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Welcome The Second Largest U.S. Stock Exchange

The third and fourth largest U.S. stock exchanges are merging. BATS Global Markets
is expected to merge with Direct Edge under the moniker BATS. As a result of
the merger, BATS will be the largest stock exchange behind only the NYSE. The
deal will be finalized in the first half of 2014. Kansas City will be location of the new
company. It is expected that the deal will benefit customers by bring more
competition to the market.

 According to the CEO of BATS, Joe Ratterman, “This agreement is an important milestone for the U.S. equities market and other markets around the globe as it will combine two organizations that have been innovative in creating a more competitive marketplace to benefit all investors. Our competitors have lost the ability to be as efficient as we are.” Before finalization, regulators must provide approval.