U.S. Stock-Trading Heavyweights Get OK to Start Own Exchange (1)

Some of the biggest U.S. stock traders just got the green light to open their own exchange.

Members Exchange, backed by equities heavyweights including Citadel Securities, Virtu Financial Inc. and Morgan Stanley, won approval from the Securities and Exchange Commission to open the new venue, MEMX said in a statement Tuesday.

Jonathan Kellner

Photographer: Patrick T. Fallon/Bloomberg

While the approval is a key milestone, MEMX faces the obstacle of building a technology-heavy business during a coronavirus pandemic that’s forced staff and clients to work remotely. After scrapping its original July 24 launch, MEMX still plans to start trading in the third quarter, ...