BATS Chi-X Europe, the dual pan-European multilateral trading facility (MTF), has unveiled new details for connecting to its platform as the firm works towards completing its integration by the end of April.
BATS Europe completed its merger with Chi-X Europe on 30 November 2011.
The firm has since announced it will retain each MTF’s lit and dark order books and has now announced consolidated connectivity pricing that will give members access to each market through one physical connection.
The new costs, which will come into force from 1 May, range from £325 – £3,000 per month depending on the type of participant and speed of connection required, in addition to a one-off installation fee of £500.
Chi-X Europe is currently preparing to migrate to the BATS’ technology platform at Equinix’s Slough data centre, scheduled to take place in March. The go-live date for the integrated offering is 30 April, with a contingency date set for 14 May.
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 Europe’s parent company BATS Global Markets first made an approach to buy Chi-X Europe in September 2010, when Chi-X Europe was majority owned by agency broker Instinet. The deal was held up in June 2011 after it was referred to the UK’s Office of Fair Trading on the grounds that it could reduce the competition among trading venues that was initiated by MiFID in 2007.
Based on figures from data vendor Thomson Reuters, the combined BATS Chi-X Europe traded 25.4% market share of European equities in December, making it the region’s largest trading venue.