Direct Edge has opened a new front in the battle for US exchange market share by converting its two alternative trading systems into formal exchanges and completing the migration to a new technology platform.
Effective Wednesday, the EDGA and EDGX Exchanges are now trading all Tape A, B, and C symbols out of a new data centre at Equinix's NY4 facility in Secaucus, New Jersey.
Direct Edge says it has decommissioned the legacy EDGA and EDGX ECNs, as well as the ISE Stock Exchange, but will continue to maintain its API Translator for re-routing of orders to the new exchanges.
The move puts Direct Edge on an equal footing with Nyse Euronext, Nasdaq OMX, and Bats, which itself secured exchange status in 2008.
Direct Edge has seen its market share slip from 10% to seven per cent over the past month as technical glitches during the migration period were ironed out and some brokers held off until the new markets were switched over.