BATS Global Markets announced on Friday that it has received regulatory approval for the launch of a second stock exchange in the U.S.

The firm said that it has received approval from the U.S. Securities and Exchange Commission to operate a second equities exchange and expects to launch the market in approximately 60 days. The new exchange will be called BATS Y-Exchange. It already operates BATS Exchange, which it says accounts for 11% of the market in U.S. equity trading.

BATS Exchange chief executive, Joe Ratterman, said it will differentiate the new exchange from its existing platform.

“BYX will utilize the same world-class technology, customer service model and group of associates that has made BZX a success while offering more innovative solutions to members such as greater flexibility in pricing,” he said.

IE