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Bats Global Markets (Bats), a CBOE company, is a leading operator of exchanges and services for financial markets around the globe.

In the U.S., Bats operates four stock exchanges - BZX Exchange, BYX Exchange, EDGX Exchange, and EDGA Exchange - also known as the Bats Exchanges. These are registered national stock exchanges that compete with the New York Stock Exchange and NASDAQ, and are regulated by the Securities and Exchange Commission. Bats is currently the largest stock exchange operator in the U.S. on any given day. Bats also operates two U.S. equity options markets - BZX Options and EDGX Options.

In Europe, Bats Europe is the largest equities exchange competing with other major European stock exchanges such as the London Stock Exchange and Deutsche Börse. Currently, securities from more than 15 European countries are available to be traded on Bats Europe.

Globally, Bats serves the foreign exchange (FX) market, the world’s largest asset class, operating Hotspot, a leading institutional spot foreign exchange market.

No. Since receiving SEC approval in 2008, Bats has operated registered national securities exchanges in the U.S. When Bats launched in June 2005, the company was known as Bats Trading, Inc., and was an ATS or ECN (electronic communications network). However, in 2008, the company transitioned to Bats Exchange, a registered U.S. stock exchange. As the company expanded into Europe in 2008, the parent company became known as Bats Global Markets, Inc. The European entity is known as Bats Europe as of the 2011 merger of Bats Europe and Chi-X Europe.

When Bats launched the BYX Exchange, its second U.S. equities exchange in October 2010, the company's initial U.S. equities exchange - Bats Exchange - became known as the Bats BZX Exchange.

Bats is NOT a trading company but is instead a company that operates exchanges and markets around the globe. Broker-dealers and other financial firms connect electronically to Bats' markets to execute their trades.

In the U.S. and Europe, Bats is a listing venue for exchange-traded products. Please visit the Cboe ETF Marketplace for additional information.

Yes. In the U.S., while a specific stock might be listed on the New York Stock Exchange or NASDAQ, for example, a substantial portion of the trading of that stock could take place on one of Bats' U.S. equities exchanges, or on other exchanges and trading platforms. Generally, in the U.S. market, a majority of trading in a stock does not occur on the exchange where it is listed.

The situation is Europe is similar, if a stock is listed on the London Stock Exchange, for example, trading of that stock can take place on Bats Europe.

In general, Members of the various Bats markets include broker-dealers, retail brokers, professional traders, etc.

Indirectly, yes. While individual investors do not connect directly to stock exchanges, they do trade through their brokers, which are likely connected to Bats (and other exchanges) to execute trades.

No. One of Bats' fundamental goals is to operate neutral, fair and balanced markets that cater to all market participants. A market that catered to a specific group of customers would have little chance of viability as an exchange requires an ecosystem comprised of different types of participants – with different time horizons – to succeed.

Each exchange that Bats operates has its own trading ecosystem that meets the needs of various customers. By continuing to offer four unique pools of liquidity through our four exchanges, we provide customers with choice for executing their trading strategies.