Macfarlanes gets BATS green light on Chi-X buy

Slaughter and May and Macfarlanes have secured competition clearance for the takeover of Chi-X Europe by US exchange BATS Global Markets after originally winning corporate roles on the deal.

Experts say the approval is likely to lead to a listing next year for BATS, the third-largest exchange in the US. The deal is expected to create the largest pan-European trading centre by market share and value traded.

Slaughters acted for Chi-X, putting forward competition and regulatory partner Isabel Taylor and competition head Philippe Chappatte, with the latter understood to have joined the deal only once the OFT had referred it to the ­Competition Commission.

The firm also used competition associates Lucy Budding and Patrick Horan. Corporate partner Richard Smith originally guided Chi-X through the deal after winning a tender.

Macfarlanes competition partner Marc Israel and assistant lawyers Felix Roberts and Ronan Scanlan guided BATS through the commission review after corporate head Charles Meek advised the new client on the deal.

Meek won the work due to his relationship with BATS Europe chief executive Mark Hemsley, whom he worked with on the sale of London electronic trading platform Swapstream to the Chicago Mercantile Exchange in 2005.