Bats Chi-X Europe, the largest of the new post-MiFID pan-European equities market operators by market share and notional value traded according to its own figures from autumn 2011-12, is making its market data available for use in real-time index calculations.
The move will help towards the advancement of a consolidated tape in Europe, and aid post-crash regulatory moves to increase transparency. The trade data licence allows Bats Chi-X Europe's trade data to be used exclusively, or combined with data from other trading venues for consolidated prices, for the purposes of valuing indices in real-time.
According to the trading venues own figures Bats Chi-X Europe's daily market share of notional value traded over the past 12 months has averaged 24.8% on a pan-European basis, 35.4% of the FTSE 100 and more than 27% of the EURO STOXX 50 Index.
"We are expanding our market data offering in this way to provide a high quality and cost effective alternative to the incumbent exchange offerings," said Mark Hemsley, chief executive officer of Bats Chi-X Europe. "The data is an accepted price source that customers consider part and parcel of the market. Customers are conscious that exchange index calculations, particularly intraday, do not fully reflect the market reality because many do not yet include our prices."
"Our aim is to ensure that those wishing to value European indices in a manner that best reflects the market can achieve this," he added.
By Neil Ainger