KANSAS CITY, Mo. & NEW YORK--(BUSINESS WIRE)--BATS Global Markets (BATS), a leading operator of securities markets in the U.S. and Europe, today reported the successful and complete migration of the legacy Direct Edge stock exchanges, EDGX and EDGA, to the proprietary BATS technology.
The final phase of the integration took place Monday, January 12th, and the EDGX and EDGA Exchanges functioned as expected on the BATS system throughout the week, handling more than 1 billion orders with message rates exceeding 170,000 messages per second. The integration was led by Chris Isaacson, global CIO at BATS.
“Chris and his team planned and seamlessly executed this extremely complex and detailed technology migration with a focus on minimizing the disruption to our customers and maintaining the high standards we’ve set at BATS,” said BATS CEO Joe Ratterman. “Our strong market share throughout the week is a direct result of that effort and we look forward to continuing our growth with all four of the BATS U.S. equity exchanges operating entirely on our proprietary technology.”
Mr. Isaacson said, “We’re extremely pleased with the integration’s successful completion and thank our customers for their support throughout the year-long process. In addition to continued strong market share, it was exciting to see near complete customer participation as the team succeeded in maintaining orderly markets for investors.”
Customers of the legacy Direct Edge exchanges participated on a large scale last week with 99% of those members trading during the migration process. Market share during the week was in line with the first two weeks of January and the month-to-date figure is at 20.97% vs. 20.75% in December.
About BATS Global Markets, Inc.
BATS Global Markets, Inc. is a leading global operator of securities markets, committed to Making Markets Better for traders, investors and issuers. In the U.S., BATS operates four stock exchanges – BZX, BYX, EDGX and EDGA – and regularly ranks as the top market for ETF and retail-driven liquidity. The company is an important listing venue for ETFs and other structured products and also operates BATS Options, a U.S. equity options market. In Europe, BATS operates the largest pan-European equities exchange, offering trading and listing services across 15 major European markets, as well as the largest pan-European trading facility, BXTR. With its world-class proprietary technology and relentless customer focus, BATS strives to bring efficiency, transparency and fairness to market participants. The company is headquartered in Kansas City with offices in Chicago, New York and London. Further information on BATS can be found at www.bats.com and by following us on Twitter @BATSGlobal.