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New stock exchange files application with SEC

The Wall Street sign near the New York Stock Exchange. Photo: BRYAN R. SMITH / Stringer/Getty Images

Members Exchange (MEMX) filed paperwork to the Securities Exchange Commission to operate as a stock exchange, according to documents made public on Thursday. The stock exchange upstart says it will launch next year if approved by regulators.

Why it matters: MEMX is backed by a slew of Wall Street heavyweights and is hoping to take on NYSE parent company Intercontinental Exchange and the Nasdaq — which dominates the industry — by offering a cheaper platform. But other new stock exchanges haven’t been successful in taking significant market share away from the bigger players.

Go deeper

Shawna Chen
18 mins ago - Health

CDC: It's time for "universal face mask use"

Photo: Paul Hennessy/SOPA Images/LightRocket via Getty

The CDC is urging “universal face mask use” for the first time since the coronavirus pandemic began, citing recent case spikes as the U.S. has entered a phase of “high-level transmission” before winter officially begins.

Why it matters: Daily COVID-related deaths across the U.S. hit a new record on Wednesday. Face coverings have been shown to increase protection of the wearer and those around them, despite some Americans' reluctance to use them.

Go deeper (1 min. read)Arrow
Barak Ravid, author of from Tel Aviv
2 hours ago - World

Saudi Arabia and Qatar near deal to end standoff, sources say

Qatar's prime minister (R) attends the 2019 Gulf Cooperation Council summit in Saudi Arabia. Photo: Fayez Nureldine/AFP via Getty

Saudi Arabia and Qatar are close to a deal to end the diplomatic crisis in the Gulf following U.S.-mediated reconciliation talks this week, sources familiar with the talks tell me.

Why it matters: Restoring relations between Saudi Arabia and Qatar would bring a sense of stability back to the Gulf after a 3.5 year standoff. It could also notch a last-minute achievement for the Trump administration before Jan. 20.

Go deeper (1 min. read)Arrow
Ursula Perano
2 hours ago - Politics & Policy

House passes bill to decriminalize marijuana

Rep. Earl Blumenauer (D-Ore.), a longtime marijuana legalization advocate and co-sponsor of the bill. Photo: Pete Marovich For The Washington Post via Getty Images

The House on Friday voted 228-164 in favor of the Marijuana Opportunity Reinvestment and Expungement (MORE) Act, marking the first time a congressional chamber has voted in favor of decriminalizing marijuana at the federal level.

Why it matters: The Washington Post describes the bill as a "landmark retreat in the nation’s decades-long war on drugs," which has disproportionately affected people of color.

Go deeper (1 min. read)Arrow