THEY pushing it toward that 32.70 area gap though...??
READ THIS NEWS:
Wall Street-Backed Exchange Set to Launch as Rival to NYSE, Nasdaq; Members Exchange plans aggressive pricing strategy to attract trading activity
5:30 am ET September 21, 2020 (Dow Jones)
By Alexander Osipovich
A new exchange backed by Wall Street banks, electronic-trading firms and asset-management giant BlackRock Inc . is set to launch on Monday, introducing a new, low-cost competitor to the New York Stock Exchange and Nasdaq Inc .
Members Exchange, or MEMX, is expected to execute its first trades after it opens premarket trading at 7 am ET. Initially it will handle trades in seven stocks, including Alphabet Inc . and Exxon Mobil Corp . On Sept. 29, MEMX plans to extend trading to all U.S. exchange-listed securities.
Traders and analysts expect MEMX to be a formidable competitor to the incumbent exchanges. The New Jersey-based startup has raised more than $135 million from firms including Charles Schwab Corp ., Citadel Securities, Goldman Sachs Group Inc . and Virtu Financial Inc . Backers of MEMX are expected to direct some of their trading activity to MEMX, helping it get off the ground.
"There hasn't been a launch of a new market in U.S. equities for a long time that's had as good a chance of success," said Matthew Andresen, founder of Headlands Technologies LLC, a trading firm that isn't involved in the MEMX launch.
Nearly 60% of U.S. equities trading volume is handled by three exchange groups: NYSE, owned by Intercontinental Exchange Inc ., Nasdaq and Cboe Global Markets Inc .
The consortium behind MEMX came together after years of frustration among banks and trading firms with the fees charged by the major exchanges. Many Wall Street firms say the exchanges abuse their dominant position in the marketplace to overcharge for market data and other key services. The big three exchange operators say their fees are reasonable and deny abusing their market power.
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