BATS Global Markets, an innovative global financial markets technology company, received approval today from the US Securities and Exchange Commission to operate a second equities exchange and expects to launch the market in approximately 60 days.
The new exchange is called BATS Y-Exchange, or BYX, as it will be identified on the consolidated tapes (SIPs) with the ‘Y’ identifier. BATS also operates BATS Exchange (BZX), the third-largest US equities exchange that, in only four years, has captured more than 11% market share in US equities.
“As we continue to Make Markets Better, we are excited to launch a second equities exchange in the US, one which we will differentiate from our BZX platform,” said BATS Exchange Chief Executive Joe Ratterman. “BYX will utilize the same world-class technology, customer service model and group of associates that has made BZX a success while offering more innovative solutions to members such as greater flexibility in pricing.”
To trade via BYX, current BZX members will be allowed a 90-day grace period to complete the BYX waive-in process. As with BZX, there is no membership cost at BYX. Additional BYX details, including member information is available online at www.batstrading.com/byx
For more information, members can contact the BATS Trade Desk (+1 913.815.7001, tradedesk@batstrading.com) or their US Sales Director.
In addition to BZX and BYX, BATS Global Markets operates BATS Options, a US equity options platform launched earlier this year, and BATS Europe, a pan-European multilateral trading facility, which was launched in late 2008, and currently executes more than 5% of the overall Europe market, including 5% or more in eight major indices.