Slaughters, Macfarlanes secure Chi-X sale brief

Slaughter and May won a competitive tender to advise alongside Macfarlanes on the acquisition of equity exchange Chi-X Europe by BATS Global Markets.

The deal is expected to create the largest ­pan-European trading centre by market share and value traded.

The Office of Fair Trading (OFT) referred the takeover to the Competition Commission (CC), prompting the two parties to agree an extension to the terms of the sale and purchase agreement until the deal is approved.

The OFT published its judgment on 20 June, concluding that it intended to refer the matter to the CC, which is expected to report on 2 December.

Slaughters advised share trading platform operator Chi-X, a new client, after being invited to pitch. Partner Richard Smith led the corporate team advising on the deal, with competition and regulatory partner Isabel Taylor advising on the CC review.

Slaughters also acted for Chi-X’s shareholders, which include Instinet, Nomura’s global broking unit, as well as UBS and Bank of ­America Merrill Lynch.

Macfarlanes corporate head Charles Meek advised BATS, also a new client, together with senior counsel William David. Competition partner Marc Israel entered the fray to advise on the CC review, together with assistants Felix Roberts and Ronan Scanlan.

On the US corporate side, Alston + Bird advised Chi-X, led by financial services and products partner Matthew Mamak. Macfarlanes worked with Davis Polk in the US on the BATS side.