Bats Global Markets is on a mission to live up to its name - the US exchange has emerged as the preferred suitor for Chi-X Europe, Europe’s second-largest alternative trading venue, and a successful integration could pave the way for further acquisitions in Asia and an initial public offering.

The news that Bats has seen of competition from US giants Nasdaq OMX and NYSE Euronext, widely understood to be the two other front-runners, to exclusive talks with Chi-X Europe should not come as a great surprise as the two groups enjoy a more than 50% shareholder cross-over.