BATS Chi-X Europe
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| Type | Multilateral trading facility |
|---|---|
| Location | London, United Kingdom |
| Founded | 2007 |
| Owner | BATS Global Markets |
| Key people | Chairman and CEO: Mark Hemsley |
| Currency | Euro |
BATS Chi-X Europe is a London-based, order-driven pan-European equity exchange that has been a subsidiary of BATS Global Markets since 2011. It is a low latency, low cost alternative to exchange traded equities and exchange-traded funds (ETFs) that are listed on primary exchanges such as the , , Euronext and OMX.
Previously a multilateral trading facility (MTF), BATS Chi-X Europe received Recognised Investment Exchange (RIE) status from the Financial Services Conduct Authority (FCA) in May 2013, and was from then authorised to operate a Regulated Market for primary listings alongside its existing business.
Initially two separate entities, Chi-X Europe was the first pan-European equities exchange to launch in 2007; BATS Europe was launched in 2008. In February 2011, BATS Global Markets agreed to buy Chi-X Europe for $300 million. The deal was referred by the Office of Fair Trading to the Competition Commission in June 2011 for further investigation to "determine whether a substantial lessening of competition is probable as a result of the anticipated merger." However, the Competition Commission approved the transaction in late November 2011, leading to BATS closing the deal on 30 November 2011.
Chi-X Europe was established in 2007 by Instinet, ownership in Chi-X Europe was eventually broadened to include a consortium of major global financial institutions including BNP Paribas, Citadel, Citigroup, Credit Suisse, Fortis, GETCO Europe Ltd, Goldman Sachs, Merrill Lynch, Morgan Stanley, Optiver, Société Générale and UBS. However, on 1 December 2011, BATS Global Markets acquired the firm from the consortium.
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