of the biggest customers of Intercontinental Exchange Inc’s NYSE and Nasdaq, has raised $135 million since it was founded in January 2019 to challenge what those firms saw as excessive exchange fees for trading and related services such as market data.

(Reporting by John McCrank; Editing by Sandra Maler)