Silicon Valley Startup Gets Approval to Form New Stock Exchange

The West Coast is officially getting a new stock exchange, and its owners are betting big against speed-obsessed rivals in New York and Chicago.

Long-Term Stock Exchange Inc., led by Silicon Valley entrepreneur Eric Ries, won approval from the U.S. Securities and Exchange Commission May 10, six months after applying for a license. According to the SEC’s decision, the firm plans to be ready to launch later this year.

Once trading starts, LTSE will become the 14th U.S. national stock exchange, with most owned by New York Stock Exchange parent Intercontinental Exchange Inc., Nasdaq Inc. and Cboe Global Markets ...