MTFs can coexist with consolidated exchanges

While exchanges are growing and merging, MTFs (multilateral trading facilities) are not missing out on the action. BATS is becoming more like an exchange with plans to be a primary listings venue in the US. Alasdair Haynes, chief executive of Chi-X Europe, soon to merge with BATS, explains to Jeremy Grant how MTFs can cope with the ever larger exchanges. He also explains why Chi-X is moving into derivatives and favouring a horizontal business model.