BATS Chi-X Europe, the dual multilateral trading facility (MTF), has completed a successful technology migration while securing its place as the largest trading venue on the continent, according to latest figures.
The firm successfully migrated Chi-X Europe, the MTF operator it purchased at the end of last year, to BATS’ technology platform on Monday. BATS Europe’s and Chi-X Europe’s order books will continue to operate as separate liquidity pools and execution and routing fees on both markets will remain unchanged until further notice, including Chi-X Europe’s Spanish pricing promotion, which will run until 30 June.
“We are pleased to complete the transition on schedule so that our trading participants can quickly realise the benefits that the BATS Chi-X Europe combination provides, including cost rationalisation, flexibility, choice and continued price leadership,” said Mark Hemsley, chief executive officer of BATS Chi-X Europe. “We will now turn our attention to the future, to increasing our presence in the markets in which we already operate, such as Spain, and exploring new business opportunities.”
BATS Chi-X Europe ended April with a pan-European market share of 23.65% making it the largest MTF by far, ahead of London Stock Exchange-owned Turquoise, which had 5.03% share last month. The second largest overall market in Europe was Germany’s Deutsche Börse, which had a 13.23% market share last month.