Bats Global Markets, a US-based operator of electronic markets backed by local banks, plans to raise $100m in its flotation. It plans to list on its own stock market, Bats Exchange, according to its regulatory filing.
Investment banks and shareholders Morgan Stanley, Citigroup and Credit Suisse are underwriting Bats’s initial public offering.
Bank of America, Citigroup, Credit Suisse, Deutsche Bank, Lehman Brothers Holdings, Morgan Stanley and JPMorgan all own more than 5% of Bats, which started trading shares on the Nasdaq stock exchange in 2006.
Bats is also paying $305.4m to buy Chi-X Europe, the region’s largest alternative trading venue.