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Merger makes second-largest U.S. stock exchange
Merger to create second-largest U.S. stock exchange
: "The consolidation in the exchange business is a global phenomenon as 24/7 trading that begins in Asia, moves to Europe and finishes in the USA becomes entrenched. In addition to Kansas City-based BATS' U.S. business, it also operates BATS Chi-X Europe, the largest stock exchange in Europe. Direct Edge, based in Jersey City, N.J., has been working towards opening a stock market in Brazil. The IntercontinentalExchange (or ICE) is nearing the completion of its acquisition of NYSE Euronext, the NYSE's parent company. Banks and high-frequency trading firms were behind the creation of BATS and Direct Edge. Direct Edge's O'Brien summed up the deal's virtues this way: "Direct Edge and BATS were both founded on a commitment to create an optimal trading experience for a diverse member base, from retail investors to broker-dealers to institutions. Together, the best of both organizations will work to further improve how the world trades, consumes market data, and accesses capital markets.""
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