JPMorgan, Goldman Sachs Join Big Backers of New Exchange (1)

JPMorgan Chase & Co. and Goldman Sachs Group Inc. are signing on to a new equity market that will compete with the New York Stock Exchange and Nasdaq.

The Wall Street banks, along with trading firm Jane Street Capital LLC, are the latest companies to invest in Members Exchange, according to a statement Thursday. They follow nine other financial heavyweights backing the new U.S. stock-trading venue, which plans to launch on July 24, pending approval from the Securities and Exchange Commission.

“To have these sets of investors around the table, giving us guidance and supporting us, is a big ...