Nasdaq, SVB, Citi, Goldman Sachs and Morgan Stanley to create a joint venture.

Nasdaq, SVB, Citi, Goldman Sachs and Morgan Stanley agreed to create a joint venture to establish an institutional-grade, centralized secondary trading venue for issuers, brokers, shareholders and prospective investors of private company stock. Financial terms were not disclosed. “Since we launched Nasdaq Private Market in 2014, we have created a trusted platform for private companies resulting in a strong track record and robust pipeline of secondary transactions. This joint venture will accelerate our opportunities in the private company secondary trading market and establish the standard for technology-driven operational efficiencies, compliance and execution,” Nelson Griggs, Nasdaq Stock Exchange President.