EUROPE

BATS Chi-X Europe grabs a quarter of European equity trading

BATS Chi-X Europe, the dual pan-European multilateral facility owned by US-based BATS Global Markets, traded over a quarter of European equities during December, the firm’s first full month of operation.

BATS Chi-X Europe, the dual pan-European multilateral facility owned by US-based BATS Global Markets, traded over a quarter of European equities during December, the firm’s first full month of operation.

According to data from BATS Global Markets, which formally completed its purchase of Chi-X Europe on 30 November, the two MTFs had a joint market share of 25.4% in December, slightly lower than the 25.7% recorded the previous month. December’s market share equated to a combined notional turnover of €146.3 billion, with a daily consolidated average of €6.97 billion.

Chi-X Europe is scheduled to move over to BATS’ technology platform in the coming months, with a go-live date set for 30 April, and both platforms will retain their respective lit and dark order books.

The new entity will announce combined connectivity pricing on 13 January, which is due to come into force from May. The MTF is also in the process of developing cross-book routing strategies that let members access liquidity on the firm’s market via a single order entry.

As part of the integration process, BATS Chi-X Europe will be required to restructure and combine its existing service agreements and adopt a single rulebook and participant manual.

BATS Global Markets received approval from the UK’s Competition Commission to purchase Chi-X Europe on 24 November after alleviating concerns that the combination of the two MTFs would not stifle competition to domestic European exchanges.