Five major dealers are expected to begin reporting their over-the-counter equity trades to Bats Chi-X Europe rather than Markit for the first time, in a strong endorsement for the exchange operator's new reporting services.

Bats announced earlier this month that it was expanding its reporting services with the launch of a so-called trade data monitor (TDM), a mechanism created in the first version of the Markets in Financial Instruments Directive to allow banks and brokers to report OTC equity trades.