BATS Global Markets and Direct Edge have completed their merger on January 31, 2014, creating the second largest U.S. stock exchange. The two exchanges initially agreed to merge in August 2013.
In January, combined U.S. market share of the BATS and Direct Edge exchanges reached 20.54%, just behind NYSE Euronext at 20.58% and slightly ahead of Nasdaq OMX at 20.02%. In Europe, BATS finished January as the largest stock exchange with market share of 22.11%.
BATS CEO Joe Ratterman will continue to serve as CEO of the combined company, which will operate under the BATS brand. Direct Edge CEO William O’Brien will serve as president of the new company. BATS will also retain its headquarters in the Kansas City, Mo., area, with additional office in London and near New York.
“Completion of the merger creates an even stronger competitor and advocate for the benefit of all market participants,” says Ratterman. “With the Direct Edge team, we are excited to embark on a new path to deliver even greater innovation and competition, challenging the status quo globally.”
Financial terms of the deal will not be disclosed, the companies said.
BATS and Direct Edge Complete Merger
BATS Global Markets and Direct Edge have completed their merger on January 31, 2014, creating the second largest U.S. stock exchange. The two exchanges initially agreed to merge in August 2013.