Continuing its assault on the old guard exchanges, BATS has announced plans to launch an IPO listing service that would compete with the NYSE Euronext and the Nasdaq OMX. Initial public offers account for 15 to 25 percent of the overall revenue at these exchanges, and BATS wants to muscle in. 

This could prove to be a very interesting move. BATS certainly has establishea foothold in the market; it has captured about 10 percent of the trading market in just four years. All this from its home base out in Kansas City. The firm is betting that it has won over enough converts that few will think twice about listing via its low-cost, technology-intensive service. It needs quality listings out of the gate, however. And the prestige of the listing venue may matter to some. We'll just have to see. The NYSE and Nasdaq will not take this without a response. 

For more:
- here's the release

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