Bats Completes Merger with Direct Edge

The deal received approval from the US Securities and Exchange Commission last week, which was the final barrier to completion. The new entity will operate under the Bats Global Markets brand, and will continue to operate the four equities exchanges run by the two firms. Bats CEO Joe Ratterman will remain at the helm of the new firm, while Direct Edge CEO, William O'Brien, will become president.

"Completion of the merger creates an even stronger competitor and advocate for the benefit of all market participants," says Ratterman. "With the Direct Edge team, we are excited to embark on a new path to deliver even greater innovation and competition, challenging the status quo globally."

The merged business will remain headquartered in Kansas City, MO, with offices in New York and London. The firm has published a microsite explaining the technology integration, which will see Direct Edge markets transitioning to Bats technology.