Direct Edge Says IPO Possible as Its Markets Become Exchanges

from businessweek.com:

>>Direct Edge Says IPO Possible as Its Markets Become Exchanges

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The company’s market share for equities trading this month was 8 percent, down 1.8 percentage points from last month, according to a Macquarie report. Bats, which accounted for 11.2 percent so far this month, surpassed Direct Edge’s volume in May and June. Direct Edge’s share of trading outpaced Bats in the second half of last year.

The decrease in market share this month is “acceptable,” O’Brien said. “It’s because of the enormity of the transition,” he said. “What we did is something no stock exchange has done before -- completely migrating its technology to a new platform and moving into a new data center at the same time.” Direct Edge this month moved its systems to a data center in Secaucus, New Jersey operated by Equinix Inc.

“We’re excited by our ability, with the new platform and technology architecture, to deliver new products that are innovative,” O’Brien said. “That will help Direct Edge stand out.”