BATS Trading (BATS), operator of a US equity market, announced on Monday it has filed with the U.S. Securities and Exchange Commission to become a fully licensed securities exchange.
"We are thankful to those who have played such an integral role in getting BATS to this point less than two years after its launch," says Joe Ratterman, chief executive, BATS. "As we've mentioned previously, our motivation to become an exchange stems from our desire to participate directly in the national market system. The BATS organisation, and more importantly our subscribers, will benefit in many ways from BATS being directly connected to the industry plans. We also desire to be on the same regulatory playing field as our primary competitors, Nasdaq and the New York Stock Exchange," he continues.
BATS claims that in terms of market share, it has established itself as the third largest market centre in the US. "Taking the necessary steps to operate our market as a registered securities exchange is the right thing to do and shows the maturity and credibility that BATS brings to participating in the national market system," adds Ratterman. "We want to provide our customers with a viable, competitive, and long- term alternative to the two incumbent exchanges," explains Ratterman.