Saturday, January 17, 2009

Alternative trading venue Direct Edge plans to convert to an exchange

from the WSJ:

>>CHICAGO (Dow Jones)--Alternative trading venue Direct Edge plans to convert to an exchange in the fourth quarter of 2009, when it will introduce a new trading platform, company officials said Friday.

Direct Edge, one of a new breed of electronic equities trading platforms challenging established exchanges like NYSE Euronext (NYX) and Nasdaq OMX (NDAQ), will follow a path blazed by Bats Trading, an alternative trading venue that attained exchange status last year.

...

The company announced Friday that it tapped Foster City, Calif.-based technology firm Equinix Inc. (EQIX) to provide a data center for the trading platform.

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