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Wall Street’s Biggest Traders Are Building Their Own Exchange

Feb. 12, 2019, 12:46 PM

Does the U.S. need another stock exchange? There’s no shortage of places to trade: Nasdaq, Cboe Global Markets, and Intercontinental Exchange Inc.’s NYSE division each run multiple public exchanges, and there are dozens of private markets housed inside banks. Even so, a group of Wall Street trading titans has announced plans for a platform that it’s calling the Members Exchange. And despite the crowded field, there’s a good chance it could take off—after all, the owners likely will be among the customers.

Photographer: Evan Ortiz for Bloomberg Businessweek; Illustration by Justin Metz

Like most exchanges these days, the Members Exchange will be largely invisible to everyday investors. Relatively few ...