BATS Global Markets, a global financial markets technology company, plans to launch a second US equities exchange in early 2010. The company has said that the owner and operator of BATS Exchange, the US equities exchange, is preparing to formally file an application for the second US equities exchange with the Securities and Exchange Commission in the coming weeks.
Reportedly, BATS’ second exchange, called BYX, will utilize the same technology, location and connectivity as the existing exchange. It has added that the pricing for BYX will be announced at a later date.
Joe Ratterman, CEO of BATS Exchange and BATS Global Markets, said: “We are pleased to announce plans for a second US equities exchange. BYX will allow us even greater flexibility in pricing and innovation that will result in more choices for the industry. The launch of BYX is the logical next step in our efforts to make markets better through the creation of innovative trading tools and services that meet the needs of all market participants.”
