US-based market operator BATS Global Markets has opened up its BATS Exchange (BZX) as a US primary listings venue as a new market for issuers to list their stocks.
The company gained regulatory approval from the Securities and Exchange Commission (SEC) in August to take on NYSE Euronext and Nasdaq OMX, hitherto the only two markets for listing US stocks.
BZX is one of two US stock exchanges operated by BATS. The venue provider has developed a number of services for the new offering, including a BATS-listed auction system process and a surveillance program for BATS-listed securities.
BATS plans to differentiate its listing service from NYSE Euronext and Nasdaq OMX in terms of customer service and visibility of stock ownership across the fragmented US market environment.
“We understand this is a tough market to break into, with the incumbent exchanges having a long history and strong brand recognition,” said Joe Ratterman, chairman and CEO of BATS Global Markets. “At the same time, we don’t believe the issuer community is being served as well as they can be.
“Just like we have done in the secondary markets, we’re focused on driving competition and innovation in the US primary markets by creating a listings venue that strives to make markets better for issuers,” he added.
Issuers will be supported by the BATS Issuer Resource Desk. BATS is also developing a yet-to-be-launched market maker program for BATS-listed symbols.
A copy of the BATS listings rules and listing standards and fees can also be found on the BATS listings website. Additional information for traders can be found on the BATS listings integration page.
In May, BATS filed its intention with the SEC plans for an initial public offering which would see the exchange become the first issuer to be listed on its own venue.