Bats Chi-X Europe seeks UK exchange license

Bats Chi-X Europe seeks UK exchange license

Pan-European trading platform Bats Chi-X Europe is in talks with the UK's Financial Services Authority about becoming a registered exchange, according to press reports.

The MTF has been in talks with the FSA since May and has submitted a draft proposal for a Regulated Investment Exchange license, says the Financial Times, citing sources.

The merger of Bats Europe and Chi-X Europe late last year created an MTF with a market share of around 40% in FTSE 100 stocks but this has since fallen off by around ten per cent.

Securing a license would enable the platform to compete for the business of retail and institutional clients that have to use an exchange, as well as open up a move into listings.

Parent company Bats first revealed the plan in a filing to US regulators ahead of its planned IPO earlier this year. The listing, however, was ditched over a humiliating technical breakdown on the opening day of trading.

Bats Chi-X Europe eyes UK exchange licence - FT

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