Bats Chi-X Europe, the largest pan-European equities market operator by market share and notional value, today announced it successfully completed the transition of the Chi-X Europe order books to the Bats technology platform.
Monday, 30th April, marked the first day of trading with all order books on the BATS technology platform. The technology migration also marks the conclusion of the formal business combination of BATS Europe and Chi-X Europe, now known as BATS Chi-X Europe.
"We are pleased to complete the transition on schedule so that our trading participantscan quickly realise the benefits that the BATS Chi-X Europe combination provides, including cost rationalisation, flexibility, choice and continued price leadership,"said Mark Hemsley, chief executive officer of BATS Chi-X Europe.
"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 centre. 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," he said.
The BATS Europe and Chi-X Europe order books continue to operate as separate pools of liquidity and will be known respectively as the BXE lit and dark order books and the CXE lit and dark order books. Pricing for the BXE and CXE order books and smart order routing remains unchanged until further notice. The current Spanish market pricing promotion, which applies to the CXE order books, will continue until 30th June 2012.
BATS Chi-X Europe isthe largest pan European equities market operator by market share and notional value traded with approximately 25.0% of the overall European equities market.
BATS Global Markets (BATS) closed the acquisition of Chi-X Europe on 30th November 2011.