Brokers form new stock market to take on NYSE, Nasdaq, Cboe

NINE BIG BANKS and brokers are attempting to form a new United States stock market called The Members Exchange. / BLOOMBERG NEWS FILE PHOTO/MICHAEL NAGLE
NINE BIG BANKS and brokers are attempting to form a new United States stock market called The Members Exchange. / BLOOMBERG NEWS FILE PHOTO/MICHAEL NAGLE
NEW YORK - A group of big banks and brokers is forming a new United States stock market, funneling years of frustration about how much exchanges charge into the creation of a competitor. The nine founders, including Morgan Stanley, UBS Group AG, Citadel Securities LLC and Virtu Financial Inc., are seeking to “increase competition, improve operational…

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