The European arm of privately-held US exchange operator Bats Global Markets has turned a profit for the first time since its launch in 2008, rebuffing industry fears over the long-term viability of alternative trading platforms.

The London-based Bats Chi-X Europe recorded pre-tax profits of £16.9 million during 2013, according to accounts recently filed at the UK's Companies House. The firm lost £3 million in 2012.