Right on schedule, BATS Chi-X Europe has completed the transition of the Chi-X Europe order books to the BATS platform following the merger of the two multilateral trading facilities (MTFs) in November.
Monday was the first trading day for all order books on BATS Chi-X Europe on the existing BATS platform. The MTF says the move marks the conclusion of the combination of the two facilities.
We are pleased to complete the transition on schedule so that our trading participants can quickly realize the benefits that the BATS Chi-X Europe combination provides, including cost rationalization, flexibility, choice and continued price leadership, says Mark Hemsley, CEO of BATS Chi-X Europe.
The order books of BATS Europe (BXE lit and dark) and Chi-X Europe (CXE lit and dark) will continue to operate as separate pools of liquidity. Pricing for the order books and smart order routing remains unchanged until further notice.
The merger created the largest pan-European equities market operator by market share and notional value traded, representing about 25% of the overall European equities market.
Due to the efforts of the newly combined BATS Chi-X Europe team, we have completed multiple complex projects in a few short months, including the Chi-X Europe technology migration, the launch of four-way interoperable clearing and the completion of a new BATS Europe secondary data center, Hemsley says. 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.
(CG)