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Bats Global Markets, Inc

167 bytes added, 21:22, 8 March 2019
Bats launched [[trading]] on Jan. 27, 2006 and quickly became the third-largest U.S. [[equities]] market by [[volume]], grabbing 10 percent of United States [[equities]] markets two years after it opened.<ref>{{cite web|url=http://kansascity.bizjournals.com/kansascity/stories/2008/02/18/daily15.html?jst=s_cn_hl|name=BATS Trading's Exchange Application is Open to Public|org=Kansas City Business Journal|date=March 10, 2008}}</ref><ref>{{cite web|url=http://www.azcentral.com/arizonarepublic/business/articles/0311biz-bats0311.html|name=Upstart Financial Firm Bats is Challenging NYSE, Nasdaq|org=Arizona Republic|date=March 10, 2008}}</ref>
Bats was acquired by [[CBOE Holdings]] on February 28, 2017 for $3.4 billion after Bats shareholders approved the merger agreement in January.<ref>{{cite web|url=http://ir.cboe.com/press-releases/2017/03-01-2017.aspx|name=CBOE Holdings Announces Close of Acquisition of Bats Global Markets|org=CBOE|date=March 2, 2017}}</ref> <ref>{{cite web|url=http://www.businesswire.com/news/home/20170117006347/en/Bats-Global-Markets-Announces-Stockholder-Approval-Merger|name=Bats Global Markets Announces Stockholder Approval of Merger Agreement with CBOE Holdings|org=BATS|date=January 18, 2017}}</ref> Bats Chief Executive [[Chris Concannon]] became president and chief operating officer of the combined company, but was later replaced by [[Chris Isaacson ]] as executive vice president and chief operating officer at [[Cboe Global Markets]].<ref>{{cite web|url=http://ir.cboe.com/press-releases/2016/09-26-2016-123057420.aspx|name=CBOE Holdings Agrees to Acquire Bats Global Markets to Strengthen CBOE Holdings' Global Position in Innovative Tradable Products and Services, and Achieve Meaningful Cost and Operational Efficiencies|org=CBOE|date=September 26, 2016}}</ref>
The new options and equities exchanges Bats launched, BZX Exchange, BYX Exchange, EDGA Exchange, and EDGX Exchange, are now the four equities markets operated by Cboe.<ref>{{cite web|url=http://markets.cboe.com/us/equities/|name=Cboe U.S. Equities Exchanges Overview|org=Cboe|date=March 8, 2019}}</ref> Insight into the Bats Integration from CBOECboe's Lowenthal (April 2017)
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Bats Global Markets operates operated 11 markets globally. Its two U.S. [[stock exchange]]s, the BZX Exchange and the BYX Exchange, together process processed about 19 percent of all U.S. equity trading daily, and their European exchange, [[Bats Europe]], processes processed about 22 percent of that market.<ref>{{cite web|url=http://cdn.batstrading.com/resources/press_releases/Bats-January-2017-Volume-FINAL.pdf|name=Bats press release February 2017|org=Bats|date=March 10, 2017}}</ref> It also operates two U.S. options exchanges, [[Bats Options]] and [[EDGX Options]].<ref>{{cite web|url=http://cdn.batstrading.com/resources/press_releases/BATS_September2013_Volume_FINAL.pdf|name=BATS September 2013 Volume|org=BATS|date=October 10, 2013}}</ref> Bats is was based in Kansas City, Mo. and has with additional offices in New York and London. Included in the BATS customer base are more than 270 [[broker-dealer]]s and a broad-based ownership group of financial companies. It is was owned by 13 Wall Street banks and electronic trading firms.<ref>{{cite web|url=http://www.nytimes.com/2015/12/17/business/dealbook/bats-exchange-to-try-again-at-an-ipo.html?partner=rss&emc=rss&_r=1|name=BATS Exchange to Try Again at an IPO|org=The New York Times|date=December 17, 2015}}</ref>
Cummings was replaced by [[Joe Ratterman]] as CEO on July 1, 2007.<ref>{{cite web|url=http://kansascity.bizjournals.com/kansascity/stories/2007/07/09/daily12.html?from_msn_money=1|name=BATS Trading Promotes Executive to COO|org=Kansas City Business Journal|date=March 10, 2008}}</ref>
== History ==
BATS was founded in 2005 by David Cummings and 12 associates, including current Chairman Joe Ratterman, as an electronic communications network (ECN) in a North Kansas City storefront. At that time it was largely composed of software engineers and was immediately an advocate for competition, working closely with customers and other industry participants.
BATS launched in January 2006 with an aggressive pricing scheme that rewarded [[liquidity providers]] in an effort to entice [[broker-dealers]] to trade on the exchange.<ref>{{cite web|url=http://www.securitiesindustry.com/news/21390-1.html|name=Swinging At Nasdaq|org=Forbes.com|date=March 10, 2008}}</ref><ref>{{cite web|url=http://uk.reuters.com/article/idUKN0928039620070509|name=BATS Trading Considers London Move|org=Reuters|date=March 10, 2008}}</ref>