BATS Global Markets and Chi-X Europe welcome today’s announcement from the UK Competition Commission that it has provisionally decided to approve the acquisition of Chi-X Europe by BATS Global Markets. The Competition Commission has reviewed the transaction and provisionally concluded that it does not expect it to result in a substantial lessening of competition.
Joe Ratterman, chairman and chief executive officer of BATS Global Markets, said: “We are pleased by the Competition Commission's provisional findings, which if reflected in the final report, will clear the way for the creation of an even stronger competitor to Europe’s incumbent exchanges. We will continue to work closely with the Commission throughout the duration of the inquiry.”
The Competition Commission is expected to publish its final report by 2nd Dec. 2011, the statutory deadline for completion of its inquiry. Assuming that the Competition Commission clears the acquisition in its final decision, it is anticipated that the transaction will be completed by the end of this year.
No further statements will be made at this time.
