BATS drops Chi-X name in global rebrand

BATS Chi-X will now be known as Bats Europe as group undergoes rebrand.

BATS has dropped the Chi-X name for its European exchange amid a wider rebrand of the group

BATS Chi-X is now known as Bats Europe, according to a statement released by the exchange operator today.

Its exchange order books and trade reporting services will, however, maintain their names (Bats BXE Order Book, Bats CXE Order Book and BXTR). The Hotspot market will also retain its name.

The parent company, BATS Global Markets, has dropped from using all upper-case letters to become Bats Global Markets. BATS originally stood for Better Alternative Trading System, though it has since become a recognised exchange in the US.

Bats declined to comment further on the rebrand, but it is likely the new name is part of efforts to simplify its global brand.

The exchange operator acquired Chi-X in 2011, and the acquisition created the largest pan-European trading centre in terms of market share and notional value traded.

Commenting on the acquisition at the time, Mark Hemsley, chief executive of its European business, said: “BATS Europe and Chi-X Europe have worked together closely on key market structure issues such as tick sizes, symbology, market data and clearing, aiming to reduce longstanding barriers in Europe’s trading environment. We are enthusiastic about the possibilities that lie ahead for the combined operation.”

Bats Europe recently made headlines by revealing in its S-1 SEC filings that a UK exit from the EU would be a great risk for the exchange operator. It could leave London if the country opts to leave the EU in an upcoming referendum.

The exchange also reported a slight increase in market share in Europe, reaching 24.9% in January this year, compared to 24.2% the previous year. 

Its average daily notional value traded totalled €14 billion in January, which is a record for the European equities business.