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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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From: TFF	8/18/2008 5:16:37 PM
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Bats Trading gets exchange status Kansas City-based Bats Trading Inc. received approval this morning to operate as an exchange alongside the New York Stock Exchange, Nasdaq and others. Bats Trading had sought exchange status from the Securities and Exchange Commission last November. It expects to complete the steps in about 60 days. The company currently handles trades for about 10 percent of the daily volume in stocks. It operates, however, as an electronic equity center rather than a regulated exchange. Its transactions have to be reported through another exchange. “Our motivation to become an exchange has come from our desire to participate directly in the national market system and compete on a level playing field with our primary competitors, Nasdaq and the New York Stock Exchange,” the company said in an announcement. Bats Trading is owned by Bats Holdings, which is in turn owned principally by broker-dealer firms. The company began handling stock trades in January 2006.

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