Bats Global Markets has called for the securities SEC to reject rival company ’s plans to create a new network to store essential industry data . Upgrades to securities information processors , or SIPs , which consolidate data from the 13 stock exchanges in the US , were created following a software glitch in August 2008 that resulted in a three - hour halt in Nasdaq listed stocks , but Bats wants to move the feed to a new network . It claims the true driver for the creation of the new third party network is increasing the number of physical connections , and thereby Bats ' own revenue .
Bats Global Markets has called for the US SEC to reject rival Nasdaq’s proposal to create a new network to access essential industry data. Upgrades to securities information processors, or SIPs, which consolidate data from the 13 stock exchanges in the US, were approved following a software glitch in August 2013 that resulted in a three-hour halt in Nasdaq listed stocks, but Bats wants to move the feed to a new network. It claims the true driver for the creation of the new third party network is increasing the number of physical connections, and thereby Bats' own revenue.