BATS Global Markets
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| − | BATS Global Markets operates two U.S. stock exchanges that together process 10 percent of stock trades in the U.S. | + | BATS Global Markets operates two U.S. stock exchanges that together process 10 percent of stock trades in the U.S. It also operates a European exchange, BATS Europe, which processes 6 percent of that market, and a U.S. options exchange.<ref>{{cite web|url=http://www.bizjournals.com/kansascity/blog/2011/01/report-bats-global-markets.html|name=Report:BATS Global Markets investigates going public|org=Kansas City Business Journal|date=January 11, 2011}}</ref> |
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| + | It become known in 2012 that BATS plans to offer an alternative listings platform, mostly likely from London.<ref>{{cite web|url=http://www.ft.com/intl/cms/s/0/d426552a-5ed0-11e1-a087-00144feabdc0.html#axzz1nbQTj63ol|name=BATS plans European listings venue|org=FT|date=February 27, 2012}}</ref> | ||
BATS Trading is a second generation<ref>{{cite web|url=http://www.forbes.com/wallstreet/2008/01/23/bats-stocks-exchanges-biz-wall-cx_lm_0123bats.html|name=Trading Upstart BATS Tops 1 Billion Volume Mark|org=Forbes.com|date=March 10, 2008}}</ref> [[electronic communication network]] (ECN) founded in June 2005 by [[David Cummings]], owner of Tradebot Systems in Kansas City. The BATS electronic network is designed to "handle high-speed, high-volume, anonymous, [[algorithmic trading]]."<ref>{{cite web|url=http://www.boston.com/business/articles/2007/03/07/merrill_buys_bats_trading_stake/|name=Merrill Buys BATS Trading Stake|org=Boston.com|date=March 10, 2008}}</ref><ref>{{cite web|url=http://www.wallstreetandtech.com/news/trading/showArticle.jhtml?articleID=171200327|name=New ATSs Arise to Fill a Void|org=Wall Street & Technology|date=March 10, 2008}}</ref> BATS launched [[trading]] on Jan. 27, 2006 and quickly became the third-largest U.S. [[equities]] market by [[volume]] as it grabbed 10 percent of United States [[equities]] markets two years after it opened for [[trading]] in January 2006.<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 is based in Kansas City, Mo. and has 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. | BATS Trading is a second generation<ref>{{cite web|url=http://www.forbes.com/wallstreet/2008/01/23/bats-stocks-exchanges-biz-wall-cx_lm_0123bats.html|name=Trading Upstart BATS Tops 1 Billion Volume Mark|org=Forbes.com|date=March 10, 2008}}</ref> [[electronic communication network]] (ECN) founded in June 2005 by [[David Cummings]], owner of Tradebot Systems in Kansas City. The BATS electronic network is designed to "handle high-speed, high-volume, anonymous, [[algorithmic trading]]."<ref>{{cite web|url=http://www.boston.com/business/articles/2007/03/07/merrill_buys_bats_trading_stake/|name=Merrill Buys BATS Trading Stake|org=Boston.com|date=March 10, 2008}}</ref><ref>{{cite web|url=http://www.wallstreetandtech.com/news/trading/showArticle.jhtml?articleID=171200327|name=New ATSs Arise to Fill a Void|org=Wall Street & Technology|date=March 10, 2008}}</ref> BATS launched [[trading]] on Jan. 27, 2006 and quickly became the third-largest U.S. [[equities]] market by [[volume]] as it grabbed 10 percent of United States [[equities]] markets two years after it opened for [[trading]] in January 2006.<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 is based in Kansas City, Mo. and has 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. | ||
Revision as of 05:09, 27 February 2012
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| BATS Global Markets | |
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| Founded | 2005 |
|---|---|
| Headquarters | Kansas City, Missouri, U.S. |
| Key People | Joe Ratterman, Chairman, President & CEO |
| Products | U.S. equity trading |
| Corporate Website | www.batstrading.com |
BATS Global Markets operates two U.S. stock exchanges that together process 10 percent of stock trades in the U.S. It also operates a European exchange, BATS Europe, which processes 6 percent of that market, and a U.S. options exchange.[1]
It become known in 2012 that BATS plans to offer an alternative listings platform, mostly likely from London.[2]
BATS Trading is a second generation[3] electronic communication network (ECN) founded in June 2005 by David Cummings, owner of Tradebot Systems in Kansas City. The BATS electronic network is designed to "handle high-speed, high-volume, anonymous, algorithmic trading."[4][5] BATS launched trading on Jan. 27, 2006 and quickly became the third-largest U.S. equities market by volume as 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. Included in the BATS customer base are more than 270 broker-dealers and a broad-based ownership group of financial companies.
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’s stock exchange turned profitable in 2008.[13] BATS received SEC approval to launch a U.S. equity options exchange, BATS Options, which it introduced in February of 2010.
History
In November 2011, the U.K. Competition Commission issued preliminary approval for the proposed $305 million BATS acquisition of Chi-X Europe.[14] The agreement was announced in February 2011.
On May 13, 2011, BATS Global Markets announced it would launch an Initial Public Offering.[15] The company had been privately held and majority owned by brokers and big banks including Getco, Wedbush, Lime, Citi, Credit Suisse, Morgan Stanley, Deutsche Bank and JPMorgan.[16]
BATS received approval from the SEC to launch a U.S. equity options trading platform in January 2010, with plans to launch pending testing and industry-wide options symbology consolidation. On February 26, 2010, BATS Options started trading with it's first transaction taking place based on an Apple contract (APPL). The company targeted a 4-percent market share in U.S. options for 2010.
BATS voluntarily withdrew its version of a flash order type in response to controversy and the threat of potential regulatory intervention in August 2009.[17]
In August 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.[18]
Key People
- Joe Ratterman, Chairman, President & Chief Executive Officer
- Chris Isaacson, Senior Vice President, Chief Operating Officer
- Brian Schell, Senior Vice President, Chief Financial Officer
References
- ↑ Report:BATS Global Markets investigates going public. Kansas City Business Journal.
- ↑ BATS plans European listings venue. FT.
- ↑ Trading Upstart BATS Tops 1 Billion Volume Mark. Forbes.com.
- ↑ Merrill Buys BATS Trading Stake. Boston.com.
- ↑ New ATSs Arise to Fill a Void. Wall Street & Technology.
- ↑ BATS Trading's Exchange Application is Open to Public. Kansas City Business Journal.
- ↑ Upstart Financial Firm Bats is Challenging NYSE, Nasdaq. Arizona Republic.
- ↑ No More Dave-Mails for BATS Clients. Reuters.
- ↑ BATS Trading CEO Cummings Likes Being the Catalyst. Kansas City Business Journal.
- ↑ Swinging At Nasdaq. Forbes.com.
- ↑ BATS Trading Considers London Move. Reuters.
- ↑ BATS Trading Promotes Executive to COO. Kansas City Business Journal.
- ↑ BATS Global Markets Considers Initial Stock Sale, International Expansion. Bloomberg.
- ↑ BATS Cleared to Buy Chi-X Europe. WSJ.
- ↑ Bats Files for IPO as Exchange Seeks Currency Amid Deals. Bloomberg.
- ↑ BATS Exchange to launch IPO service. Financial Times.
- ↑ Nasdaq MTF will not drop BLNK despite 'flash' controversy. The Trade News.
- ↑ "SEC Approves BATS Exchange". The Wall Street Journal.
