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挑战纽交所和纳斯达克!华尔街九巨头寻求建立新交易所

其他国际资讯

挑战纽交所和纳斯达克!华尔街九巨头寻求建立新交易所

摩根士丹利、美银美林、瑞银UBS等九家华尔街主流券商和银行打算开设新的股票交易所,试图打破美国现有三家巨头对美股交易平台的“垄断”,减少交易成本。

这家新股票交易所名为“MEMX”(英文全称译为“会员交易所”, Members Exchange),总部将设立在纽约,支持机构还包括全球最大共同基金公司之一富达投资(Fidelity)、高频交易商Virtu Financial、零售券商嘉信理财(Charles Schwab)、网络经济券商E*Trade Financial和TD Ameritrade Holdings,以及Citadel证券的电子做市商分支——都是业内如雷贯耳的知名机构。

Virtu Financial首席执行官Douglas Cifu表示,新的股票交易所将只收取现有平台对券商费率的“很小一部分”,而且重新回到18世纪美国证券市场构建伊始(1792年纽交所成立)的控股结构,即交易所由券商会员们集体所有,但这个平台将是营利属性。

《华尔街日报》称,MEMX将在今年初向美国证监会SEC备案申请,通常批准成立一个新的交易所耗时需要12个月或更久,代表最早到2020年才有可能正式成立。这将引入新的竞争到目前高度集中的美国股票交易所业务中。

目前全美共有13个活跃的股票交易所,但纽交所母公司ICE、纳斯达克和CBOE全球市场这三大集团控制了其中的12个平台,处理超过了3/5的美国股票交易量。英国《金融时报》指出,如果再加上三家巨头控制了30个另类交易渠道中的大部分,巨头们拥有2/3的每日美股交易量。

三家巨头闻讯下跌,截至周一收盘,ICE跌超3%,纳斯达克公司跌2.6%,CBOE全球市场跌1.8%,跑输了同期低开高走的美股大盘。

CBOE的市场部门联席主管Bryan Harkins表示,健康的竞争会推升每位行业参与者的水平,欢迎“新玩家”加入。纳斯达克发言人Joe Christinat也表示欢迎竞争,但认为在美国已经有了十几个交易渠道的情况下,“很渴望知道更多价值构成”。纽交所的发言人则拒绝置评。

分析指出,MEMX就算成立了也不一定能成功,新的交易所通常很难吸引到足够的交易量。例如2012年成立的IEX Group是目前唯一的独立交易所,但只处理了美国股市交易量的2.5%,因此有批评人士认为,交易量太小的新交易所反而费率和交易成本更高。

不过Citadel和Virtu Financial的加盟被视为新平台一大利好,两家公司目前是全美最大的股票交易商,各自处理了美股交易量的近20%。Citadel证券的全球商业发展主管Jamil Nazarali表示,过去大部分交易所初创平台都聚焦于某一类市场参与者,MEMX的设计涵盖广泛的股市跨资产参与者,包括了散户投资者、银行和电子交易商——用户不用担心被高频交易操纵市场。

知情人士透露,这个项目已筹备一年时间,初期筹集了7000万美元资金,预计未来将引入其他投资者。这个想法最初萌发,是因为CBOE近年来收购了Bats全球市场和DirectEdge交易所,这两大渠道联合占据了美国股市近1/5的交易量,也令券商对主流交易所集团的服务定价更为不满。

资本市场咨询机构Tabb Group的创始人Larry Tabb对英国《金融时报》表示,MEMX的创设初衷主要是为了降低券商接入市场数据的定价、连接性和交易费用等。但这也可能是券商们的施压手段,想要现有的交易所等中介机构来更好回应诉求,例如削减交易成本或者改善基础设施。

分析特别注意到,MEMX的设立需要向美国证监会SEC备案,但在美国联邦政府关门影响下,也可能会拖累新交易所的创设进度。华尔街见闻曾提到,美国政府局部关门进入第三周,SEC等与资本市场密切相关的部门都被迫关门:

SEC关门,意味着被迫停止新的审批和调查,没有IPO,包括Uber和Lyft等一些备受期待公司的上市都将放缓。

Major Wall Street firms have been pushing back on fees charged by stock exchanges. So, they decided to launch their own.

On Monday, a group of nine financial giants — including Bank of America BAC , Morgan Stanley MS , UBS UBSG-CH and Fidelity — announced plans to open a new, low-cost stock exchange called "Members Exchange."

MEMX, as it's being called, is a response to the current cost of doing business at places like The New York Exchange and Nasdaq, multiple people familiar with the new venue told CNBC.

Exchanges make money selling trading data, a necessary tool in modern-day electronic markets. The new MEMX platform will have fewer, simpler order types and offer lower costs. MEMX has not said exactly how low those fees will be but founding members said the increased competition should have "a big impact."

The exchange will be majority owned by founding members, which also include Charles Schwab SCHW , Citadel Securities, E*Ttrade ETFC , TD Ameritrade AMTD and Virtu Financial. The group is filing an application with the SEC early this year to operate as a national securities exchange, according to the companies. Still, SEC approval could still take more than a year, meaning the new exchange may not go live until 2020.

The new exchange is an answer to the current industry, where more than 90 percent of U.S. stock exchanges are either owned by Nasdaq, NYSE's parent company Intercontinental Exchange, or Cboe Global Markets. A lower cost alternative could be enticing to brokers who are attempting to cut costs.

In the case of UBS, demand for a new, lower-cost option came from every corner of the investment bank.

"There's been a lot of frustration when it comes to the exchange landscape, and an increased focused on cost of execution," Vlad Khandros, managing director and global head of market structure and liquidity strategy at UBS, told CNBC. "We're convinced there's a lot more room for improvement, which is the main reason we got behind this."

The only U.S. venue not owned by the main three is the "Investors Exchange," or IEX, founded in 2012 in response to high-frequency trading, off-exchange trading in dark pools and payments firms make to other firms to handle their trades.

High-frequency trading has gotten its fair share of criticism on Wall Street. IEX was established to slow down such trading. But MEMX's founding members Citadel Securities and Virtu Financial are two of the largest automated market-makers, a clue the new exchange will not likely attempt to slow the practice. MEMX members told CNBC that the venue will support executions "like any other venue."

Shares of NYSE parent company Intercontinental Exchange and Nasdaq both dropped more than 2 percent Monday following the news.

"We welcome competition to our transparent, highly regulated equity markets. However, with more than 40 equity trading venues already in operation in the United States, we are keen to learn more about the value proposition of a new exchange," Nasdaq told CNBC in a statement.

The Securities Industry and Financial Markets Association, or Sifma, a key financial-industry trade group, has also accused exchanges of over-charging and "exploiting the opportunity to exert monopoly pricing power." In October, the SEC ended a 12-year legal dispute by denying a request from the Nasdaq and NYSE to raise fees on certain data. Stock exchanges also charge public companies listing fees and other annual fees.

As exchange fees have risen, Steve Quirk, executive vice president of trading and education at TD Ameritrade, pointed to the falling cost of trading commissions over the past two decades.

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