Lehman Brothers says that it has acquired a minority stake in BATS Trading, operator of the BATS ECN (Electronic Communication Network). Financial details of the transaction were not released.
BATS Trading was established in 2005.
“Lehman Brothers is very excited to announce our investment in BATS Trading,” says Michael Bleich, the head of liquidity strategy at Lehman Brothers. “Their emergence as a thought leader, innovator and technology provider in the execution platform space is a significant development for the marketplace and will greatly benefit our clients. We look forward to other institutions also realizing the value of this platform.”
“We established BATS to address the increasingly sophisticated needs of the trading community,” adds Dave Cummings, the chairman and chief executive officer of BATS. “We are honored that Lehman Brothers has chosen to invest in our technology and we hope that this transaction sets the stage for partnerships with other firms in the future.”