BUSINESS

BATS, Direct Edge To Merge Creating Second-Largest U.S. Stock Exchange

A pair of traders work on the floor of the New York Stock Exchange Thursday, Aug. 15, 2013. Warnings of weaker sales from two
A pair of traders work on the floor of the New York Stock Exchange Thursday, Aug. 15, 2013. Warnings of weaker sales from two major companies and concern that the Federal Reserve could ease off its support for the economy sent the stock market spiraling lower Thursday. (AP Photo/Richard Drew)

(Reuters) - BATS Global Markets Inc and Direct Edge Holdings said on Monday they would merge in a deal that would create the second-largest U.S. stock exchange.

Financial terms of the transaction, which is expected to close in the first half of 2014, subject to regulatory approvals, were not announced.

(Reporting by John McCrank; Editing by Gerald E. McCormick)

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