New exchange may give biotechs alternative to NASDAQ, NYSE

A new equities exchange founded by financial firms could offer biotechs a simple, low-cost alternative to NASDAQ or NYSE. The Members Exchange (MEMX), which counts BofA Merrill Lynch and Morgan Stanley among its founders, will apply early this year with the Securities and Exchange Commission to operate as a national securities exchange. Neither MEMX nor the SEC responded to inquiries regarding how long the approval process might take.