New battle lines

But one press release stood out from the rest last month and it came from US-based Bats Trading. "Bats exchange ranks as the world's 3rd largest stock exchange", ran the top line. That's a pretty bold claim for a small company that is less than four years old and, at last count, employed no more than 90 staff. But there it was in black and white. The trading venue, which achieved official exchange status in October last year, reported just over $552 billion in notional value traded in December

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