Exchange operator Nasdaq OMX said on Wednesday it will launch a third trading venue that caters to listings that fall below the standards of its main Nasdaq Stock Market and other markets.

The venue, called BX, will list companies currently trading over the counter, or those that face delisting from other exchanges, the company said. The venue will use the license Nasdaq OMX acquired with its purchase last year of the Boston Stock Exchange.

Exchange operators have hemorrhaged revenues as scores of companies fell below listing standards and were delisted amid the market crisis. Meanwhile, upstart exchanges have eaten into their market share, forcing Nasdaq and NYSE Euronext's New York Stock Exchange to adjust trading fees.

Nasdaq OMX -- which also runs the smaller and aggressively priced Nasdaq OMX BX market -- said its third venue would have basic quantitative listing standards, adding it is for companies that aspire to list on, or return to, the Nasdaq Stock Market.

It did not detail the listing standards, nor the costs associated with BX's launch. BX still requires regulatory approval.

Nasdaq OMX shares closed up 2.7 percent at $20.79 on Wednesday. (Reporting by Jonathan Spicer; Editing by Richard Chang)