Direct Edge

Direct Edge
Direct Edge
Headquarters Jersey City, New Jersey
Website www.directedge.com

Direct Edge is a Jersey City, NJ-based stock exchange operating two separate platforms, EDGA Exchange and EDGX Exchange. Since March 2009, Direct Edge has had a market share in the range of 9%-12% of U.S. equities trading volume, regularly trades 1 billion to 2 billion shares per day. Direct Edge jockeys with BATS Trading to be the third largest stock market in the United States, behind the New York Stock Exchange and NASDAQ.[1]

Contents

History

The firm began in 1998 as an electronic communications network (ECN) under the name Attain. In 2005, the assets of Attain were purchased by Knight Capital Group and subsequently spun-off two years later as the re-branded Direct Edge ECN. The spin-off brought in new management as well as new ownership – Citadel Derivatives Group and Goldman Sachs were brought in as partners alongside Knight. The partnership was further diluted when in 2008 the International Securities Exchange relinquished operational control of their stock exchange arm to Direct Edge in return for a 31.5% stake.[2]

On March 12, 2010 Direct Edge received official approval from the US Securities and Exchange Commission to convert both EDGA and EDGX ECN platforms into two newly established national securities exchanges.[3] In July 2010, Direct Edge successfully made the transition, decommissioning both ECN platforms and the ISE Stock Exchange, leaving what is now America’s newest stock exchange.[4]

Trading

Direct Edge currently trades all US listed equities – Tape A (NYSE listed), Tape B (Arca/Amex listed) and Tape C (Nasdaq listed). Hours of operation are from 8:00am to 8:00pm with the regular trading session designated between the hours of 9:30am and 4:00pm. EDGA is identified as “J” for all trades and quotes posted to the Security Information Processor (public quote stream) and EDGX is identified as “K.”

Management

Direct Edge is led by Chief Executive Officer William O’Brien. Bryan Harkins serves as Chief Operating Officer.

Milestones

- Direct Edge matches over 1 billion shares for the first time on Tuesday, February 10, 2009.[5]

- Direct Edge captures all-time high 12.9% market share for the month of August 2009.[6]

- March 2009, Direct Edge passes BATS Trading in monthly matched market share making it the third largest stock market operator in the US, a position it held for 11 consecutive months.[7]

- Direct Edge officially launches its two stock exchanges, EDGA and EDGX, on July 21, 2010.[8]

References

  1. ^ "Direct Edge Says IPO Possible After Exchange Status". Bloomberg Businessweek. 21 July 2010. http://www.businessweek.com/news/2010-07-21/direct-edge-says-ipo-possible-after-exchange-status.html. 
  2. ^ "Direct Edge and ISE Stock Exchange to Form Single Market". Traders Magazine. 22 August 2008. http://www.tradersmagazine.com/news/101939-1.html. 
  3. ^ "Direct Edge set to Become 4th US Stock Exchange". Reuters. 12 March 2010. http://www.reuters.com/article/idUSTRE62B4LE20100312. 
  4. ^ "Now an Exchange, Direct Edge Looks to Add Revenue and Cut Costs". Traders Magazine. 22 July 2010. http://www.tradersmagazine.com/news/direct-edge-edga-edgx-exchange-market-data-clearing-106092-1.html. 
  5. ^ "Direct Edge Matches Once Billion Shares, Edging Closer to Competition". Advanced Trading. 12 February 2010. http://www.advancedtrading.com/crossingnetworks/showArticle.jhtml;jsessionid=LQLFQIN1J2XZPQE1GHPCKH4ATMY32JVN?articleID=213900993&_requestid=155770. 
  6. ^ "Direct Edge Rides Citi to Record Trading Shares". The Wall Street Journal. 4 September 2009. http://commerce.wsj.com/auth/badcredentials?mg=com-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB125198562902183315.html%3FKEYWORDS%3D%2522direct%2Bedge%2522&user=rtaveirne. 
  7. ^ "Direct Edge See Jump in Trading". The Wall Street Journal. 17 March 2009. http://online.wsj.com/article/SB123729775258855701.html?KEYWORDS=direct+edge. 
  8. ^ "Direct Edge Completes Exchange Transition". The Trade News. 21 July 2010. http://www.thetradenews.com/trading-venues/exchanges/4835. 

See also

  • flash trading

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