KANSAS CITY, Mo. and JERSEY CITY, N.J., Oct. 23, 2013 /PRNewswire/ -- BATS Global Markets, Inc. (BATS) and Direct Edge Holdings LLC (Direct Edge) today received notification that early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, has been granted with respect to the proposed merger between BATS Global Markets and Direct Edge.
In August 2013, BATS and Direct Edge announced plans to combine their organizations, which will bring together two customer-focused securities exchange operators under the BATS Global Markets brand to drive further innovation and better serve investors.
Joe Ratterman, CEO of BATS Global Markets said, "We appreciate the thoughtful attention that the Department of Justice gave to this deal. We are now focused on obtaining the final regulatory approvals and executing on our plan to combine our two organizations to bring enhanced competition to the markets in which we operate."
William O'Brien, CEO of Direct Edge, said, "We are pleased that we have reached this important milestone. As we continue our efforts to receive all required approvals, we remain excited about the prospects of the combined company to deliver enhanced value to customers and investors."
The completion of the transaction is subject to approval from the U.S. Securities and Exchange Commission. Pending final regulatory approvals, the transaction is expected to close during the first half of 2014.
About BATS Global Markets, Inc. BATS Global Markets, Inc. (BATS) is a leading operator of securities markets in the U.S. and Europe. In the U.S., BATS operates two stock exchanges, the BATS BZX Exchange and BYX Exchange; BATS Options, a U.S. equity options market; and the BATS 1000 Index, an innovative U.S. equities market benchmark. The BATS BZX Exchange is a primary listings venue for exchange-traded products and is home to 20 exchange-traded funds. In Europe, BATS Chi-X Europe, a Recognised Investment Exchange regulated by the UK Financial Conduct Authority (FCA),and the largest pan-European equities exchange by market share and value traded, offers trading in more than 2,800 equities across 25 indices and 15 major European markets and a listings venue for exchange-traded products. The company is headquartered in the Kansas City, Mo. area, with additional offices in New York and London. For more information, visit www.bats.com.
About Direct Edge Direct Edge is one of the leading stock exchange operators in the United States and globally. Headquartered in Jersey City, New Jersey, Direct Edge offers dynamic trading functionality across two distinct platforms, EDGA and EDGX, as well as connectivity and market data services. Its commitment to innovation and superior customer service helps its Members move their business lives forward. In November of 2011, Direct Edge announced plans to expand internationally with the opening of Direct Edge Brazil, a Rio de Janeiro-based electronic stock exchange for the trading of Brazilian equities. Direct Edge is owned by a consortium that includes affiliates of Citadel LLC; Goldman Sachs Group, Inc.; International Securities Exchange, LLC; JPMorgan Chase & Co.; and KCG Holdings, Inc. More information is available at www.directedge.com and www.directedge.com.br.