Direct Edge's William O'Brien on the Bats Merger

William O'Brien, Direct Edge

In October 2005, Direct Edge launched as an electronic communication network (ECN) and was owned by Knight Capital Group. Three months later, Bats Trading ─ now Bats Global Markets ─ went live with its own ECN. Over the next eight years, Direct Edge and Bats would go on to obtain the third and fourth largest equity market shares in the US, at 11 and 10 percent respectively, as the two have regularly jockeyed for the number three position in recent years.

Now, after it was announced that Direct

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