Goldman Sachs and JPMorgan Chase Back New Stock Exchange

Members Exchange can now count Goldman Sachs and JPMorgan Chase as backers with the banks agreeing to join the new round of financing; the company did not disclose how much money was raised but the exchange raised $70mn in their first round of financing last year; Members Exchange hopes to challenge the top three exchanges by charging lower fees, currently the NYSE, Nasdaq and the Cboe dominate with 60 percent of trading volume; “We’ve been quite vocal about the rising cost of data,” Jason Sippel, Global Head of Equities and Prime Services at JPMorgan, said in an interview with the Wall Street Journal. “Lowering data costs will benefit all of our clients.”; other backers of the firm include Bank of America, Charles Schwab, E*Trade, Fidelity, Morgan Stanley, TD Ameritrade and UBS. The Wall Street Journal

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