March 4 (Reuters) - Miami International Holdings Inc is preparing to launch its MIAX equities exchange toward the end of this year or in early 2020, the Wall Street Journal reported on Monday, citing Chief Executive Officer Thomas Gallagher.
The plan, which was floated in 2011, is subject to regulatory approval, the report here said.
NYSE owner Intercontinental Exchange Inc, Nasdaq Inc and Cboe Global Markets Inc have faced criticism for surging fees for services like data feeds that brokers use to monitor movements in stock prices, sparking a need for competitors.
In early January, a host of financial companies including Morgan Stanley, Fidelity Investments and Citadel Securities LLC had floated a plan to launch here a low-cost bourse, Members Exchange or MEMX, that will compete with the big three.
Banks tried a similar move in Europe by setting up Turquoise to trade cross-border shares as a stick to persuade incumbent exchanges to cut data fees. Turquoise partly succeeded in its aim, but ended up being bought by the London Stock Exchange. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Arun Koyyur)