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Exchange Stocks Keep Falling as Analysts Mull a New Competitor

Jan. 8, 2019, 7:42 PM

The three dominant U.S. stock exchange operators -- Cboe Global Markets Inc., Intercontinental Exchange Inc. and Nasdaq Inc. -- fell for a second day after a group of Wall Street heavyweights revealed they’re forming a market called the Members Exchange to compete with them. Virtu Financial Inc. is dropping, too, even though it’s one of the new market’s nine founding firms.

This is the latest in a series of potential setbacks for exchanges. The SEC said in October that the NYSE (which is owned by Intercontinental Exchange, or ICE) and Nasdaq hadn’t justified fee increases that are crucial to their ...