TD Ameritrade's Steve Quirk on Plans to Form a New Stock Market

The video discusses a collaboration of nine leading US financial firms to create a member-owned exchange focused on transparency and cost reduction for clients. The initiative aims to enhance the client experience from order placement to execution. The founding members, including major banks and market makers, contribute significant liquidity and have raised $70 million. The exchange will leverage advanced technology to ensure reliability and aims to serve a diverse client base without specializing in a niche.

What challenges do the new exchange founders anticipate in competing with established exchanges?

What is the intended focus of the new exchange in terms of client types?