BATS Trading, Inc. announced that it has filed with the U.S. Securities and Exchange Commission to become a fully licensed securities exchange.

“The BATS organization, and more importantly our subscribers, will benefit in many ways from BATS being directly connected to the industry plans. We also desire to be on the same regulatory playing field as our primary competitors, Nasdaq and the New York Stock Exchange,” said BATS chief executive Joe Ratterman.

Ratterman added, “In terms of the critical metric of matched market share, BATS has clearly established itself as the third largest market center in the U.S. Taking the necessary steps to operate our market as a registered securities exchange is the right thing to do and shows the maturity and credibility that BATS brings to participating in the national market system.

“We want to provide our customers a viable, competitive, and long-term alternative to the two incumbent exchanges,” he said.