US trading venue MEMX is set to take on incumbent exchanges Nasdaq and NYSE as it confirms September launch date.
BlackRock, Wells Fargo and Flow Traders are among those backing US challenger exchange group MEMX in recent funding round.
US Securities and Exchange Commission gives new exchange MEMX the green light to operate its trading venue.
Testing on the new MEMX exchange has been delayed due to disruption caused by the coronavirus pandemic, but venue plans to launch in the third quarter.
Upcoming US equity exchange MEMX has gained the support of Wall Street players Goldman Sachs, JP Morgan and Jane Street Capital.
The latest research from Greenwich Associates reveals traders are not in favour of increased fragmentation, as three exchanges prepare to launch this year.
Following intense debate among market participants on the extensive costs of market data, incumbent exchanges could soon have less power over the consolidated tape in the US.
New exchange established by major Wall Street players is targeting launch for the middle of next year.
Jonathan Kellner appointed as chief executive of newly-formed exchange effective immediately.