New Stock Exchange In The Works To Compete With Nasdaq, NYSE

New Stock Exchange In The Works To Compete With Nasdaq, NYSE
A group of nine major Wall Street players plans to launch a new trading institution called Members Exchange.

The New York Stock Exchange and Nasdaq may be getting some competition. 

A new stock exchange called Members Exchange (MEMX) is being launched by nine Wall Street giants, including Bank of America Merrill Lynch, Morgan Stanley and Fidelity.

Their goal is to lower trading costs, increase competition and promote transparency. 

The current exchange system is largely controlled by just a few big players. It's been under criticism for the fees that exchanges charge to access feeds used to monitor stock prices. Those data fees can be a big expense for brokers. 

One founding member of Members Exchange says he hopes the new initiative will "transform markets for the better." 

But a trading expert tells CNN that he's doubtful the average investor will see any cost decreases from the launch. 

This isn't the first group to try to throw trading platforms a curveball. IEX Group was founded in 2012 to disrupt high-frequency trading. It finally became an official stock exchange in 2016 amid pushback from Nasdaq and NYSE. 

Members Exchange plans to file paperwork early this year for SEC approval to become a new trading institution. 

Additional reporting from Newsy affiliate CNN