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Article: Exchange Dreams Move Closer to Reality for BATS.(BATS trading inc)
- Article from:
- Securities Industry News
- Article date:
- November 12, 2007
- Author:
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The BATS Trading electronic communications network (ECN) on Nov. 5 filed its anticipated application to become an exchange, formally starting a lengthy process that, if successful, should benefit customers and give the new exchange more control over its future, and saddle it with new obligations.
The Kansas City-based ECN has seen its average daily execution volume rise from 380 million in June to just over 600 million shares as of early November. That translates into 10.53 percent of tape C Nasdaq stocks, 9.06 percent of tape B stocks listed by the regional exchanges, and 6.7 percent of the New York Stock Exchange's tape A stocks.
"When an ECN reaches ...