Bats Global Markets (Bats), a global operator of securities and derivatives markets, today confirmed its plans to launch a primary listings market in the U.S. in the fourth quarter of 2011.
The company has submitted draft rules to the SEC and anticipates formally filing them for notice and public comment shortly. The new listings venue will create a competitive alternative to the incumbent exchanges which offer listings services for companies considering the IPO process.
"We believe there is a need for an alternative listing venue in today's market, which has only been heightened in recent weeks as legacy exchanges weigh different merger and acquisition strategies," said Joe Ratterman, president and chief executive of BATS Global Markets.
"In addition, market conditions have become increasingly favorable to companies looking to gain access to the capital markets so we're excited to launch our listings business later this year," he said.
The listings program will reflect the BATS philosophy with:
Simple and competitive pricing
Innovative tools and technology
Leading customer support and education