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Measure content performance. Develop and improve products. List of Partners vendors. Bats Global Markets was a U. Prior to being acquired, Bats Global Market was one of the largest U. Bats Global Markets was previously known as Better Alternative Trading System BATS and was initially branded as an alternative trading platform , marketing itself to investors as a company that was more innovative than established exchanges.
When it entered the European market in , the company was rebranded as Bats Global Markets. As an exchange, Bats grew into the main competitor to the New York Stock Exchange NYSE and Nasdaq, both of which handled a greater amount of equities when ranked by market capitalization. In , Bats had become the second-largest U. Between and , Bats merged with and acquired several exchanges. In , it acquired Chi-X Europe, making it the largest stock exchange in Europe. In , Bats acquired Hotspot, an electronic communication network ECN , allowing institutional investors spot trading , swap execution, and forward trading services.
BATS experienced several notable technical hurdles over the years. The company sought to go public in an initial public offering in , with shares being offered on its own exchange. In , the company indicated that a technical error led to hundreds of thousands of trades executing at prices lower than the best bid and offer , which also affected investors who were selling shares short.
The error affected trades going back four years. CBOE now operates four U. CBOE Holdings. Chicago Board Options Exchange. Accessed July 21, Securities and Exchange Commission. Form S Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content.
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Measure content performance. Develop and improve products. List of Partners vendors. By Kimberly Amadeo. Learn about our editorial policies. Reviewed by Eric Estevez. Article Reviewed January 27, Learn about our Financial Review Board. Key Takeaways Bats Global Markets originally began as an alternative exchange and is now part of the CBOE, one of the largest exchange operators in the world. Bats' electronic trading technology was designed to make trading faster and easier, and it has been incorporated into products on the CBOE.
Article Sources. Asset Managers: Mutual funds or pension fund managers public and private who manage money on behalf of investors. Professional Traders: Trading alone or with a firm, who trade for a living using their own money, their firm's money, or on behalf of high net worth individuals.
A Broker: An individual or firm that buys or sells stocks for its clients and charge a commission this is known as agency trading. Broker-Dealers: Brokers that can buy and sell stocks for clients agency trading but can also execute trades for their own accounts principal trading. Market Makers: They quote prices to both buy and sell stocks and other securities. They make their money by profiting from the difference the spread between the buy and sell orders.
While most broker-dealers have market-making operations for their own principal trading operations, there are only four or five large market making operations that do agency trading in any size, including Knight Capital , Citadel , UBS, and Citigroup.
Trading Venues: Trading has to happen somewhere, even if it occurs in a computer. Forty years ago, there was only one major exchange NYSE and the over-the-counter market. Today, it's a much different world. There are more than just exchanges, there are other venues where buyers and sellers can meet. Add it all up, there are now almost a dozen stock exchanges—and that's just the U.
It really depends on the order itself—is it big, is it liquid, what do we have to do?
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