Nasdaq and OMX said the takeover would create the largest global network of exchanges.

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For example, securities exchanges benefit from the network effect because as they attract more traders they become better able to handle additional trading volume.

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At UCSF, the Li Ka Shing Foundation gift will be used to create a worldwide network of researchers and doctors, leadership exchanges between China and the U.S., and forge a program to create more precise medicines.

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Eighty percent of its volume changes hands directly across the Bats network, and the remainder is routed to other exchanges or ECNs.

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Bats pays the same or slightly less than the big exchanges to brokers who add trading volume to its network, and charges 8% less than Nasdaq's lowest fees for removing that volume.

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During a stint at SunGuard Data Systems in the late 1990s he helped develop Brut, an early electronic communications network, or ECN, that allowed traders to bypass established exchanges and match their buy and sell orders online.

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The Financial Crimes Enforcement Network, or FinCEN, a unit of the Treasury Department, in March issued guidelines that said virtual currency exchanges are subject to the same comprehensive anti-money-laundering requirements as traditional money-transmission businesses such as Western Union Co.

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