Commentary

Elaine Wah

Modern Markets, Modern Metrics - A Blog By IEX

In this blog by IEX's Elaine Wah, the newest public exchange looks to refute public claims that the metrics it uses are designed to inflate its own volume numbers and mislead people.

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March 7, 2008

BATS' Exchange Push

By Peter Chapman

BATS Trading submitted its exchange application to the Securities and Exchange Commission in November. The ECN expects the SEC will soon publish its application for public comment, according to chief executive officer Joe Ratterman. To lead the company's efforts in its consultations with the SEC, the ECN hired Eric Swanson, based in New York, as its general counsel. Swanson worked for the SEC from 1996 to 2006, rising to assistant director in the Office of Compliance Inspections and Examinations' market oversight unit. His duties included supervising the SEC's inspection program responsible for regulatory oversight of trading on the securities exchanges and ECNs. By volume BATS is now only behind the New York Stock Exchange, Nasdaq and NYSE Arca. In December, it matched 5 percent of all NYSE-listed shares and 8 percent of all Nasdaq-listed shares.

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