BATS Global Markets (BATS) has completed its acquisition of Chi-X Europe. The next step is for BATS to combine the BATS Europe and Chi-X Europe MTFs to form BATS Chi-X Europe which will account for approximately 25% of overall European equities trading. This will make it the largest pan-European securities market, according to BAT's current statistics. The technology migration for this is expected to be completed in the second quarter of 2012.

Chairman and Chief Executive Officer of BATS Global Markets, Joe Ratterman, said, “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. 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.”

BATS Europe Chief Executive Officer, Mark Hemsley, will assume the role of Chief Executive Officer of the combined entity following the transfer of business, which is anticipated in January 2012. Until this time, he will head both the BATS Europe and Chi-X Europe organisations.

Hemsley said: “We are glad to reach this important milestone and will move expeditiously to complete the integration of Chi-X Europe. An integration timetable will be made available to participants before the end of the year and we will make the transition process a smooth one so participants can soon begin to enjoy the benefits of deep liquidity, infrastructure rationalisation and product diversity that BATS Chi-X Europe will provide.”

Additional senior management appointments will be announced at a later date.

In February, BATS entered a definitive agreement to purchase Chi-X Europe and the Office of Fair Trading referred the proposed combination to the UK Competition Commission in June. BATS last week announced that it received formal approval from the UK Competition Commission to complete the acquisition.

SWIFT, operator of a global messaging network, has officially launched MyStandards, a web-based application to help financial firms reduce the time and cost to implement new market practices and changes to message standards.

The Loan Syndications and Trading Association, the U.S trade group for the syndicated loans market, is urging the U.S. Treasury and Internal Revenue Service to cut offshore collateralized loan obligations some slack when it comes to meeting the new U.S reporting requirements on U.S. investors living overseas.

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