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US: Upstarts confirm merger to create second-largest stock exchange

By  |  August 26, 2013

Confirming rumors that began circling the media late last week, upstart stock exchanges BATS Global Markets and Direct Edge have confirmed plans to merge, creating the nation’s second-largest stock exchange and a direct rival to the number one spot, New York Stock Exchange.

Once merged, the two stock exchanges, currently the third- and fourth-largest, will overtake current number two exchange the Nasdaq Stock Market. Both BATS and Direct Edge run two exchanges each, and all four will remain open following the merger.

Reports say the deal is slated for completion in the first half of 2014, though remains subject to regulatory approval. Financial terms of the deal were not disclosed.

Full Content: USA Today

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