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Competition to heat up among U.S. stock exchanges with new entrants

Competition to heat up among U.S. stock exchanges with new entrants

美國證券交易所與新進入者的競爭加劇
路透社 ·  2020/08/21 23:29

By John McCrank
   NEW YORK, Aug 21 (Reuters) - Three new U.S. stock exchanges are set to launch by the end of September, vying for market share against incumbents like the New York Stock Exchange and Nasdaq Inc , which have benefited from elevated trading volumes during the coronavirus pandemic.
   Silicon Valley-based Long Term Stock Exchange (LTSE) goes live on Aug. 28, starting with two stocks and then ramping up to include all securities by Sept. 9. The Members Exchange (MEMX), which is backed by a who's who of Wall Street firms, begins a phased launch on Sept. 4, and MIAX Pearl Equities debuts on Sept. 25.
   That will bring the total to 16 stock exchanges, with NYSE-owner Intercontinental Exchange Inc operating five, Cboe Global Markets running four, Nasdaq with three, and IEX Group one.
   The new bourses enter the market amid frothy trading volumes and a recent record high by the S&P 500 following a months-long rally in stocks after governments pumped trillions into the economy to counter the coronavirus' economic impact.
   The new competition also comes at a time of intense debate over fees between the large exchange operators and their customers.
   MEMX will address those issues, Chief Executive Jonathan Kellner said in an interview.
   "On transaction fees, out of the gate, we are looking to be aggressive to attract order flow," he said.
   MEMX's investors include big banks, like JPMorgan , Bank of America , Goldman Sachs , as well as BlackRock Inc , the world's biggest money manager. Online brokers including Charles Schwab Corp , Fidelity, and TD Ameritrade , and market makers Citadel Securities and Virtu Financial are also backers.
   MIAX, which runs three options exchanges, has said it intends to start out 40% cheaper than the current lowest-cost operator.
   The LTSE said it aims to promote longer-term thinking by the companies it lists through stricter corporate and stakeholder policies.

(Reporting by John McCrank; Editing by Andrea Ricci)
((john.mccrank@thomsonreuters.com Twitter @jmccrank; 1 646
223-6643; Reuters Messaging:
john.mccrank.thomsonreuters.com@reuters.net)

約翰·麥克蘭克(John McCrank)著路透紐約8月21日電-美國三家新的證券交易所將於9月底前推出,與紐約證交所(NYSE)和納斯達克(Nasdaq)等現有證交所爭奪市場份額,這些證交所受益於冠狀病毒大流行期間成交量的增加.總部位於硅谷的長期證券交易所(LTSE)將於8月28日上線,最初只有兩隻股票,然後在9月28日之前擴大到包括所有證券。9.由華爾街公司名人錄支持的會員交易所(MEMX)將於9月9日開始分階段推出。4,MIAX珍珠證券將於9月1日首次亮相。25.這將使總數達到16家證券交易所,其中紐約證交所所有者洲際交易所(InterContinental Exchange Inc)運營5家,CBOE Global Markets運營4家,Nasdaq運營3家,IEX Group運營1家。在各國政府向經濟注入數萬億美元以對抗冠狀病毒的經濟影響後,股市經歷了長達一個月的反彈,在此之後,新的交易所進入市場之際,交易量起伏不定,標普500指數(S&P500)最近創下歷史新高。新的競爭也發生在大型交易所運營商與其客户之間就費用展開激烈辯論的時候。MEMX首席執行長凱爾納(Jonathan Kellner)在接受採訪時説,MEMX將解決這些問題。他表示:“在交易手續費方面,我們正尋求積極吸引訂單流。”MEMX的投資者包括摩根大通(JPMorgan)、美國銀行(Bank Of America)、高盛(Goldman Sachs)等大銀行,以及全球最大的基金管理公司貝萊德(BlackRock Inc)。包括嘉信理財(Charles Schwab Corp)、富達(Fidelity)和TD ameritrade在內的在線經紀商,以及做市商Citadel Securities和Virtu Financial也是支持者。MIAX運營着三家期權交易所,該公司表示,打算開始時比目前成本最低的運營商便宜40%。倫敦證交所表示,其目標是通過更嚴格的公司和利益相關者政策,促進其上市公司的長期思維。(John McCrank報道;Andrea Ricci編輯)(john.mccrank@thomsonreurs.com Twitter@jmccrank;1 646223-6643;路透社消息:(john.mccrank.thomsonreurs.com@reurs.net)

譯文內容由第三人軟體翻譯。


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