Pan-European multilateral trading facility (MTF) BATS Chi-X Europe has announced that Paul O’Donnell, chief operating officer, will leave the firm at the end of the summer.
O’Donnell will return to Morgan Stanley as a managing director in New York, where he worked for 14 years before joining BATS in April 2008 as one of the founding employees of the BATS Europe MTF.
“After an exciting four years with BATS Europe, my family and I have decided it is time for us to return to New York," said O'Donnell. "I have thoroughly enjoyed my time with BATS and I am proud of what we have achieved. It has been a privilege to work with a tremendous team and I look forward to new challenges at Morgan Stanley.”
“Paul has made a tremendous contribution to BATS over the last four years and was a key figure in several market structure developments that helped to make the European equities market more competitive and efficient,” added Mark Hemsley, CEO of BATS Chi-X Europe. “We wish Paul and his family all the best when they return to New York and we look forward to continuing to work with him as a customer in the future.”
O’Donnell’s team will begin reporting directly to Hemsley by the end of the summer. BATS Chi-X Europe confirmed that there are no immediate plans to replace him.
BATS Europe's parent company BATS Global Markets completed a deal to buy Chi-X Europe at the end of 2011. The dual MTF now accounts for over a quarter of pan-European equity trading turnover.