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In this shared commentary, Aplomb Strategies writes that when considering a firm’s governance structure, a holistic approach makes the most sense.

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March 1, 2014

SEC Approves BATS Merger

By Editorial Staff

It's all but official now-BATS Global Markets and Direct Edge Holdings will become a unified company.

The exchanges on Jan. 31 received all the regulatory approvals, including one from the Securities and Exchange Commission, joining the two bourses. The transaction, according to a BATS spokesperson, has closed.

The merger of BATS and Direct Edge, which was announced in August 2013, combines the two operators under the single brand "BATS Global Markets."

Joe Ratterman, BATS

Joe Ratterman, chief executive of BATS Global Markets, said in a release, "With the final regulatory approval received, we are focused on closing the merger during the current quarter and beginning the integration of our two highly complementary companies."

Upon official closing of the deal, Ratterman will continue in his role as chief executive of BATS Global Markets, and William O'Brien, chief executive at Direct Edge, will become president of the new company.

The combined company will remain headquartered in the Kansas City, Mo., area and continue to operate all four existing U.S. equities markets currently run by BATS and Direct Edge: the BATS BZX and BYX Exchanges and Direct Edge's EDGX and EDGA Exchanges. The technology integration will include the transition of the Direct Edge equities exchanges to the proprietary BATS technology platform.

Details regarding all aspects of the integration will be released in due course following the transaction closure.

 

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