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Merrill Lynch latest to back Nasdaq challenger

Merrill Lynch is to become the latest Wall Street bank to invest in Bats Trading, the US equity trading system that has built up a 14% stake in the trading of Nasdaq-listed securities since its launch in June 2005.

The Wall Street Journal reports that the investment bank will take a minority stake in the Kansas-based equity matching platform. It joins existing shareholders Credit Suisse, Lehman Brothers, Lime Brokerage and Morgan Stanley.

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