Bank of America, Morgan Stanley, others to form new stock exchange

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A new national securities exchange is in the works. A consortium of big-name retail broker-dealers, banks and various other financial services firms are looking to launch a new equities exchange called MEMX, or Members Exchange. The consortium includes Bank of America Merrill Lynch (NYSE: BAC), E*TRADE Financial Corp. (NASDAQ: ETFC), Morgan Stanley (NYSE: MS), TD Ameritrade Holding Corp. (NASDAQ: AMTD), UBS AG (NYSE: AG), and Virtu Financial Inc. (NASDAQ: VIRT). Charles Schwab, Citadel Securities...

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