BATS Global Markets (BATS) says it will appoint Mark Hemsley CEO of BATS Chi-X Europe upon the close of BATS acquisition of Chi-X Europe, which is pending regulatory approval. Alasdair Haynes, current CEO of Chi-X Europe, will depart after a transition period following the transaction close.
The entire BATS Chi-X Europe management team will be announced at a later date.
Mark has been an instrumental part of our success in Europe and I believe he is an ideal leader to take us forward as we continue to grow, leveraging the momentum that Chi-X Europe and BATS Europe bring to the table,” says Joe Ratterman, president and CEO of BATS Global Markets. “Combining the talents of the two respective teams will create a powerhouse capable of providing increased competition to the many exchanges throughout Europe. Alasdairs leadership and vision helped Chi-X Europe become an industry leader. We wish him all the best in his future endeavors.”
Hemsley joined BATS Europe in 2008 as CEO and is also a senior vice president of BATS Global Markets. He will continue to report to Ratterman.
I believe we have a tremendous opportunity ahead of us with BATS Chi-X Europe,” says Hemsley. “Utilizing the best qualities of both companies, we aim to create an even more competitive organization which will continue to lead the way in pan-European equity trading. I thank Alasdair for his support during this transaction and I look forward to working with the Chi-X Europe team over the coming months as we bring our two organizations together.
Haynes joined Chi-X Europe in late 2009 as CEO to lead the company through its transition from a subsidiary of Instinet Holdings to an independent company. Chi-X Europe has gone from being a start-up subsidiary, ultimately owned by an investment bank, into one of the strongest stand-alone brands in the European exchanges sphere,” he says. “I am tremendously proud of what has been achieved at Chi-X Europe during my tenure as it has continued to be the largest pan-European equities exchange and is the first MTF to date to break into profitability.”
In February, BATS entered a definitive agreement to purchase Chi-X Europe, under which Chi-X Europe and BATS Europe will combine to form BATS Chi-X Europe. The transaction is expected to close in the second quarter, pending regulatory approvals.
Hemsley will initially head both the BATS Europe and Chi-X Europe organizations after the deal close and will assume the CEO role for the combined BATS Chi-X Europe entity following the transfer of business, which is anticipated this summer. Based on current statistics of the two separate entities, BATS Chi-X Europe will be the largest trading center in Europe in terms of market share and notional value traded. Chi-X Europe accounted for 454.6 billion traded and BATS Europe 171.2 billion traded in the first quarter of 2011.