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BATS Trading Inc., an innovative and technology leading market center, announced that its London-based affiliate reached an agreement with the European Multilateral Clearing Facility (EMCF), a Fortis division, to provide clearing services for BATS in the region.
BATS plans to offer trading in Europe in 2008 through the Europe affiliate.
“We’re pleased to announce this key milestone in our 2008 launch program in Europe. The EMCF provides a proven pan-European clearing capability,” said Mark Hemsley, chief executive of BATS Europe. “Going forward, the needs of our customers will remain our primary driver in the selection of BATS’ partners and we will continue to prioritise the preferences of our customers in Europe just as we do in the U.S.”
Jan Booij, managing director of EMCF, said, “We feel proud that BATS has decided to appoint the EMCF as a Central Counter Party. Adding BATS to the already existing platforms for which we act as CCP, we are convinced that this will have economies of scale for our clearing participants and their underlying trading participants.
“From the start of the EMCF, just a year ago, we have shown the industry a strong commitment of becoming a recognised player in Europe. The collaboration with BATS is additional evidence of our strategy which is based on the simple principles of reliability, price competition and quality of service. EMCF and BATS share the desire to accommodate the needs of our customers through technology, processing capabilities and price innovation,” Mr. Booij said.
BATS announced its intentions to enter Europe March 31 and named Mr. Hemsley and Paul O’Donnell, BATS Europe’s chief operating officer, to their posts in April. As reported, BATS plans to occupy space in a Savvis data center in London.
The company plans to file for FSA approval of its multi-lateral trading facility shortly.
