BATS adds two more ETFs while preparing $2 billion valuation IPO

Rick Steves

According to a filing with the US Securities and Exchange Commission (SEC) sent on April 4, it became clear what BATS Global Markets’ goals for the IPO were: to raise $244 million by selling 11.2 million shares at a price between $17 and $19 each, with underwriters having the option of purchasing up to an […]

BATS prepares for $2 billion valuation IPO

According to a filing with the US Securities and Exchange Commission (SEC) sent on April 4, it became clear what BATS Global Markets’ goals for the IPO were: to raise $244 million by selling 11.2 million shares at a price between $17 and $19 each, with underwriters having the option of purchasing up to an additional 1.7 million shares, valuing the company at up to $2 billion.

Once the offering on its own BATS BZX Exchange is completed, the thirteen banks and brokers proprietors of Bats will retain 82% of the voting power of the company’s capital stock. Among them are JP Morgan, Citi, Morgan Stanley and Goldman Sachs.

Today, BATS Global Markets announced the inclusion of two new ETFs from WisdomTree to its U.S. market: WisdomTree Markets Divided Fund (BATS: DVEM) and WisdomTree International Quality Dividend Growth Fund (BATS: IQDG), bringing the total number of WisdomTree ETFs listed on Bats to 13.

BATS executed 22.4% of all ETF trading in 2015 in the US, ranking #1 for the ETF market and #2 for overall equities trading in that year. The company more than doubled the number of ETFs listed on the US market to 72 since 2015, offering to pay ETF providers as much as $400,000 to list them on its exchange.

On April 1, BATS Global Markets closed a deal with ETF.com, a website that generated 875.572 pageviews in February 2016. No financial terms of the acquisition were disclosed.

BATS Global Markets, Inc. expanded into the foreign exchange territory in 2015 after buying currency-trading venue Hotspot FX from KCG Holdings Inc. for $365 million in cash and additional payments.

This year’s IPO is BATS second attempt at it, since a series of glitches forced the company to withdraw, in 2012. Back then, the company was asking for a valuation of $760 million.

 

Read this next

Retail FX

Malaysia regulator exposes OctaFX clone, shady FB profiles

Malaysia’s financial regulator today warned online investors about the risks of following investment tips made on social-media platforms.

Digital Assets

Crypto trading volume spikes at Swiss bourse amid FTX collapse

The shockwaves from the historic collapse of Sam Bankman-Fried’s crypto empire are still being felt across the industry, but some trading venues are actually doing better because of it.

Executive Moves

CMC Markets adds Camilla Boldracchi to institutional sales

UK’s biggest spread better, CMC Markets has promoted Camilla Boldracchi to take on an expanded role within its institutional sales desk.

Institutional FX

FXSpotStream reports $1.48 trillion in monthly volume for November

FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, reported its operational metrics for November 2022, which moved higher on a yearly basis but reflected weak performance across executed trade volumes when weighed against the figures of the prior month.

Retail FX

Interactive Brokers’ client activity drops 30% YoY

Interactive Brokers LLC (NASDAQ:IBKR) saw 1.95 million daily average revenue trades, or DARTS, in November 2022 compared to 1.96 million transactions in the prior month.

Digital Assets

The rise of Crypto ETPs in traditional exchanges as crypto winter deepens

Institutional investors are increasingly looking at traditional regulated exchanges as their first route into digital assets amid market turmoil caused by the crypto winter and the collapse of several big names within the space, including FTX. Acuiti and Eurex surveyed 191 buy and sell-side firms on their views of the digital assets markets in order […]

Digital Assets

TP ICAP’s crypto arm receives FCA’s go-ahead

UK interdealer broker TP ICAP has received a regulatory go-ahead to launch its cryptocurrency services in the UK. The bid shows that the recent collapse of FTX exchange has done little to damp the interest of big names in running their own crypto business.

Industry News

Coin Signals founder to pay $2,847,743 after prison sentence over crypto Ponzi scam

The U. S. District Court for the Southern District of New York has ordered Jeremy Spence, founder of Coin Signals, to pay $2,847,743 in restitution to victims of a fraudulent virtual currency scheme.

Digital Assets

CME Group goes DeFi: Reference rates and real-time indices of Aave, Curve, Synthetix

“These rates are designed to provide traders, institutions and other users transparency and price discovery across a much broader range of tokens, allowing them to confidently and more accurately value cryptocurrency sector specific portfolios and manage price risk around various blockchain-based projects.”

<