Post-Trade Integration Information
The BATS Chi-X Europe team is working to make the integration of Chi-X Europe Limited (Chi-X Europe) and BATS Trading Limited (BATS Europe) a smooth process for everyone involved. Key post-trade information is listed below. Direct any questions regarding these documents to the contacts listed on this page.
MIC Codes
Prior to and post the legal and technical migration, BATS Chi-X Europe will continue to operate the BATE and CHIX MIC codes as separate order books.
CCP Static Data and Clearing Authority
Post the legal and technical migration (30th April 2012), Trading Participants who have access to a market segment (UK, France etc.) will have access to these market segments on both the BATS Europe and Chi-X Europe order books. To ensure this consistent approach BATS Chi-X Europe are working with its CCPs to update the clearing authorities for Trading Participants and are taking the following approach:
| Scenario | Action | |
|---|---|---|
| 1 | Trading Participant is currently a member of the BATS Europe and Chi-X Europe platforms and has identical access on both platforms | Trading Participant is currently a member of the BATS Europe and Chi-X Europe platforms and has identical access on both platforms |
| 2 | Trading Participant is currently a member of the BATS Europe and Chi-X Europe platforms but has different market segment access or different clearing arrangements across the two platforms | Clearing Members will be contacted by their CCP(s) to complete a clearing authority and SSIs to ensure consistent market access on both order books |
| 3 | Trading Participant is a member of one platform but not the other | Clearing Members will be contacted by their CCP(s) to complete a clearing authority and SSIs to ensure consistent market access on both order books |
New clearing authorities will only come into force on the migration date, unless agreed otherwise with CCPs.
UK Settlements
From 30th April 2012, BATS Chi-X Europe will continue to operate the B and N Trade System of Origin (TSO) codes for the respective order books. However, from this date Participants will have the option to either net their UK settlement obligations from the BATE and CHIX order books into one instruction within Euroclear UK and Ireland (through the B TSO), or continue to keep their settlements segregated as is currently the case.
Participants wishing to net across order books should request this from the appropriate CCP through their Clearing Participant.
UK Intermediary Relief
In order to allow cross order book-netting, BATS Chi-X Europe will be contacting a number of Trading Participants who have UK Intermediary relief on one market but not the other, or who have relief on both markets but under different Crest codes. It is important that Trading Participants have consistent Intermediary relief otherwise cross order book-netting will not be permitted.
Irish Intermediary Relief
BATS Chi-X Europe has received approval from the Irish Revenue Commission to net their Irish settlement obligations from the BATE and CHIX order books into one instruction within Euroclear UK and Ireland (through the B TSO), or continue to keep their settlements segregated as is currently the case. Cross order-book settlement netting will be available from 30th April 2012 by instructing your CCP.
Non-UK/Irish Markets
Settlements of non-UK and Irish markets are unaffected as a result of the legal and technical migration.