NEW YORK ( MainStreet )—The high-profile, technology stock rich Nasdaq will take a step back, as the merger of two securities exchanges will create a new runner-up to the New York Stock Exchange. After three years of on-again, off-again negotiations, BATS Global Markets, Inc. (BATS) and Direct Edge, LLC (Direct Edge) have announced a merger agreement that will combine the third- and fourth-largest equity exchanges upon the completion of the deal in the first half of 2014, subject to regulatory approvals. [Read: 8 Hottest Cars Under $15,000 ] Financial terms were not disclosed for the transaction, but it has been made clear that current BATS CEO Joe Ratterman will remain in the same role and current Direct Edge CEO William O'Brien will be named as president. Bryan Harkins of Direct Edge will join the combined company as a member of the senior executive team. The exchange will be known as Bats Global Markets.