Deals
Bats Agrees to Merge With Direct Edge as Volume Shrinks
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Bats Global Markets Inc. and Direct Edge Holdings LLC agreed to merge, uniting two of the biggest American exchange operators amid a four-year decline in volume.
The third- and fourth-largest equity market owners said the transaction will close in the first half of 2014. Joe Ratterman, the chief executive officer of Bats, will keep that role at the combined firm, while Direct Edge CEO William O’Brien will be president. Financial details weren’t disclosed.