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BATS Europe Completes Tech Migration of Chi-Ex

The pan-European equity markets operator completed the migration of Chi-X Europe's order books over to the BATS Europe technology, recording 24 percent market share yesterday.

BATS Chi-X Europe said today it has successfully completed the migration of the Chi-X European order books over to the BATS technology platform.

Yesterday, April 30th, was Chi-X Europe’s first day of trading on the BATS technology platform. The technology migration also marks the completion of the business combination of BATS Europe and Chi-X Europe to be known as BATS Chi-X Europe.

The pan-European equities market operator said its market share remained strong during the first day of trading following the technology transition, with 24 percent pan-European market share for the day.

“We are pleased to complete the transition on schedule so that our trading participants can quickly realize the benefits that the BATS Chi-X Europe combination provides, including cost rationalization, flexibility, choice and continued price leadership,” commented Mark Hemsley, CEO 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.

The technology migration project was completed on schedule, the company said, five months after BATS Global Markets closed the acquisition of Chi-X Europe on Nov. 30th, 2011.

Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio

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