Isn't BATS an alternative trading system?
No. Since receiving SEC approval in 2008, BATS has operated registered national securities exchanges in the U.S. When BATS launched in June 2005, the company was known as BATS Trading, Inc., and was an ATS or ECN (electronic communications network). However, in 2008, the company transitioned to BATS Exchange, a registered U.S. stock exchange. As the company expanded into Europe in 2008, the parent company became known as BATS Global Markets, Inc. The European entity is known as BATS Chi-X Europe as of the 2011 merger of BATS Europe and Chi-X Europe.
When BATS launched the BYX Exchange, its second U.S. equities exchange in October 2010, the company's initial U.S. equities exchange - BATS Exchange - became known as the BATS BZX Exchange.