Deal creates No. 2 stock exchange

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BATS Global Markets Inc. said Monday that it has completed its purchase of Direct Edge Holdings LLC to create the second-largest stock exchange in the United States.

The deal was announced in August. Financial terms were never disclosed. Both companies are privately owned.

The combined company ranks behind NYSE Euronext, owner of the New York Stock Exchange, in terms of market share, and ahead of Nasdaq OMX Group, BATS said.

Joe Ratterman, the chief executive of BATS, will stay in that role. William O’Brien, Direct Edge’s CEO, is now president of BATS.

BATS remain in its headquarters in Kansas City, Mo.

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