A group of the biggest banks and brokerage firms including Morgan Stanley and UBS formed a new U.S. stock market. According to press reports, the group has come up with $70 million to kick-start the market, which it is calling the Members Exchange.
The founders hope the market will be up and running by early this year, but they would need SEC approval to become an official exchange, which can take months or even years.
The founders hope the market will be up and running by early this year, but they would need SEC approval to become an official exchange, which can take months or even years.
