Nasdaq Inc.
NDAQ,
-0.78%
is teaming up with a group of banks to spin out its marketplace for shares of private companies, in a move that could help drive more deals to Nasdaq Private Market,the Wall Street Journal reported Tuesday. The banking group includes Goldman Sachs Group Inc.
GS,
-2.76%
and Morgan Stanley
MS,
-2.08%,
as well as SVB Financial Group
SIVB,
-4.77%,
parent of Silicon Valley Bank, the paper reported. Trading in such pre-IPO shares have increased in recent years as startups wait longer to go public, while their employees seek to cash out earlier and investors look to get in on a deal from the ground up. The deal is to be announced later Tuesday. Nasdaq Private Market will be shifted to a separate stand-alone company with investments from the banks. Nasdaq shares were up 2.2% premarket and have gained 33% in the year to date, while the S&P 500
SPX,
-1.59%
has gained 13%.
