BATS Examines its Options

IMD: Will BATS's equity options exchange be a fully fledged exchange at launch, or will it start life as an ECN if there are any delays to gaining regulatory approval?

Jeromee Johnson, vice president of market development, BATS: With the different regulatory structure of the two markets, it's a given that we'll need to be a full exchange on day one. When it comes to the process and timing of getting our options exchange approval, we have a couple of key reference points. First is BATS's equities