At least three new U.S. stock exchanges are expected in 2020, executives from the companies said on Thursday, potentially lowering trading costs as the upstarts try to take business from the incumbents, while also adding complexity to the marketplace. There are currently 13 U.S. stock exchanges, 12 of which are run by Intercontinental Exchange Inc’s NYSE, Nasdaq Inc , and Cboe Global Markets. “I could see us getting to 20-plus,” Bryan Harkins, co-head of markets at Cboe, said of the potential for new exchanges, at a Securities Industry and Financial Markets Association conference.

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