NYX Nyse Euronext

BATS Exchange said Thursday that it would launch a new U.S. listings market by the summer of 2010, aiming to compete with much larger rivals amid a slowdown in new public floatations.

"Based on feedback from our members, investors and the investment community, we believe there is an incredible opportunity to compete in the listings business and satisfy unmet needs of current and future public companies and exchange-traded funds in the U.S.," said Joe Ratterman, chief executive of BATS Global Markets, parent of BATS Exchange.

BATS, an electronic stock-trading platform launched in early 2006, has taken about 10% of the U.S. cash equities market from larger rivals NYSE Euronext (NYX) and Nasdaq OMX Group Inc. (NDAQ) with a focus on fast execution speeds and competitive pricing.

The move into listings follows other efforts to diversify BATS's business, after the exchange operator introduced an index and is prepping a U.S. options platform.

BATS, based in Kansas City, Mo., is also developing a second U.S. cash equities platform that it plans to introduce next year.

-By Jacob Bunge, Dow Jones Newswires; (312) 750-4117; jacob.bunge@dowjones.com

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