BATS/Direct Edge Merger Officially Completed

BATS and Direct Edge are officially one unified company – or exchange.

According to BATS, the integration of the two exchanges has now been completed. This completion includes the complete migration of the legacy Direct Edge stock exchanges, EDGX and EDGA, to 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.

Customers of the legacy Direct Edge exchanges participated on a large scale last week, according to a statement from BATS, noting that virtually all exchange members traded 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.

Typically, there is market share loss during such a major technology migration.