BATS Makes Early Move on ETF Reporting

A view of the City of London
Regulators have cited the lack of transparency as reasons for European ETF markets being a fraction of the size of US equivalents.

BATS Chi-X Europe has announced the impending launch of a centralized reporting service for exchange-traded funds (ETF), set for October 1.

The new service will allow participants to report their ETF transactions through the venue operator's BXTR service, rather than having to report directly to various exchanges and trade-data monitors. The information will be made public with delays that scale according to the size of the trade, and participants are encouraged to report three minutes after execution. The service will be available for no extra cost to BXTR clients.

While the review of the Markets in Financial Instruments Directive (Mifid II) will mandate reporting in European ETF trades ─ around three quarters of which are over-the-counter and thus unreported ─ BATS is operating the service before any regulatory obligations come into force.

"Since our approval as a Registered Investment Exchange, we've worked to improve market structure for the benefit of ETF trading and investing in Europe," says Mark Hemsley, CEO at BATS Chi-X Europe. "By pairing these efforts with BXTR, we will allow the industry a clear view of true ETF liquidity for the first time. The robust, empirical data gathered through this initiative will also help inform regulators as they develop reporting regimes for ETFs in Mifid II."

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