As the minutes tick down to 4 p.m. each trading day, a crucial process plays out in the U.S. stock market. The exchange CBOE Holdings Inc. just acquired wants to shake up how it works.
Bats Global Markets, a division of CBOE, is debuting a new way to execute orders during the daily closing auctions, according to a statement Monday. The plan is to siphon off trades that would normally be completed at exchanges owned by NYSE Group and Nasdaq Inc., the two primary places that corporations and ETFs can turn to to get listed in the U.S. Bats says its new system will cost traders less.