In the close-knit European Union, exchange traded fund providers are required to list products on multiple exchanges. However, BATS Chi-X Europe is trying the rectify the fragmentation issue through a pan-European listing model.

BATS Chi-X Europe launched its pan-European listings business Tuesday, with initial ETFs iShares MSCI Emerging Markets UCITS ETF (IEEM) and iShares MSCI World Minimum Volatility UCITS ETF (MVOL) to start trading in November 2013 as secondary listings, according to a press release.

Many European countries require issuers to acquire local listings before their ETFs are able to trade within the country, the Wall street Journal reports.

Mark Hemsley, chief executive of Bats Chi-X Europe, believes Bats Chi-X Europe will help solve the issue of “fragmentation, transparency and liquidity.”

“We have come up with a pan-European listings model for the ETF market, which will help to resolve the issues of having several listings across jurisdictions, improve liquidity in specific products and offer a single clearing and settlement model,” Hemsley said in the WSJ article.

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