New ATSs Arise to Fill a Void

摘要

With changes rippling through the U.S. equity markets, there are signs that a new wave of alternative trading systems (ATSs) are emerging to fill the void left by the pending mergers of the New York Stock Exchange with Archipelago, and Nasdaq with INET. Already on the launching pad is Kansas City-based BATS Trading — which stands for Better Alternative Trading System. According to BATS Trading officials, the ATS currently is building the matching engine for its new electronic communications network (ECN), which it plans to launch in early 2006.