Talk:BATS Global Markets

BZX vs. BYX
anyone knows the differences between two parts of BATS??? Jackzhp (talk) 13:33, 19 July 2011 (UTC)

Company's age
I thought the company was 60 years old...what gives? — Preceding unsigned comment added by Ekscholl (talk • contribs) 17:58, 26 March 2012 (UTC)

Corrections and updates
Ahunt - keen to get started on this page and thank you for offering to collaborate.

Company info: name now corrected (BATS Global Markets) and Chairman added. Source: BATS Names Former SEC Commissioner as Chairman http://www.securitiestechnologymonitor.com/news/paul-atkins-chairman-bats-global-markets-30965-1.html

To address a question from a reader - would it be possible to include a section in the pop-out box: Divisions: BATS BZX Exchange, Inc.; BATS BYX Exchange, Inc.; BATS Trading Limited (“BATS Chi-X Europe”). I'll aim to add more info in the text about the difference between them.

Websites: www.batsglobalmarkets.com; www.batstrading.com; www.batsoptions.com; www.batstrading.co.uk

Let me know if this is ok and I will come back with further additions / suggestions. thank you. SCL2010 — Preceding unsigned comment added by SCL2010 (talk • contribs) 09:19, 29 August 2012 (UTC)


 * The Template:Infobox exchange doesn't include a section for "divisions", but let me see if I can come up with an alternative way of including that info. I also used your ref for the chairman. - Ahunt (talk) 11:37, 29 August 2012 (UTC)


 * ✅ The only one I couldn't place is www.batsoptions.com. Perhaps you can fill in where that should go. If you want to add descriptions to the divisions sections I will reformat that from an unordered list to a definition list. Just add the descriptions and I'll reformat it as we go. - Ahunt (talk) 11:46, 29 August 2012 (UTC)

great, thank you. am am working on some additions over the weekend, hoping they will be quite straight forward and well structured. One thing that needs quite urgent attention is that BATS did the IPO on their own exchange (and failed) - they did not attempt to list on NASDAQ. Not sure who added that because all the references listed say they IPOed on their on exchange. just the text needs changing - which I will do. thank you. — Preceding unsigned comment added by SCL2010 (talk • contribs) 14:31, 30 August 2012 (UTC)


 * Looks good then. Okay just go ahead and add the extra info here or in the article and I will format it as required. - Ahunt (talk) 14:37, 30 August 2012 (UTC)

OK, here we go. I took the example of the BATS Chi-X page and propose to structure in a similar way: present the current state (address a reader question about the differences in BYX and BZX as well), then address the failed IPO (because it is the most recent thing), then expansion in Europe and the purchase of the competitor (Chi-X Europe), followed by the history. sources are provided, but pleas let me know what is missing. I apperciate it is rather a lot - but we can take our time and go step by step.

Overview BATS Global Markets (BATS) is a stock exchange operator based in Lenexa, Kansas, a suburb of Kansas City. [same text] In the U.S. BATS operates two stock exchanges, the BZX Exchange and the BYX Exchange (The BATS Exchanges), which currently account for about 10-12% of all U.S. equity trading on a daily basis. BZX and BYX are different chiefly because of their pricing structure and the BZX is almost 4X bigger than the BYX[2]. BATS is the third largest stock exchange operator in the United States.[3] [small amend to specify at the beginning it relates to the US]

In February 2010, BATS expanded into a new asset class by offering trading of listed equity options on BZX. In October 2010, BATS launched BYX, a second national securities exchange for trading listed cash equity securities. With BYX, BATS offered a different pricing model than its larger market, BZX. Source: http://www.tradersmagazine.com/news/exchanges-bats-nasdaq-106756-1.html

In December 2010 BATS launched a primary listings business in the U.S. on its BZX Exchange and in January 2012 it launched its first listings of seven ETFs. http://www.sec.gov/Archives/edgar/data/1519917/000119312512125661/d179347ds1a.htm

BATS entered the European equities markets in 2008, with the launch of BATS Europe, a pan-European multilateral trading facility (MTF). http://www.reuters.com/article/2008/03/31/bats-europe-idUSL3112064920080331

In 2011, BATS completed the acquisition of Chi-X Europe, a competitor and largest pan-European MTF at the time. http://www.reuters.com/article/2011/10/20/us-bats-chix-idUSTRE79J0Z520111020

Throughout 2012, (Jan-Jun) BATS Chi-X Europe was ranked as the largest pan-European equities trading venue in terms of value traded, according to the Federation of European Stock Exchanges. Source: http://www.fese.be/en/?inc=art&id=81

