Bats Chi-X Europe, a pan-European Recognised Investment Exchange, today announced the rollout of BXTR, a suite of on-and-off Exchange Trade Reporting Services, which offers the pan-European trading community a comprehensive solution to report trades with the option to centrally clear and multi-laterally settle their off order book trades.
Mark Hemsley, CEO of BATS Chi-X Europe, said: "As the industry looks ahead to the implementation of new reporting requirements with MiFID II, we see pan-European reporting services as a natural extension of our business. With BXTR we now offer one-stop, full-service trade reporting solutions, which will enable our customers to lower their costs and improve efficiencies in several areas, including settlement netting of trades that are off book."
The full BXTR offering complements and expands BATS Chi-X Europe's existing Exchange Trade Report (ETR) service.
Highlights of the BXTR service include:
- Single or multi-party Exchange Trade Reports enabling bilateral pre-negotiated trades to be brought on-exchange and passed through for clearing by Central Counterparties thereby introducing new settlement netting benefits and satisfying regulatory requirements.
- Trade Data Monitoring service enabling firms to meet their OTC post trade publication obligations under MIFID, in a flexible, cost effective manner.
- A Systematic Internaliser Quote service that provides a simplified off-exchange mechanism for broker dealers to meet their pre-trade transparency requirements.
- A service for MTFs allowing them to disseminate their trade reporting via BATS Chi-X Europe's outbound market data.
- Over 10,000 reportable securities and Exchange Traded Funds.
BATS Chi-X Europe was approved by the Financial Conduct Authority to operate a Trade Data Monitoring service in August 2013.
All market data related to BXTR will be included in its existing market data feeds. Whilst such data represents considerable additional value to its market data, BATS Chi-X Europe recently confirmed that there will be no increase of its market data or trading fees for 2014.