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Electronic stock platform Direct Edge is pushing back its planned exchange conversion to late July, the company told customers Wednesday.

The updated launch schedule is meant to avoid making the transition at the same time customers are handling the rebalancing of benchmark stock indexes maintained by Russell Investments, according to the notice.

Jersey City, N.J.-based Direct Edge is moving to convert its EDGA and EDGX electronic stock-trading platforms to exchanges after securing approval from U.S. securities regulators in March. The company also plans a concurrent migration of its trading systems to a new and faster technology platform.

Operating regulated exchanges will put Direct Edge on a similar level as longtime stock exchange operators NYSE Euronext (NYX) and Nasdaq OMX Group Inc. (NDAQ), along with BATS Global Markets, which made the jump to exchange status in 2008.

Direct Edge previously had sought to make the transition in early June, following a round of tests with customers.

"The revised timeline allows for additional quality assurance and user acceptance testing to facilitate a smooth transition, and allows our members and technology providers additional time to connect to our new, state-of-the-art data center and certify to our new technology platform," wrote Bryan Harkins, head of sales and strategy for Direct Edge, in a note to customers.

Across its two platforms, Direct Edge claimed 10.2% of the trading in U.S. stocks in March, compared to 23.8% for Nasdaq OMX and 25.2% for NYSE Euronext. BATS had 9.5% of the market.

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

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