IEX Group, the upstart US stock exchange, has been given regulatory approval to list companies, paving the way for it to compete with New York Stock Exchange and Nasdaq, writes Alexander Osipovich for The Wall Street Journal.

IEX was given the green light by the Securities and Exchange Commission earlier this week. It plans to start listings in early 2018, with a focus on getting firms to switch from incumbent exchanges. About half a dozen firms are expected to make the switch when its listing business goes live, according to two people familiar with the matter.