NEW YORK (AP) -- Securities exchange operator BATS Global Markets is buying Direct Edge LLC.

Financial terms were not disclosed Monday.

The four U.S. equity exchanges run by BATS and Direct Edge will remain in operation. These include the BATS BZX and BYX Exchanges and the Direct Edge EDGX and EDGA Exchanges.

The combined company will use the proprietary BATS technology. It will be headquartered in Kansas City, Mo., where BATS is based.

BATS CEO Joe Ratterman will serve as CEO of the combined company. Direct Edge CEO William O'Brien will serve as president. The transaction is expected to close in the first half of next year.

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