BATS Global completes deal to buy Direct Edge to create second-largest US stock exchange

BATS Global Markets Inc. said Monday that it has completed its purchase of Direct Edge Holdings LLC to create the second-largest stock exchange in the U.S.

The deal was originally announced in August. Financial terms were never disclosed. Both companies are privately owned.

The combined company ranks behind NYSE Euronext, the owner of the New York Stock Exchange, in terms of market share, and ahead of The Nasdaq OMX Group Inc., BATS said.

Joe Ratterman, CEO of BATS, will stay in that role. William O’Brien, Direct Edge’s CEO, is now president of BATS.

BATS remain in its headquarters in Kansas City, Mo.