The US Securities and Exchange Commission (SEC) has granted approval to BATS Global Markets, a financial markets technology company, to operate a second equities exchange.

BATS already operates BATS Exchange (BZX), which has a market share of more than 11% in US equities.

The new exchange, which is expected to launch the market in approximately 60 days, is called BATS Y-Exchange, or BYX. It will be identified on the consolidated tapes (SIPs) with the ‘Y’ identifier.

BATS said that current BZX members will be allowed a 90-day grace period to complete the BYX waive-in process, to trade via BYX.

BATS Exchange chief executive Joe Ratterman said that BYX will utilize the same world-class technology, customer service model and group of associates that has made BZX a success while offering more innovative solutions to members such as greater flexibility in pricing.