BATS Reaches Europe Clearing Agreement with EMCF
BATS Trading Inc., an innovative and technology leading market center, announced that its London–based affiliate reached an agreement with the European Multilateral Clearing Facility (EMCF), a Fortis division, to provide clearing services for BATS in the region.
BATS plans to offer trading in Europe in 2008 through the Europe affiliate.
"We´re pleased to announce this key milestone in our 2008 launch program in Europe. The EMCF provides a proven pan–European clearing capability," said Mark Hemsley, chief executive of BATS Europe. "Going forward, the needs of our customers will remain our primary driver in the selection of BATS´ partners and we will continue to prioritise the preferences of our customers in Europe just as we do in the U.S."
Jan Booij, managing director of EMCF, said, "We feel proud that BATS has decided to appoint the EMCF as a Central Counter Party. Adding BATS to the already existing platforms for which we act as CCP, we are convinced that this will have economies of scale for our clearing participants and their underlying trading participants.
"From the start of the EMCF, just a year ago, we have shown the industry a strong commitment of becoming a recognised player in Europe. The collaboration with BATS is additional evidence of our strategy which is based on the simple principles of reliability, price competition and quality of service. EMCF and BATS share the desire to accommodate the needs of our customers through technology, processing capabilities and price innovation," Mr. Booij said.
BATS announced its intentions to enter Europe March 31 and named Mr. Hemsley and Paul O´Donnell, BATS Europe´s chief operating officer, to their posts in April. As reported, BATS plans to occupy space in a Savvis data center in London.
The company plans to file for FSA approval of its multi–lateral trading facility shortly.
About BATS Trading:
BATS Trading, based in Kansas City, Mo., with additional offices in New York, was launched in January 2006 and operates one of the fastest–growing, top–tier equity markets in the United States with plans for a Europe launch in 2008 through its London–based affiliate. The BATS platform is developed by a core team of market and technology professionals, catering to the needs of the broker–dealer community. Included in the BATS customer base are more than 280 broker–dealers and a broad–based ownership group including affiliates of Citi, Credit Suisse, Deutsche Bank, GETCO, JPMorgan, Lehman Brothers, Lime Brokerage, Morgan Stanley, Merrill Lynch, Tradebot Systems and Wedbush. BATS "¦ Making Markets Better.
Firms interested in connecting to BATS in Europe should contact Ken Conklin, senior vice president of business development, at the coordinates below. Randy Williams, vice president of sales and communications, and Jon Schneider, sales manager, are the contacts for BATS connectivity in the U.S.
About Fortis/EMCF:
Fortis is an international financial services provider engaged in banking and insurance. We offer our personal, business and institutional customers a comprehensive package of products and services through our own channels, in collaboration with intermediaries and through other distribution partners. With a market capitalisation of EUR 38.5 billion (30/04/2008), Fortis ranks among the 20 largest financial institutions in Europe. Our sound solvency position, our presence in over 50 countries and our dedicated, professional workforce of 65,000 enable us to combine global strength with local flexibility and provide our clients with optimum support. More information is available at www.fortis.com.
EMCF, a wholly–owned Fortis subsidiary, is an independent central counterparty clearing house and offers central counterparty services for equity trading on exchanges and multilateral trading facilities. EMCF is regulated by the AFM and the Dutch Central Bank.