While exchanges are growing and merging, MTFs (multilateral trading facilities) are not missing out on the action. BATS is becoming more like an exchange with plans to be a primary listings venue in the US. Alasdair Haynes, chief executive of Chi-X Europe, soon to merge with BATS, explains to Jeremy Grant how MTFs can cope with the ever larger exchanges. He also explains why Chi-X is moving into derivatives and favouring a horizontal business model.