A high-profile technology glitch forced BATS to pull its flotation, but its European arm has been in dialogue with the UK’s Financial Services Authority since May and a draft proposal is with the FSA.
Approval would open up new fronts for BATS as it seeks to recover some of the market share in FTSE 100 stocks it has lost to the London Stock Exchange in recent months. A year ago, BATS Chi-X had a market share of about 40 per cent but that has fallen to about 30 per cent, according to BATS’ own data. A Regulated Investment Exchange licence – of which there are only five – would allow BATS to offer trading in derivatives contracts, an area it has targeted in the past, and listings in competition with the LSE.
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