Bats Chi-X Europe today announced plans to launch its pan-European listings business and iShares, the exchange-traded funds (ETF) platform of BlackRock (NYSE: BLK), will become the first issuer to list on the Regulated Market segment of the exchange.
The initial ETFs, the iShares MSCI Emerging Markets UCITS ETF (Ticker: IEEM) and iShares MSCI World Minimum Volatility UCITS ETF (Ticker: MVOL) are scheduled to commence trading on BATS Chi-X Europe in November 2013 as secondary listings. BATS Chi-X Europe is the largest pan-European equities exchange by market share and notional value traded.
BATS Chi-X Europe CEO Mark Hemsley said "As a truly pan-European Recognised Investment Exchange, we are delighted to partner with a market leader such as iShares as we work to bring innovation and deeper liquidity via a single pan-European market.
"Building on the success of our U.S. ETF listings business, we will work closely with issuers and trading participants to address the need for more transparency and liquidity in exchange-traded products," he added.
Mr. Hemsley also announced that European Head of Business Development Guy Simpkin, who brings extensive experience in exchange-traded product development, will lead the company's listings effort.
BATS Chi-X Europe is seeking to implement a range of initiatives targeted at enhancing the European ETF market. Among its innovations is its Competitive Liquidity Provider (CLP) program designed to incentivise market makers to provide the quality of order books required to attract a diverse range of investors to issuers' products.
Leland Clemons, Head of Capital Markets EMEA for iShares said "iShares is excited to be the first ETF provider to cross-list products on BATS Chi-X Europe. We anticipate that their innovative program will add liquidity to the European ETF market and support our ambitions to grow the market by delivering an improved trading experience for investors."
As a Recognised Investment Exchange (RIE), BATS Chi-X Europe is authorised to operate a Regulated Market for primary and secondary listings alongside its existing business. BATS Chi-X Europe was granted RIE status by the Financial Conduct Authority (FCA) in MMay 2013.