BATS Formally Files Market Structure Petition with SEC


BATS Global Markets (BATS) formally filed a petition for rulemaking on market structure reform with the Securities and Exchange Commission (SEC) and issued a call-to-action to the industry, urging participants to engage in a constructive dialogue to improve the already healthy U.S. equity market for all investors.



KANSAS CITY, Mo., and NEW YORK – February 3, 2015 – BATS Global Markets (BATS) formally filed a petition for rulemaking on market structure reform with the Securities and Exchange Commission (SEC) and issued a call-to-action to the industry, urging participants to engage in a constructive dialogue to improve the already healthy U.S. equity market for all investors.

The petition was filed on January 21st and published to the SEC’s website January 29th . In an open letter to the industry in early January, BATS CEO Joe Ratterman and President Chris Concannon announced the company’s proposal to drive regulatory reform that would primarily:

  1. Reduce potentially excessive incentives to provide liquidity in the most active securities.
  2. Empower institutional and retail investors by providing them more - and better quality - information regarding the manner in which their orders are handled. “We certainly have strong thoughts on how to improve the highly efficient, fair and transparent U.S. equity market and the opinions of all participants are critical if there is to be true regulatory reform,” Mr. Ratterman said.

“We urge everyone in the industry to engage in a formal, constructive dialogue with the SEC in order to drive incremental improvements for all investors.”

Under the BATS proposal, the company estimates that market-wide savings may exceed $850 million annually for those accessing exchange liquidity in the 200 most actively traded U.S. stocks. Industry participants who support any, all or none of the proposals from BATS are asked to file their comments with the SEC by sending a letter or email that references BATS Petition 4-680 to rule-comments@sec.gov.

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About BATS Global Markets, Inc.

BATS Global Markets, Inc. is a leading global operator of securities markets, committed to Making Markets Better for traders, investors and issuers. In the U.S., BATS operates four stock exchanges – BZX, BYX, EDGX and EDGA – and regularly ranks as the top market for ETF and retail-driven liquidity. The company is an important listing venue for ETFs and other structured products and also operates BATS Options, a U.S. equity options market. In Europe, BATS operates the largest pan-European equities exchange, offering trading and listing services across 15 major European markets, as well as the largest pan-European trading facility, BXTR. With its world-class proprietary technology and relentless customer focus, BATS strives to bring efficiency, transparency and fairness to market participants. The company is headquartered in Kansas City with offices in New York, London and Chicago. Further information on BATS can be found at www.bats.com and by following us on Twitter @BATSGlobal.

MEDIA:

Randy Williams +1.212.378.8522

Stacie Fleming +1.913.815.7193

Hannah Randall +44.207.012.8950 comms@bats.com

ANALYSTS:

Randy Williams +1.212.378.8522 rwilliams@bats.com

Original Press Release

BATS Global Markets (BATS) is a leading global operator of securities exchanges, committed to Making Markets Better for traders, investors and issuers.