The Nasdaq unveiled plans Wednesday to create a new market for private company shares, which it says will be open to all broker-dealers.

The Nasdaq OMX Group, Inc. announced plans for a joint venture with SharesPost, Inc., which is a broker-dealer that already runs a market for private companies, their shareholders and qualified investors. Together, they will establish what is to be known as the Nasdaq Private Market (NPM) to allow trading of private company shares.

The firms say that the NPM “will offer a complete, end-to-end solution that will enable a private company to control the marketplace for its shares.” Transactions on the new market will meet Nasdaq’s standards for security, compliance and client support, it notes.

Nasdaq will retain a majority stake in the company, but the specific terms of the joint venture were not disclosed. The NPM will launch later this year, pending regulatory approvals, and is to be based in San Francisco. SharesPost founder, Greg Brogger, will be president of the new venture.

“The support of entrepreneurs is a fundamental element of our DNA at Nasdaq OMX,” said Bruce Aust, executive vice president of Nasdaq OMX. “The Nasdaq Private Market will provide private companies additional flexibility as they plan for their future and, at the same time, bring the investment community unique opportunities. By combining our resources, expertise and reach with SharesPost’s established technology, we will bring scale, efficiency and transparency to this marketplace.”