Direct Edge announced today that the U.S Securities and Exchange Commission ("SEC") has officially approved the exchange applications for its ECN trading systems, EDGA and EDGX, as two registered national securities exchanges.
Direct Edge anticipates its equities marketplace to commence exchange operations in early spring 2010.
"This approval is an exciting milestone for Direct Edge and, importantly, for all market participants who value choice and competition in the market," said William O'Brien, Chief Executive Officer of Direct Edge. "Direct Edge's business is centered on delivering innovative products, creative solutions and better executions to our customers-not simply matching buyers and sellers-and exchange status affords us even more opportunities to continue doing just that."
"We are extremely grateful to the SEC for working so closely with us throughout this process and for its swift yet diligent approach to reviewing and approving our exchange applications," said O'Brien. "Furthermore, we are extremely thankful to our strategic partners and all of our customers who recognize the merits of our offering and have helped make Direct Edge the third largest U.S. stock exchange behind only the NYSE and NASDAQ."
Direct Edge filed for exchange status in May 2009.
The Direct Edge Exchange will launch on a next-generation trading system designed to deliver optimal trading speed and efficiency to customers while helping to reduce technology costs for the company. The infrastructure will be housed in the new state-of-the-art Equinix NY4 data center in Secaucus, NJ.