Nov. 23 (Bloomberg) -- Alasdair Haynes may be named chief executive officer of Chi-X Europe Ltd., the region’s biggest alternative trading system, according to three people familiar with the situation.

Shareholders had until the end of last week to raise any objections about Haynes, previously London-based CEO of ITG Inc.’s international business, said the people, who declined to be identified before a formal announcement, which may come as early as this week.

Chi-X Europe is searching for a new chief executive to fill a post left vacant after founder Peter Randall left unexpectedly in February. Chi-X was the first so-called multilateral trading facility to challenge traditional bourses including Deutsche Boerse AG, London Stock Exchange Group Plc and NYSE Euronext by offering lower fees and faster trading. It also competes with other MTFs such as Bats Europe.

Chi-X Europe spokeswoman Julia Streets declined to comment. Haynes wasn’t available for comment.

Haynes, 49, deemed one of the pioneers of electronic trading, left New York-based ITG in February after a decade. The executive, who started at Morgan Grenfell, has traded stocks and derivatives over a 30-year career in finance including stints at Bankers Trust and UBS AG, where he was responsible for European listed derivatives. A cricket enthusiast and keen reader, Haynes has been mooted as a possible chief executive of the London Stock Exchange.

Rival Exchanges

Chi-X Europe has been the most successful new rival to established exchanges, accounting for about 25 percent of trading in the U.K.’s FTSE 100, 18 percent of France’s CAC 40 and 18 percent of Germany’s DAX over the past five days, according to data compiled by Bats Europe.

The trading platform is partly owned by Chi-X Global, a New York-based unit of Nomura Holdings Inc. which controls the board of the European business, and by investment banks and brokerages including Zurich-based Credit Suisse Group AG, Getco LLC and Bank of America Corp. after it bought Merrill Lynch & Co. last year.

Chi-X Global in August proposed buying out minority owners of Chi-X Europe for stock that values the business at $177.3 million, five people familiar with the situation said at the time.

To contact the reporter on this story: Nandini Sukumar in London at nsukumar@bloomberg.net

Last Updated: November 23, 2009 06:41 EST