The New York Stock Exchange and Nasdaq OMX Group Inc. of New York will have increased competition now that BATS Trading Inc. of Kansas City, Mo., has been given the go-ahead by the Securities and Exchange Commission to operate as a registered national securities exchange.
BATS, an acronym for Better Alternative Trading System, is expected to launch its new stock exchange two months after its transition from its current regulatory status of electronic communications network takes effect.
BATS Trading, a subsidiary of Kansas City-based BATS Holding, filed with the SEC for exchange status in November 2007 after launching its electronic communications network platform in January 2006.
“Our motivation to become an exchange has come from our desire to participate directly in the national market system and compete on a level playing field with our primary competitors, Nasdaq and the New York Stock Exchange,” BATS chief executive Joe Ratterman said in a statement.
In July, BATS averaged matched market share of 10.1% with average daily volume of 1.125 billion shares.
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