A powerful lobby group representing Nasdaq's top clients has moved to block a plan by the US equity exchange to launch a new system for trading in private companies.

The Securities Industry and Financial Markets Association, which represents Wall Street's top institutions, has sent a letter to the Securities and Exchange Commission asking the US regulator to block Nasdaq's proposed system for trading in unregistered stocks. The system is called Portal.

Top Wall Street lobby group moves to block Nasdaq

Luke Jeffs

Shanny Basar

Goldman Sachs

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