Our History

Bats Global Markets was formed in June 2005 to provide an alternative to the exchanges that had previously dominated the trading landscape. When Bats launched, the company was known as Bats Trading, Inc., and was an SEC-regulated alternative trading system (ATS) for the U.S. equities market. In 2008, the company transitioned and re-branded to Bats Exchange, a registered national U.S. stock exchange on the same plane as the New York Stock Exchange and NASDAQ.

With its entry into Europe in 2008, Bats became known as Bats Global Markets, Inc. and today is no longer an "alternative" exchange, but a leading global exchange operator. In 2010, Bats launched Bats BZX Options, a U.S. equity options market.

In 2011, Bats acquired Chi-X Europe, forming the largest stock exchange operator in Europe. Now called Bats Europe, the exchange trades a quarter of all European equities every day.

In 2014, Bats merged Direct Edge, a U.S. equities exchange operator, to create the second-largest stock exchange group in the U.S. Taken together, our U.S. stock exchanges account for the largest destination for continuous equity trading, and are the largest venue for ETF trading in the world.

In 2015, Bats acquired Hotspot, a leading institutional spot foreign exchange (FX) market, moving Bats into the world's largest asset class.

On February 28, 2017, Bats was acquired by CBOE, creating a firm with a combined track record of improving markets through product innovation, efficiency and market expansion.

Key company milestones:


November EDGX Options, a customer priority/pro rata allocation model launches in the U.S.
October Cboe launches Cboe Listings, a market specificlaly structured and designed for ETF issuers and their investors
  Bats Europe launches the Bats Periodic Auctions Book, a new order book model that will allow market participants to access auction functionality throughout the trading day, in a bid to encouraging trading in larger size
September Bats announces the successful launch of Hotspot's new, London-area FX matching engine
May Bats successfully completes migration of all U.S. markets to the NY5 data center, the final step in the company's acquisition of Direct Edge
March Bats completes acquisition of Hotspot, moving the company into the world’s largest asset class
  Chris Concannon becomes CEO of Bats Global Markets
February Bats announces that Chris Concannon will become CEO and Joe Ratterman will become Chairman, effective March 31, 2015.
January Bats completed integration of Direct Edge exchanges to Bats technology
  Bats CEO Joe Ratterman named to U.S. Securities and Exchange Commission (SEC) Equity Market Structure Advisory Committee
  Bats proposes U.S. market structure initiatives designed to benefit all investors and issuers
  Bats announces plans to acquire Hotspot FX from KCG Holdings


November Bats names senior industry leader and market expert Chris Concannon as President
January Bats and Direct Edge merge, making Bats one of the largest equities market operators in the U.S.


December Bats forms the Institutional Advisory Committee (IAC), a committee of investors that shares feedback and insights on industry issues
November Bats Europe launches BXTR, a pan-European Trade Reporting Service
  Bats Europe becomes a pan-European listings venue, lists ETFs from iShares and Lyxor
  Bats Europe becomes one of four 25% shareholders in Europe's newest and largest equities clearing house – European Central Counterparty N.V. – formed through the merger of EMCF and EuroCCP
August Bats and Direct Edge announce plans to merge
May Bats Europe becomes a Recognised Investment Exchange (RIE)


January Bats launches its first primary listings – nine new exchange-traded funds (ETFs) from BlackRock, Inc.'s iShares ETF business on the BZX Exchange
  Bats Europe becomes the first European trading platform to offer full interoperable clearing from four central counterparties (CCPs)


December Bats BZX Exchange, becomes a U.S. primary listing venue
  Bats completes the acquisition of Chi-X Europe, creating the largest pan-European equities exchange by market share and notional value traded
February Bats announces it has agreed to acquire Chi-X Europe Limited, a leading European equities trading platform


November Bats BYX Exchange exceeds 100 million shares traded in a single day
October Bats BYX Exchange, the company's second equities exchange, goes live in the U.S.
May Bats Europe trades record €4.6 billion on its platform
February Bats Options goes live in the U.S.
January Bats Europe sets one-day record of more than €2 billion traded


June Bats Europe sets one-day record of more than €1 billion traded
January Bats ranks as world's third-largest stock exchange operator by notional value traded for the first time


October Bats BZX Exchange, previously operating as Bats Trading, goes live in the U.S. as a nationally registered stock exchange
  Bats Europe goes live in London
August Bats receives SEC approval for its first U.S. equities exchange – Bats Exchange (now known as Bats BZX Exchange)
January Bats exceeds 1 billion shares traded in a single day


July Bats sets one-day record volume with more than 500 million shares traded
  Joe Ratterman, a company founder, becomes CEO


November Bats hits one-day record volume with more than 100 million shares traded
January Bats goes live, launches an electronic communication network (ECN), also known as an alternative trading system (ATS)


June Bats Trading, Inc., is founded