BATS Trading, Inc., and NYFIX Inc., announced that the NYFIX Fusion, an order management system for sell-side broker-dealers, has added BATS ECN as a market destination.
BATS ECN is an electronic trading platform for anonymous matching of U.S. equity securities. NYFIX Fusion enables principal and agency traders to electronically receive orders from multiple sources, route to market destinations while meeting best execution requirements, and manage risk.
"At BATS, we are eager to earn the trading business of all NYFIX users. As the leading alternative to the duopoly, we feel that NYFIX is a good fit with our vision," said David Cummings, Chairman and CEO, BATS Trading, Inc. "Our second generation trading platform was designed from the ground up to handle high speed, high volume, anonymous, reliable, algorithmic trading that has become increasingly common to the needs of NYFIX users."
The NYFIX Network is one of the industry's largest FIX networks, connecting more than 450 trading counterparties including broker-dealers, institutions, exchanges and ECNs.
"The value proposition that BATS brings to our clients makes them a welcome addition to our offering of connected liquidity providers" said Bill Fallon, President of NYFIX's OMS Division. "Dave Cummings' tenure in the industry and his commitment to innovation affords BATS a unique insight into what our customers require. We look forward to our mutual continued success."