(Reuters) – The Members Exchange (MEMX), a new bourse backed by major Wall Street firms as a potential rival to the New York Stock Exchange and the Nasdaq NDAQ.O, is set to launch on Monday, the Wall Street Journal reported bit.ly/2RLapRr.

The exchange, which is expected to execute its first trades at 7 a.m. ET, will initially handle trades in seven stocks, including Google-parent Alphabet Inc GOOGL.O and Exxon Mobil Corp XOM.N, according to the report.

MEMX, which will look to compete against the NYSE and Nasdaq through lower fees, postponed its scheduled launch on July 24 due to the COVID-19 pandemic.

Goldman Sachs Group GS.N, JPMorgan Chase & Co JPM.N and BlackRock Inc BLK.N are some of the backers of MEMX.

MEMX did not immediately respond to a Reuters request for comment.

Source: Read Full Article