DirectEdge is a New Jersey based stock exchange trading in U.S listed equities. It originated in the year 1998. It is owned by Goldman Sachs Group, J P Morgan Chase & Co, Knight Capital Group Inc, hedge fund Citadel, International Securities Exchange and an options market owned by Deutsche’s Eurex. The CEO is William O’Brien and the COO is Bryan Harkins. It is a fast growing, innovative, electronic stock exchange. In U.S it is among the 4 big stock exchanges and trades with 1-2 billion shares per day. DirectEdge handles around 10% of all U.S equity trading. In 2008, the operational control of International Securities Stock Exchange was taken over by DirectEdge. It also ran 3 platforms (EDGA ECN, EDGX ECN and ISE SX) together. SEC gave its approval to operate the ECN platforms in 2010. Becoming a stock exchange has put DirectEdge in a more competitive position with rivals NYSE, Euronet among others.
The innovative side of DirectEdge is seen from the fact that it has pioneered the concept of having 2 platforms side by side. The two platforms cater to the different needs of the customer base. The EDGX platform follows the classic rebate pricing model and the EDGA follows the free free model. Another innovation of DirectEdge is the facilitation of the liquidity participation in market.
In 2006, DirectEdge offered customers the option to flash trade in the equities market. They just had to decide whether they wanted to participate in flash trading. However, the Securities and Exchange Commission proposed to ban the activity in 2009, during the financial crisis of 2007-2010.
DirectEdge is planning to open a bourse in Brazil, which is a fast growing financial market, in the last quarter of this year. The head quarters will be in Rio de Janeiro. It will be the second non Brazilian firm to seek to enter the trading market of Brazil. The sole operator in Brazil is a Sao Paulo based exchange company. DirectEdge plans to operate as an independent local company there. It will be a full electronic platform.
Connect Edge is a new cost effective connectivity service being offered by DirectEdge. It will provide a one stop shop for market data feeds and there will also be direct access to all major exchanges. This service will make DirectEdge the primary source for market place connectivity for the customers. For existing customers, Connect Edge will be the access point to other markets centers for market data and also market access. It is especially beneficial as connectivity for data feeds will be at low cost. EdgeLink is a part of this suite of connectivity services and it will enable customers to connect to one or more than one DirectEdge customers. This will also be a financially attractive option.
These innovative and new techniques or services have given DirectEdge an edge over the other exchanges.
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