Davis Polk is advising BATS Global Markets, Inc. on its merger with Direct Edge, LLC. The transaction, which is subject to regulatory approvals, is expected to close in the first half of 2014. Financial terms of the transaction were not disclosed.

BATS, which is headquartered in Kansas City, Missouri, is a leading operator of securities markets in the United States and Europe. Headquartered in Jersey City, New Jersey, Direct Edge offers dynamic trading functionality across two distinct platforms, EDGA and EDGX, as well as connectivity and market data services.

The Davis Polk corporate team includes Leonard Kreynin, Michael Grossman and Lee Hochbaum. Kathleen L. Ferrell and Neil Barr are providing tax advice. Jean M. McLoughlin and Andrew Blau are providing executive compensation advice. Annette L. Nazareth is providing financial regulatory advice. Michael N. Sohn and Ronan P. Harty are providing antitrust and competition advice. All members of the Davis Polk team are based in the New York office.