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Joe Ratterman, BATS global markets president and chief executive

ProShares lists merger ETF on BATS Exchange

ProShares, a provider of alternative exchange-traded funds, is to list the ProShares Merger ETF on BATS Exchange.

The ETF, which is designed to track the performance of the S&P Merger Arbitrage Index providing exposure to a global merger arbitrage strategy, is scheduled to begin trading on BATS Exchange on 13 December under the ticker MRGR.

The new ETF listing makes ProShares the second ETF family to list on the BATS Exchange.

"We're excited to welcome another respected exchange traded fund family like ProShares to the BATS Exchange as our innovative approach to the ETF listings business continues to attract issuers and investors alike," says BATS global markets president and chief executive Joe Ratterman (pictured). “The BATS Competitive Liquidity Provider (CLP) programme has proven to be effective at encouraging tighter spreads and more size at the national best bid and offer (NBBO) for issues listed at BATS, which in turn lowers the cost of trading for institutional and retail investors. We look forward to implementing this programme for the ProShares Merger ETF.”

The BATS CLP programme is a rewards-based programme designed to encourage market makers to increase liquidity and create tighter quoted spreads for each listing on BATS. Through the programme, liquidity providers compete for a daily reward by posting competitive quotes in an exchange-traded product. Liquidity providers are rewarded based on their continuous daily quoted size at the NBBO in the securities for which they are registered CLPs.

BATS has also filed a proposal with the Securities and Exchange Commission to launch three additional ProShares ETFs in 2013, subject to approvals.

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