Direct Edge's Trading Platforms Convert to Exchanges

from wallstreetandtech.com:

>>Direct Edge's Trading Platforms Convert to Exchanges

* EDGX, EDGA trading platforms convert to formal exchanges

* Direct Edge gains equal footing with NYSE, Nasdaq

* New exchanges' opening bell in Jersey City, New Jersey

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The conversion brings new stock symbols to trading screens across the country and puts Direct Edge on equal footing with NYSE Euronext, Nasdaq OMX Group Inc and BATS Global Markets -- rivals it has aggressively and successfully taken on in the hyper competitive market for order flow.

Direct Edge Chief Executive William O'Brien said the company is not about to venture into unfamiliar territory with its exchange status, which means tighter regulatory oversight.

But he said a new data center launched during the conversion opens a new battle front with competitors in selling trading data to increasingly hungry investors.

"That's something we view as a way to broaden our competitive footprint," O'Brien said in an interview. "As great as this company has progressed so far, I still feel like it is still getting started."

Just hours before ringing the exchanges' opening bell in Jersey City Wednesday, O'Brien told Reuters Insider that Direct Edge "could potentially" list its shares in an initial public offering. The IPO plan was originally set for this year.