By Mark McSherry
NEW YORK (Reuters) - BATS Trading Inc., a fast-growing electronic trading platform in U.S. equities, is considering a move into the London market, its chief executive said on Wednesday.
Speaking at the Reuters Exchanges and Trading Summit in New York, BATS CEO Dave Cummings said the company's investors and clients suggested the expansion and BATS is now thinking seriously about the London move.
Cummings said Kansas City-based BATS would look at the "playing field" in London and at how it could be better than what's on offer.
But Cummings cautioned: "We should not go into that market if we don't think we could get 10 to 30 percent (market share) in a small number of years."
Cummings said BATS, launched in January 2006, considers Nasdaq Stock Market Inc. (NDAQ.O: Quote, Profile, Research, Stock Buzz) its most direct competitor.
BATS attracted attention earlier this year with its "January Effect" pricing schedule, which featured an aggressive month-long pricing plan in which BATS set a daily volume record of 322 million shares on a day it handled over 13 percent of Nasdaq-listed volume.
Cummings said BATS was aware of the global forces at work in the exchange and trading sector and was starting to think about other asset classes and locations, with London the most logical step.
NOT AS AN ANGRY AMERICAN Continued...
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