Wall Street-backed exchange MEMX to launch on Monday: WSJ

(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 , is set to launch on Monday, the Wall Street Journal reported https://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 and Exxon Mobil Corp , 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 , JPMorgan Chase & Co and BlackRock Inc are some of the backers of MEMX.

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

(Reporting by Niket Nishant in Bengaluru; Editing by Ramakrishnan M.)