London and Kansas City - BATS Chi-X Europe has announced plans for a competitive pan-European market data pricing model, effective 1st October 2012. The company aims to provide a competitive alternative to address industry concerns regarding the high price of market data in Europe, which it believes is due to lack of competiton between exchanges.

"With our new pan-European market data pricing, which in some cases is up to 10 times less than the aggregated fees of the major primary listing exchanges, we aim to set a reference point that will focus industry debate on what constitutes 'reasonable commercial terms' for pan-European data, whilst creating competition to help drive down overall data fees," said Mark Hemsley, chief executive officer of BATS Chi-X Europe.

Mr. Hemsley continued: "The past five years since MiFID have shown that without a fundamental change to the level at which market data is charged by the primary listing exchanges, a European consolidated tape may not be possible with competitive forces alone. By setting what we believe to be a reasonable price for pan-European market data, we are also providing a benchmark to drive further industry discussion for a European pre- and post-trade consolidated tape that can be made available for reasonable terms."