WilmerHale, Davis Polk Guide BATS-Direct Edge Merger

Law360, New York (August 26, 2013, 2:10 PM EDT) -- BATS Global Markets Inc. and New Jersey-based Direct Edge announced their merger Monday, an exchange tie-up that will leapfrog Nasdaq to create the country's second-biggest securities trading platform.

No financial terms were disclosed in the deal, which unites the two privately held exchanges with an eye toward international domination. All four of the combined company's U.S. stock exchanges will remain open, along with BATS' U.S. equity options market and its Chi-X Europe, the continent's largest exchange. Direct Edge said it will continue its efforts to open...
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