Direct Edge, a US equity trading venue, has filed two Form 1 applications with the SEC to convert its EDGX and EDGA platforms into two national securities exchanges.
In April, Direct Edge reached 10% market share cap in US stock trading, and claims to be the worlds third-largest stock market operator
CEO William O’Brien said: We currently project that our transition to exchange operation will occur simultaneously with the launch of our next-generation technology platform in our data center at the Equinix NY4 facility in Secaucus, New Jersey. We currently anticipate user acceptance testing to begin in the 3rd quarter of 2009, with a launch date in the 4th quarter, pending SEC approval of our applications.