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BATS Global Markets, an innovative global financial markets technology company, today announced plans to launch a second US equities exchange in early 2010.
The owner and operator of BATS Exchange, the third-largest US equities exchange, is preparing to formally file an application for the second US equities exchange with the Securities and Exchange Commission in the coming weeks.
BATS’ second exchange, called BYX, will utilize the same proven world-class technology, location and connectivity as the existing exchange. Pricing for BYX will be announced at a later date.
“We are pleased to announce plans for a second US equities exchange. BYX will allow us even greater flexibility in pricing and innovation that will result in more choices for the industry,” said Joe Ratterman, CEO of BATS Exchange and BATS Global Markets.
“Since our first trade in 2006 BATS has been a market leader with great technology and aggressive pricing. The launch of BYX is the logical next step in our efforts to make markets better through the creation of innovative trading tools and services that meet the needs of all market participants,” he said.
In less than four years, BATS Exchange has captured 10% matched market share in U.S. equities while, overseas, BATS Europe, a pan-European multilateral trading facility, is trading nearly 8% of the FTSE 100 and 4% of the CAC 40 only 10 months after launch.
The company also recently announced plans to open a US options exchange in 2010. BATS Options remains on target to go live in the first quarter.
