Is the US exchange market accepting new entrants?

Author: John Crabb | Published: 29 Jan 2020

Consolidation may be necessary in the equities exchange sector as new entrants look to enter an already fragmented market, but sources suggest there is still room if new names can provide unique offerings.

New entrants to the already 13-strong field include the Long-Term Stock Exchange (LTSE) which looks to service Silicon Valley, and the Members Exchange (MEMX), which is being set up by a number of high-profile Wall Street trading platforms including Morgan Stanley, Fidelity Investments and Citadel Securities.

Of the existing 13, 12 are owned and operated by just three companies; the New York Stock Exchange, Nasdaq and the Chicago Board Options Exchange (Cboe). The other is IEX, which launched in 2013 as an alternative trading system (ATS).

See also: Bumps in the road: IEX on the record

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