IPO

The company attempted to go public on March 23, 2012 as the first listing on its own exchange, but later withdrew the IPO the same day due to a disastrous glitch in the company's trading systems. The glitch resulted in stocks on the NASDAQ with A or B ticker symbols, including Apple, Inc., to plunge deeply to the point of a trading halt due to BATS system errors, and BATS's stock to fall far from the original $16 offering price to as low as 4¢ a share.[9][10][11]

Following the failed IPO, the BATS board of directors decided to separate the roles of chairman and CEO. Joe Ratterman had previously held both roles. Ratterman received the “unanimous support” of the directors to keep the positions of CEO and president. Source CEO Chairman split: http://www.bloomberg.com/news/2012-03-27/bats-ceo-ratterman-to-give-up-chairman-s-role-after-failed-ipo.html

In July 2012, BATS named Paul Atkins, a former U.S. Securities and Exchange commissioner, to the role of non-executive chairman of its board of directors. Source (addition to the source in the box - if needed): http://www.reuters.com/article/2012/07/17/us-bats-chairman-idUSBRE86G0ZV20120717

Mergers and Acquisitions: BATS Chi-X Europe [This section is from the BATS Chi-X Europe page – sources listed]

In February 2011, BATS Global Markets agreed to buy Chi-X Europe for $300 million. Source: http://www.efinancialnews.com/story/2011-11-24/bats-wins-final-approval-chix

The deal was referred by the Office of Fair Trading to the Competition Commission in June 2011 for further investigation to "determine whether a substantial lessening of competition is probable as a result of the anticipated merger." However, the Competition Commission approved the transaction in late November 2011, leading to BATS closing the deal on 30 November 2011. Source: http://www.institutionalinvestor.com/Article/3024813/Trading-and-Technology/BATS-Tries-to-Reboot-Its-IPO.html?ArticleId=3024813&p=3

In April 2011, BATS Global Markets confirmed that Mark Hemsley, CEO of BATS Europe, will be appointed CEO of the combined entity following BATS’ acquisition of Chi-X Europe. Source: http://www.reuters.com/article/2011/04/12/mpbats-chief-executive-idUSLDE73B1DV20110412

By April 2012 the technology integration between the two platforms was complete and Chi-X Europe customers were migrated onto the BATS Europe platform. Source: http://www.wallstreetandtech.com/electronic-trading/232901228

Final section - history: this section stayed pretty much the same, just a little shorter on occasion. when it was first written there was a lot of emphasis on the founder. given the changes and expansion, some details seemed of less relevance. See suggested amends below. Happy to talk if you think there is too much change.

History BATS was founded in June 2005 as an Electronic Communication Network (ECN) and its name stands for Better Alternative Trading System.[sentence currently no 1 on the page] Source: http://www.thedailybeast.com/newsweek/2008/09/11/capitalists-of-the-prairie.html

The company was founded by computer programmer and entrepreneur David Cummings who had worked at Kansas City institutions Cerner and Kansas City Board of Trade before developing the computer trading program Tradebot, which became the core of BATS.

Cummings left Tradebot in 2005 to launch BATS. [4] The niche that he sought for the company was for it to be a "a neutral, private, broker-dealer owned, semi-profitable utility" with no party owning more than 20 percent.[6]

Among the items it did to draw customers was to offer free listings to companies with shares that traded a certain amount each day.[8] The company originally had 13 employees.[5]

3 New paras:

In 2007, Cummings stepped down and Joe Ratterman was appointed CEO of BATS, who had been associated with the company from the start as chief operating officer. Source: http://www.reuters.com/article/2007/06/28/batstrading-ceo-idUSN2834261920070628 Cummings said in his resignation "As BATS prepares to become an exchange, my ownership of a broker-dealer precludes me from serving in management." Cummings returned to his position as CEO at Tradebot.[6][5]

Under the leadership of Joe Ratterman, in March 2008, BATS entered the European equities markets by establishing a multilateral trading facility (MTF) to compete on a pan-European basis against the incumbent securities exchanges. BATS Europe was formally launched in October 2008.

In November 2008, BATS converted its ECN to a national securities exchange, BZX, which allowed BATS to participate in and earn market data fees from the U.S. consolidated tape plans, reduce its clearing costs and operate a primary listings business. In February 2010, BATS expanded into a new asset class by offering trading of listed equity options on BZX. In October 2010, BATS launched BYX, a second national securities exchange for trading listed cash equity securities. BATS launched a primary listings business in the U.S. on its BZX Exchange in December 2010 and launched our first listings of seven ETFs in January 2012.

