Brokers Announce New Stock Exchange – What We Know

A new stock exchange was announced on Tuesday. Normally, this would not be particularly noteworthy for most individual investors. What differentiates the Members Exchange (MEMX) is who the founding members are: discount brokers Charles Schwab, E*Trade, Fidelity Investments and TD Ameritrade. Joining them are full-service brokers Bank of America Merrill Lynch, Morgan Stanley and UBS….


Volatility, and Not Seeing the Forest for the Trees

The return of downside volatility has exposed problems with perception and with certain exchange-traded products. On Tuesday, the front page of the Chicago Sun-Times declared, “Dow’s Historic Drop: 1,175-point plunge—its biggest one-day loss in history—puts the once-roaring 2018 market in the red.” The headline correctly reported how much the blue-chip average fell, but it failed…