History will be made as Morgan Stanley, Fidelity Investments, Citadel Securities and a number of other financial companies have agreed to create a new stock exchange, according to The New York Post. The joint effort will create a low-cost stock exchange that is supposed to compete with the New York Stock Exchange and Nasdaq.
The companies released a joint statement at the beginning of the week in which they said that a main aim is to spur even more competition while also bettering the way costs and transparency are handled. Overall, the process is supposed to be simpler so that it’s more approachable for the common person, in theory.
When MEMX pops up on the ticker, that’s the new market, Members Exchange. The New York Post named nine institutions that will fund the venture, including Bank of America Merrill Lynch, Charles Schwab Corp., E*Trade Financial, TD Ameritrade Holdings, UBS and Virtu Financial.
One of the problems the new market hopes to overcome is the steep fees associated with the existing stock exchanges in this country, in particular data feed fees. The market will also be shaped in a way that helps the clients of the companies that are creating this market.
The Jewish Voice has been reporting about the more bearish streak that the markets have had and what that could mean for 2019.
December, which is usually the best month of the year for stocks, was a rocky one this time. In particular, the half-day of Christmas Eve, ushered in the all-time worst market drop. The Dow fell 653.17 points, to 21,792.20. The other indexes were in red as well, with the S & P officially in a bear market. On December 26th, at the opening bell, thankfully there was a new tone. The day had the single largest point rally ever, with the Dow leaping 1,086 points on heavy volume.
It seems for now, that President Donald J. Trump is off the hook for starting the next recession. Despite his critic, Federal Reserve Chairman, Jerome Powell, raised interest rates a quarter of a percentage point on Dec. 19, for the fourth time this year and reiterated that he will continue on the course to increase rates. But it seems the markets have bounced back from it, daring the Chairman to do his worst.
Market indicators are ushering in good news from several directions. Insider buying is at an eight-year high. This signals that insiders have a strong degree of confidence in their companies, and further in the broader industries and the economy at large. As reported by the NY Post, buyers doubled the amount they purchased during the past two months, over that purchased only two months earlier.
Shoppers also conveyed a bright future to Wall Street. Retail sales grew a robust 5.1 percent from Nov. 1 to Dec. 24, according to Mastercard Spending Pulse.
International latest news1 week ago
‘Jexodus’ Group Helps Jewish Millennials Leave Democratic Party
New York City News3 weeks ago
NYU to Host Linda Sarsour Despite Her Anti-Semitic Controversies
Health3 weeks ago
Measles Outbreak in Bklyn’s Orthodox Jewish Community Continues to Grow; Health Dept Warns Parents
Arts & Culture6 days ago
“Highway Through History” Exhibit to Display Archaeological Finds Unearthed in Excavations at Tel Beit Shemesh
Arts & Culture6 days ago
“The Spy Behind Home Plate” – Riveting Film on Unknown Jewish Hero
Local2 weeks ago
Leaked CUNY E-mail Shows Kingsborough CC Downplays Anti-Semitism
Politics1 week ago
PLEASE JOIN US NEXT THURSDAY: SIT-IN AT NANCY PELOSI’S OFFICE
Israel News2 weeks ago
To Topple a Country over Cigars, Champagne & Media Coverage??