BATS Trading
From MarketsWiki
| BATS Trading | |
| |
| Founded | 2005 |
|---|---|
| Headquarters | Kansas City, Missouri, U.S. |
| Key People | Joe Ratterman, President and CEO; Chris Isaacson, COO |
| Web site | www.batstrading.com |
BATS Trading is a second generation[1] electronic communication network (ECN) founded in June 2005 by David Cummings[2] in response to consolidation in the exchange space. The BATS electronic network is designed to "handle high-speed, high-volume, anonymous, algorithmic trading."[3][4] BATS launched trading on Jan. 27, 2006 and quickly became the third-largest[5] U.S. equities market by volume at it grabbed 10 percent of United States equities markets two years after it opened for trading in January 2006.[6][7] BATS is based in Kansas City, Mo. and has additional offices in New York and London. It is closely held.
Included in the BATS customer base are more than 270 broker-dealers and a broad-based ownership group of financial companies.
Contents |
Background
Cummings used an ambitious email campaign to sway traders to use BATS.[8][9]In January of 2006, BATS implemented an aggressive pricing scheme that rewarded liquidity providers in an effort to entice broker-dealers to trade on BATS.[10][11]Cummings was replaced by Joe Ratterman as CEO on July 1, 2007.[12]
BATS has received approval from the Securities and Exchange Commission to become a securities exchange. Its application is available on the Securities and Exchange Commission (SEC) Web site.
News
- On Apr. 16, 2008, BATS Trading Inc. announced that it had named Mark Hemsley chief executive of BATS Trading (Europe), and appointed Paul O’Donnell as chief operating officer of the newly formed entity, which is based in London.[13]
- On June 2, 2008, BATS said it had picked a unit of Belgium's Fortis to provide clearing services for its new London-based European electronic exchange.[14][15]
- On June 4, 2008, Liquidnet announced BATS had become its 22nd Streaming Liquidity Partner. This alliance enables Liquidnet's nearly 500 member firms, via Liquidnet H2O, unique access to approximately 700 million additional shares of liquidity per day. BATS has integrated the ability to cross with Liquidnet H2O via its Dark Scan order type.
- In August of 2008, BATS Trading Inc. received approval from the Securities and Exchange Commission to operate a stock exchange that will compete with NYSE Euronext's New York Stock Exchange and Nasdaq OMX Group Inc.'s Nasdaq Stock Market.[16]
External links
References
- ↑ Trading Upstart BATS Tops 1 Billion Volume Mark. Forbes.com. Retrieved on March 10, 2008.
- ↑ Founder, CEO of BATS Trading to Leave. Boston.com. Retrieved on March 10, 2008.
- ↑ Merrill Buys BATS Trading Stake. Boston.com. Retrieved on March 10, 2008.
- ↑ New ATSs Arise to Fill a Void. Wall Street & Technology. Retrieved on March 10, 2008.
- ↑ Capitalists of the Prairie. Newsweek. Retrieved on September 30, 2008.
- ↑ BATS Trading's Exchange Application is Open to Public. Kansas City Business Journal. Retrieved on March 10, 2008.
- ↑ Upstart Financial Firm Bats is Challenging NYSE, Nasdaq. Arizona Republic. Retrieved on March 10, 2008.
- ↑ No More Dave-Mails for BATS Clients. Reuters. Retrieved on March 10, 2008.
- ↑ BATS Trading CEO Cummings Likes Being the Catalyst. Kansas City Business Journal. Retrieved on March 10, 2008.
- ↑ Swinging At Nasdaq. Forbes.com. Retrieved on March 10, 2008.
- ↑ BATS Trading Considers London Move. Reuters. Retrieved on March 10, 2008.
- ↑ BATS Trading Promotes Executive to COO. Kansas City Business Journal. Retrieved on March 10, 2008.
- ↑ Press Release. BATS. Retrieved on May 7, 2008.
- ↑ BATS Trading Picks Fortis for European Clearing. Reuters. Retrieved on June 5, 2008.
- ↑ BATS Selects European Clearer. Reuters. Retrieved on June 5, 2008.
- ↑ "SEC Approves BATS Exchange". The Wall Street Journal. Retrieved on August 19, 2008.
