Members Exchange (MEMX) will launch the previously announced stock exchange in the first half of next year, as it begins the process to secure an exchange license from the SEC "shortly," Jonathan Kellner, in his first public comments as CEO of MEMX, said at the Milken Conference.

Why it matters: There are few details about the venture so far, including how much cheaper its model will be versus the existing stock exchanges. MEMX — backed and owned by a group of major Wall Street firms— promises to be a less costly alternative to challenge the stock exchange business dominated by Nasdaq and New York Stock Exchange parent Intercontinental Exchange. "There is room for competition and there needs to be competition," Kellner said.

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Updated 7 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

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  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,111,902 — Total deaths: 133,195 — Total recoveries: 969,111 — Total tested: 38,032,966Map.
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Inside Joe Biden's economic plan

Joe Biden on Thursday returned to his hometown of Scranton, Pennsylvania, to give his first major speech on economic policy since becoming the Democratic Party’s presumptive presidential nominee.

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Countries grapple with whether to lock back down as hotspots emerge

Tokyo in the time of coronavirus. Photo: Charly Triballeau/AFP via Getty

Many politicians and public health officials sounded a similar lockdown refrain in the spring: let’s do this right so we only have to do it once.

Reality check: While some countries have thus far managed to keep cases under control after opening up, dozens of countries that had initially turned a corner are now seeing a worrying rebound. They have to decide if and how to return to lockdown — and whether their populations will stand for it.