ACST - Bank-backed stock exchange launches to rival Nasdaq NYSE

A new exchange backed by Wall Street banks and asset management behemoth BlackRock ([[BLK]] -1.8%) started giving existing stock exchanges a run for their money today.Members Exchange, or MEMX, executed its first trade at 7:48 AM ET today with 100 shares of Consolidated Edison (ED) changing hands at $73.90 a share.To start with, MEMX will handle trade in only seven stocks, including ExxonMobil and Alphabet. But it will open up to all U.S. exchange-listed securities on Sept. 29.The other four securities initially trading on MEMX are: Acasti Pharma (ACST), BlackBerry (BB), Ford Motor 6.20% notes due June 1, 2059, and iShares Ultra Short-Term Bond ETF (ICSH).The group of companies backing MEMX banded together due to their frustration over fees charged by the major exchanges — NYSE, owned by Intercontinental Exchange ([[ICE]] -0.6%), Nasdaq ([[NDAQ]] -0.7%), and Cboe Global Markets ([[CBOE]] -0.2%).The new exchange plans to charge lower fees than the

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Bank-backed stock exchange launches to rival Nasdaq, NYSE