CHI-X Europe CEO Alasdair Haynes to Depart Following Deal Close
BATS Global Markets (BATS) today announced its intention to appoint Mark Hemsley as chief executive officer of BATS Chi-X Europe upon the close of BATS’ acquisition of Chi-X Europe, which is pending regulatory approval. Alasdair Haynes, current chief executive of Chi-X Europe, will depart after a transition period following the transaction close.
The entire BATS Chi-X Europe management team will be announced at a later date.
“Mark has been an instrumental part of our success in Europe and I believe he is an ideal leader to take us forward as we continue to grow, leveraging the momentum that Chi-X Europe and BATS Europe bring to the table. Combining the talents of the two respective teams will create a powerhouse capable of providing increased competition to the many exchanges throughout Europe,” said Joe Ratterman, president and CEO of BATS Global Markets.
“Alasdair’s leadership and vision helped Chi-X Europe become an industry leader. We wish him all the best in his future endeavours,” he said.
Mr. Hemsley joined BATS Europe in 2008 as CEO and is also a senior vice president of BATS Global Markets. He will continue to report to Mr. Ratterman.
“I believe we have a tremendous opportunity ahead of us with BATS Chi-X Europe. Utilising the best qualities of both companies, we aim to create an even more competitive organisation which will continue to lead the way in pan- European equity trading,” said Mr. Hemsley. “I thank Alasdair for his support during this transaction and I look forward to working with the Chi-X Europe team over the coming months as we bring our two organisations together.”
Mr. Haynes joined Chi-X Europe in late 2009 as CEO to lead the company through its transition from a subsidiary of Instinet Holdings to an independent company.
Mr. Haynes said, “Chi-X Europe has gone from being a start-up subsidiary, ultimately owned by an investment bank, into one of the strongest stand-alone brands in the European exchanges sphere. I am tremendously proud of what has been achieved at Chi-X Europe during my tenure as it has continued to be the largest pan-European equities exchange and is the first MTF to date to break into profitability. In addition, this year we delivered on our plan to introduce a derivatives strategy by concluding an agreement with Russell Investments to launch a family of pan-European indices.
“Chi-X Europe is now ready for the next phase of its evolution and I am ready for a new challenge. Finally, and most importantly, I would like to thank each and every one of the Chi-X Europe staff for their creativity, determination and loyalty. Chi-X Europe would be nothing without them. I wish them, and the combined BATS Chi-X Europe team, all the best in the future,” he said.
In February, BATS entered a definitive agreement to purchase Chi-X Europe, under which Chi-X Europe and BATS Europe will combine to form BATS Chi-X Europe. The transaction is expected to close in the second quarter, pending regulatory approvals.
Subject to regulatory approval, Mr. Hemsley will initially head both the BATS Europe and Chi-X Europe organisations after the deal close and will assume the CEO role for the combined BATS Chi-X Europe entity following the transfer of business, which is anticipated this summer.
Based on current statistics of the two separate entities, BATS Chi-X Europe will be the largest trading centre in Europe in terms of market share and notional value traded. Chi-X Europe accounted for €454.6 billion traded and BATS Europe €171.2 billion traded in the first quarter of 2011.
There will be no further public statements at this time.