Source for 2 preceding paras: http://www.sec.gov/Archives/edgar/data/1519917/000119312512125661/d179347ds1a.htm

Thanks again for your help with this. Happy to discuss any issues you see. — Preceding unsigned comment added by SCL2010 (talk • contribs)


 * Okay let me go over this all carefully and see what can be added. - Ahunt (talk) 14:55, 4 September 2012 (UTC)


 * ✅ - as far as I can work it out. Please have a look and make any changes you think are needed. - Ahunt (talk) 17:32, 6 September 2012 (UTC)

Hi Ahunt - thank you for adding all this info, much appreciated. I have been through it and I think it is a little confusing at the moment, because the history jumps from the US to Europe and back. I think if the US paragraphs stayed together and then European paras as well, then there will be no confusion about which business the entry is referring to.

How about we stick to the structure by divisions? we have 3 divisions;: 2 in the US and 1 in Europe. can we say:

Divisions:

US: BATS BZX and BATS BYX - add US paras

Europe: BATS Trading - add Europe Paras

I don't want to mess the entry up - but would you be ok if I shifted a few things around and then you can see if the references are still ok? I assume you will still be able to undo my changes if I made a mess of it. thank you.


 * Sure, please go ahead! - Ahunt (talk) 10:51, 7 September 2012 (UTC)


 * ok - so I have arranged by divisions. I think it is very clear now which jurisdictions the paragraphs refer to, and is a structure that will work for the future as well. does that look ok to you? I am not sure about the IPO section - whether it should be further up - in the US division. the company indicated they will IPO again in the next 12 months, so given this section will be changing at some stage and become the most recent history, should we pull it further up in the text? let me know your thoughts. thank you, as always, for yuor collaboration. — Preceding unsigned comment added by SCL2010 (talk • contribs) 09:32, 12 September 2012 (UTC)


 * I made some heading level adjustments, but otherwise it looks fine to me. The "IPO" section is a sub-heading of the history section. - Ahunt (talk) 11:53, 12 September 2012 (UTC)

Looks so much better now. thank you. I had another thorough look through to make sure everything is right and picked up a final thing - around the IPO. I think the technical description of what happened is not very clear.

currently, the text says:

The glitch resulted in stocks on the NASDAQ with A or B ticker symbols, including Apple, Inc., to plunge deeply to the point of a trading halt due to BATS system errors, and BATS's stock to fall far from the original $16 offering price to as low as 4¢ a share.

This would be a more accurate description:

The glitch resulted in BATS’ stock price falling from the original $16 offering price to as low as 4¢ a share. Three erroneous Apple trades on the BATS exchange triggered a circuit breaker which temporarily halted trading in that stock. Those trades were later canceled. BATS halted stocks on its exchange that were affected by the glitch and included stocks with ticker symbols beginning with letters A to BFZZZ. It later reopened trading in the affected symbols but decided to withdraw the BATS stock offering.

reference 21 describes what happened very well. no need to add another reference at all. hope this is ok with you.

With this change, I think we're there. thank you again for your collaboration. should I ever need help with Wikipedia again, I would like to contact you, if that's ok. thanks, SCL2010 — Preceding unsigned comment added by SCL2010 (talk • contribs) 14:52, 18 September 2012 (UTC)


 * ✅ - Ahunt (talk) 15:14, 18 September 2012 (UTC)

External links modified
Hello fellow Wikipedians,

I have just added archive links to 1 one external link on BATS Global Markets. Please take a moment to review my edit. If necessary, add after the link to keep me from modifying it. Alternatively, you can add to keep me off the page altogether. I made the following changes:
 * Added archive https://web.archive.org/20120327160619/http://news.yahoo.com:80/bats-founder-pushes-ipo-despite-freak-glitch-175735456.html to http://news.yahoo.com/bats-founder-pushes-ipo-despite-freak-glitch-175735456.html

When you have finished reviewing my changes, please set the checked parameter below to true to let others know.

Cheers.—cyberbot II  Talk to my owner :Online 22:37, 26 January 2016 (UTC)
 * ✔️ - Ahunt (talk) 14:07, 27 January 2016 (UTC)

BATS means...
BATS means 'Better Alternative Trading System' 2600:1700:4CA1:3C80:BD51:3A41:1424:BDB7 (talk) 14:25, 3 September 2019 (UTC)
 * Ref? - Ahunt (talk) 14:34, 3 September 2019 (UTC)