Upstart U.S. trading venue BATS Exchange is now providing competition with the traditional exchanges in listing services, the firm announced Monday.
BATS Global Markets, which is the third-largest U.S. equities market operator, said Monday that the BATS Exchange is now a U.S. primary listings venue, providing issuers a new market to list their stocks. It has completed the development of its auction system process, received regulatory approval on its listings rules and guidelines, created a surveillance program for listed securities, and established customer service teams to review and process applications, which are now available on the BATS Listings website.
The firm says that it is also developing a market maker program for BATS-listed symbols and will be announcing additional information in due course.
“Just like we have done in the secondary markets, we’re focused on driving competition and innovation in the U.S. primary markets by creating a listings venue that strives to make markets better for issuers,” said Joe Ratterman, chairman and CEO of BATS Global Markets. “Today is just the first step. Over the coming weeks we will be finalizing our innovative market maker program and completing our suite of issuer information tools.”
“We understand this is a tough market to break into, with the incumbent exchanges having a long history and strong brand recognition. At the same time, we don’t believe the issuer community is being served as well as they can be, and our history of innovation will likely be welcomed in an area that hasn’t been seriously challenged for dozens of years,” he said. “We look forward to working directly with issuers to meet their specific needs and growing our listings business one issuer at a time.”