Bats completes Direct Edge integration

Source: Bats

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.

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