Gladstone Place Partners handled the launch of the Members Exchange or MEMX, which is envisioned as a low-cost stock exchange designed to challenge the New York Stock Exchange and NASDAQ.

Financial heavyweights Fidelity Investments, Morgan Stanley, Charles Schwab, Bank of America Merrill Lynch, UBS and TD Ameritrade back MEMX, which they believe will lower cost, simplify trading and increase operational transparency.

The Wall Street Journal noted Jan. 7 that Wall Street brokers and traders have been frustrated for years about the high fees charged by the US stock exchanges.

MEMX will file an application with the Securities and Exchange Commission during the first-quarter for approval to operate a national securities exchange.

GPP’s Patricia Figueroa and Max Dutcher represent MEMX.