Bats Global Markets' board is debating whether to list the company on a rival exchange once it revisits plans for an initial public offering, a step that would further undermine its bid to challenge NYSE Euronext and Nasdaq OMX Group Inc. for corporate listings.

Bats's first IPO attempt ended in disaster in March, when the company pulled the offering over what it called a technical glitch on its own exchange. The setback halted Bats's ambitions for its fledgling corporate-listings business, of which Bats was to be the first customer.