BATS Global Markets announced Thursday that it has completed its acquisition of Chi-X Europe in a deal that will create the largest pan-European securities market.
The U.S. alternative trading system, BATS, intends to combine the BATS Europe and Chi-X Europe trading facilities, which will be known as BATS Chi-X Europe, and will account for approximately 25% of overall European equities trading. The migration of the Chi-X Europe trading platform to BATS Europe technology is expected to be completed in the second quarter of 2012.
“The completion of this deal joins two pioneering companies and together we will continue to be at the forefront of competition and innovation in Europe’s securities markets,” said Joe Ratterman, chairman and chief executive officer of BATS Global Markets. “By leveraging the mutual resources of BATS and Chi-X Europe, we are now even better positioned to keep Europe’s markets competitive, as well as affect market structure reforms that support competition and innovation that ultimately benefit investors at all levels.”