Graham Dick and Jerry Avenell have joined a seven-strong executive committee that will manage BATS Chi-X Europe, the combined pan-European multilateral trading facility formed following the purchase of Chi-X Europe by US-owned market operator BATS Global Markets.
The new management team led by CEO Mark Hemsley will include Paul O’Donnell, chief operating officer; Michael Beaver, chief financial officer; Jerry Avenell and Alex Dalley, co-heads of sales; Graham Dick, head of index and derivatives products; Adam Eades, head of legal and regulatory affairs; and Michael Newell, head of business development. All members of the executive committee will report to Hemsley.
Dick was head of sales and a member of the five-man senior management team at Chi-X Europe, which was acquired on 30 November, following regulatory approval for the takeover from the UK Competition Commission, for a total consideration of US$365 million. Avenell was previously head of business development at Chi-X Europe.
“These individuals have been an instrumental part of both organisations’ success in Europe and I believe this is the ideal team to take us forward and ensure that BATS Chi-X Europe is positioned to capitalise on the tremendous opportunities for growth in today’s ever changing marketplace.”
Planning for the migration of the Chi-X Europe trading platform to BATS Europe technology is currently underway and is expected to be completed in the second quarter of 2012. A technology migration timetable and details will be announced before the end of the year. A spokesperson added that it was too early to confirm headcount for the combined firm.