1. Client Focus Success Stories
Direct Edge and BATS Global Markets
Direct Edge and BATS Global Markets merge to create the second largest stock exchange in the
U.S., using Intralinks Dealspace™ for Corporate Development.
Months to conduct the
Firms using the virtual data room
Share of the U.S. equity
In May 2013, the chief executives of Direct Edge and BATS Global Markets met
in Lower Manhattan. The meeting, which capped off years of dialogue between
the two companies, resulted in an agreement to merge to better serve the needs
of their respective members. With greater than 20 percent share of the U.S.
equity trading market, the scale of the combined ﬁrm meant that it would be wellpositioned against legacy competitors, such as NASDAQ and the New York Stock
Months of due diligence followed, as the two ﬁrms worked out the details of the
merger. Massive amounts of information needed to be shared securely between the
two ﬁrms. Security was essential, as any leak of the discussions could compromise
the effectiveness of the merger.
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