Bats Global Markets is set to make a $65m payment to shareholders of Chi-X Europe, the company it acquired a year ago, after the newly-merged Bats Chi-X Europe platform met the conditions of an earn-out clause agreed under the terms of the deal.

Bats Global Markets chief executive Joe Ratterman wrote to Chi-X Europe majority shareholders on Friday notifying them that the company's share of trading in pan-European equities averaged at least 25% in July, October and November, according to correspondence seen by Financial News.