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BATS Chi-X Europe expands into Turkish stocks

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BATS Chi-X Europe (BATS) is to offer trading in Turkey’s most liquid stocks from 3 November 2014.

The addition of BIST30 index names means that BATS will now offer trading across 16 of Europe’s most liquid and active markets.
The move follows significant customer demand to trade Turkish securities – the market is one of the fastest growing in Europe with EUR319bn traded in 2013 – on a low-cost, efficient pan-European exchange. Furthermore, new capital markets legislation in the country should increase competition among trading venues.
Mark Hemsley, CEO of BATS Chi-X Europe, says: “We make it possible to trade over 3,800 of Europe’s most liquid securities on a single platform, and the addition of Turkey extends that unique model even further across the continent. Not only is Turkey the first market we’ve added since the 2011 merger of BATS and Chi-X, but it’s also our first emerging market and we’re looking forward to bringing the efficiencies and competition we have created elsewhere in Europe to Istanbul.”
BATS will extend its existing interoperable post trade model to trades in Turkish securities, with Participants being able to choose from EuroCCP NV, LCH.Clearnet Ltd and SIX x-clear AG as their CCP. Trades will be settled in the domestic Central Securities Depositary (CSD), Takasbank on a T+2 settlement cycle.
In addition to the existing trade reporting functionality currently available via the BATS BXTR service, BATS will also support Exchange Trade Reports (ETRs) in BIST30 securities.

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