BATS Chi-X Europe, the largest pan-European equities market operator in terms of market share and notional value traded, was formed in 2011 from the combination of two multi-lateral trading facilities, BATS Europe and Chi-X Europe.
As a RIE, BATS Chi-X Europe will be authorised to operate a Regulated Market for primary listings alongside its existing business. With this change in status, BATS Chi-X Europe will be accessible to a greater number of investors across Europe, particularly those that are obligated to send client orders for stocks to a RIE or equivalent.
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“With FCA approval of our RIE application, we will be even better positioned to support the vision of a borderless European capital market and to compete in other areas, such as primary listings,” said Mark Hemsley, CEO of BATS Chi-X Europe. “Our RIE status also enables a broader range of retail investors and buy-side firms to connect to our market and enjoy the benefits of competition that MiFID allowed, including trading venue choice, lower fees and improved service and technology.
“As a rigorously regulated MTF, we made considerable investment in risk management, market surveillance, and regulatory tools and resources. This investment will continue with our RIE status, as we further enhance our technology, products and services,” he said.
In December 2012, BATS Chi-X Europe made its application to the Financial Services Authority (FSA), which became the FCA on 1st April 2013. The application to become a Recognised Investment Exchange was filed under section 287 of the Financial Services and Markets Act 2000.