As per the transaction, Chi-X Europe and BATS Europe will merge to form BATS Chi-X Europe.
In December last year, US-based Bats and Chi-X Europe entered into exclusive negotiations.
At the time it was reported that Bats had offered about $300m for the European company.
BATS Global Markets president and chief executive Joe Ratterman said that this transaction joins two successful and innovative market centers and will be a tremendous boost for competition in pan-European trading in the face of increasing consolidation among incumbent exchanges.
"BATS was drawn to Chi-X Europe because of our many similarities, particularly in the areas of culture, technology, market structure and innovation," Ratterman said.
BATS Europe chief executive Mark Hemsley said that BATS Europe and Chi-X Europe have worked together closely on key market structure issues such as tick sizes, symbology, market data and clearing, aiming to reduce longstanding barriers in Europe’s trading environment.
In the fourth quarter of 2010, Chi-X Europe accounted for €368bn traded as it became the second largest European equity exchange in 2010. BATS Europe reached €140.3bn traded in the fourth quarter, about 6.4% of pan-European securities.
