The following is a press release from BATS...
KANSAS CITY, Mo., and LONDON – June 20, 2011 – BATS Global Markets (BATS) and Chi-X Europe today announced that the Office of Fair Trading has referred the proposed acquisition of Chi-X Europe by BATS to the Competition Commission.
Joe Ratterman, president and chief executive officer of BATS Global Markets, said: “BATS’ establishment was based on the need for competition and our purpose for combining BATS Europe and Chi-X Europe is to raise the level of competition in Europe’s securities markets. Therefore we also appreciate the regulatory processes in place to protect competition and were aware that a referral to the Competition Commission was a possibility. We are discussing this matter with our shareholders and the relevant authorities and remain optimistic about completing the deal.”
Alasdair Haynes, chief executive officer of Chi-X Europe, said: “Although we are disappointed by the OFT’s decision, we will engage with our board and shareholders to ascertain next steps. Chi-X Europe will work with the Competition Commission to address any questions or concerns that they may have about the proposed deal.”
The BATS Europe and Chi-X Europe platforms continue to operate as normal and there will be no interruption to the service that is provided to BATS Europe and Chi-X Europe’s respective trading participants.
No further statements will be made at this time.