BATS Chi-X Europe is rolling out a new exchange trade reporting service, BXTR, allowing market participants to report trades with the option to centrally clear or multilaterally settle.
BXTR is an expansion of BATS Chi-X Europe’s existing Exchange Trade Report (ETRs) service, which enables market participants to bring bilateral pre-negotiated trades on-exchange.
One of the features of BXTR is a trade data monitoring service, allowing firms to meet their OTC post-trade publication obligations under Markets in Financial Instruments Directive (MiFID) obligations.
BXTR also has a systematic internaliser quote service that provides an off-exchange mechanism for broker dealers to meet pre-trade transparency requirements
“As the industry looks ahead to the implementation of new reporting requirements with MiFID II, we see pan-European reporting services as a natural extension of our business,” Mark Hemsley, CEO of BATS Chi-X Europe, said.
“With BXTR we now offer one-stop, full-service trade reporting solutions, which will enable our customers to lower their costs and improve efficiencies in several areas, including settlement netting of trades that are off book.”
Other BXTR features include a service for multilateral trading facilities to disseminate their trade reporting via BATS Chi-X Europe’s outbound market data; and single or multi-party ETRs, which could lead to clearing netting benefits.
BATS Chi-X Europe was approved by the Financial Conduct Authority to operate a trade data monitoring service in August. All market data related to BXTR will be included in its existing market data feeds.