08.11.2014
By Terry Flanagan

BATS Global Markets July Highlights: Reports 20.3% U.S. Equities Market Share; 21.5% European Equities Market Share

BATS becomes world’s largest equities market operator in July, executing $1.27 trillion in notional value of transactions

KANSAS CITY, Mo. & LONDON–(BUSINESS WIRE)–BATS Global Markets (BATS) today reported July U.S. equities market share of 20.3% and European equities market share of 21.5%, with both figures an increase from June.

In July, BATS became the world’s largest stock exchange operator for the first time, executing $1.27 trillion in notional value of transactions compared with $1.21 trillion for the Intercontinental Exchange, which operates NYSE Group, and $1.10 trillion for Nasdaq OMX.

Other July highlights:

  • In the U.S., BATS earned 20.3% U.S. equities market share in July, higher than 9.6% a year ago, and 19.2% in June. BATS Options recorded 4.1% market share vs. 4.3% one year ago and 3.9% in June.
  • In Europe, BATS Chi-X Europe finished with overall market share of 21.5% with year-on-year increases in key small and mid-cap indices including the FTSE 250 (up 4.4%); the CAC Next20 (up 42.6%); in the SDAX (up 22.9%); in the AMX (up 10.9%) and in the SMIM (up 10.1%).
  • In July, €297.3bn was reported to BATS’ European trade reporting facility, BXTR, a record market share of 58.8%. BXTR also recognized by The Banker as a ‘Technology Project of the Year’.
  • On July 1, the BATS 1000 Index marked its fifth anniversary with its annual reconstitution resulting in the replacement of 21 companies in the Index.
  • On July 8, CEO Joe Ratterman testified on matters related to U.S. equity capital market structure before the U.S. Senate Committee on Banking, Housing and Urban Affairs.
  • On July 28, CEO Joe Ratterman spoke on a panel at the U.S. Equity Market Structure Roundtable hosted by Representative Scott Garrett (R-NJ), Chairman of the Capital Markets and Government Sponsored Enterprises Subcommittee of the House Financial Services Committee.
  • In the U.S., BATS remains on schedule with the Direct Edge integration and will be migrating the EDGA and EDGX Exchanges to BATS technology on January 12, 2015. Additional information on the integration is available at bats.com/edgeintegration and BATS will also share updates via its Twitter feed @BATSGlobal.

July 2014 Volume and Market Share Summary

U.S. Equities (BATS Exchanges – BZX, BYX, EDGA, EDGX) July 2014
Overall Industry – Average Daily Consolidated Volume 5.71 billion shares
BATS Exchanges – Matched Market Share 20.3%
BATS Exchanges – Average Daily Matched Volume 1.16 billion shares
U.S. Equity Options (BATS Options)
BATS Options – Matched Market Share 4.1%
BATS Options – Average Daily Matched Volume 651,155 contracts
European Equities (BATS Chi-X Europe)
Pan-European Consolidated Volume1 – Average Daily Notional Value €35.1 billion
BATS Chi-X Europe – Overall European Market Share 21.5%
BATS Chi-X Europe – Total Notional Value Traded €173.4 billion
BATS Chi-X Europe – Average Daily Notional Value €7.54 billion

1Based on BATS Chi-X Europe market coverage, available at www.batstrading.co.uk

Additional details regarding BATS’ volume and market share data by market – U.S. equities, U.S. equity options, and European equities – is outlined below.

U.S. Equities – BATS Exchanges Volume and Market Share Statistics

Market Quality Statistics

  • During July, the BZX Exchange ranked 1st or 2nd in quality of trading in 75.6% of the stocks in the S&P 500® Index, as measured by effective spread, according to the BATS market quality statistics.
  • Combined, the BZX Exchange and EDGX Exchange had the lowest effective spread in 19 of the top 25 exchange-traded products.
BATS Exchanges (BZX, BYX, EDGA, EDGX) – Market Volume Summary, Volume, and Statistics
July 2014 July 20132
BATS Exchanges percentage of overall U.S. equities market share 20.3% 9.6%
Average daily volume (ADV) traded on BATS Exchanges 1.16 billion 549.3 million
Total industry volume 5.71 billion 5.47 million
Total notional value traded on BATS Exchanges $1.03 trillion $451.1 billion
Average daily notional value traded on BATS Exchanges $46.8 billion $20.5 billion
BATS overall market share – Tape A securities 18.3% 8.3%
BATS overall market share – Tape B securities 25.3% 13.3%
BATS overall market share – Tape C securities 21.5% 9.6%
BATS overall market share in ETF trading3 25.7% 13.9%
BATS 1000 Index monthly performance and close +2.2%

21,607.61

+3.7%

18,692.15

2BATS BZX and BYX Exchange data only

3Based on ArcaVision.com data

To track U.S. equities market share for all major trading exchanges and off-exchange trading, please view the BATS U.S. Equities Market Volume Summary.

U.S. Equity Options – BATS Options Volume and Market Share Statistics

  • The five most actively-traded options classes on BATS Options during July were the Standard & Poor’s Depositary Receipt ETF Trust (SPY), Apple Inc. (APPL), iShares Russell 2000 Index ETF (IWM), iPath S&P 500 VIX ST Futures ETN (VXX), and PowerShares QQQ Trust, Series 1 ETF (QQQ).
BATS Options Market Share and Volume
July 2014 July 2013
Contracts Market share Contracts Market Share
Average daily matched volume 651,155 4.1% 625,218 4.3%

To track U.S. options market share for all major trading exchanges, please view the BATS U.S. Options Market Volume Summary.

European Equities – BATS Chi-X Europe Volume and Market Share Statistics

To track European market share for all major trading exchanges and other venues, please view the BATS Pan-European Market Volume Summary.

BATS Chi-X Europe Market Share by Market2

July 2014

July 2013
(In millions, except percentage)
BATS Chi-X Europe overall market share 21.5% 24.2%
BATS Chi-X Europe Average daily notional value € 7,537.0 €7,273.2
Displayed average daily notional value € 6,766.5 €6,701.7
Non-displayed3 average daily notional value € 770.5 €571.5
London market overall 23.4% 28.0%
FTSE 100 securities 25.3% 31.4%
FTSE 250 securities 21.0% 20.1%
Nordic market overall 23.4% 28.6%
Helsinki OMXH25 securities 25.1% 30.7%
Stockholm OMXS30 securities 25.2% 31.4%
Copenhagen OMXC20 securities 21.0% 26.2%
Oslo OBX securities 22.4% 23.2%
Frankfurt market overall 24.1% 26.8%
DAX 30 securities 25.8% 28.8%
MDAX securities 22.7% 22.9%
SDAX securities 9.7% 7.9%
Zurich market overall 19.9% 24.8%
SMI securities 21.7% 27.2%
SMIM securities 19.9% 18.1%
Paris market overall 23.1% 22.2%
CAC 40 securities 23.6% 23.8%
CAC Next20 securities 24.7% 17.4%
Brussels market overall 22.7% 22.9%
BEL 20 securities 22.7% 24.2%
Amsterdam market overall 21.3% 21.0%
AEX securities 22.0% 21.3%
AMX securities 19.6% 17.7%
Vienna market overall 18.8% 15.9%
ATX securities 19.6% 16.2%
Milan market overall 15.4% 13.9%
FTSE MIB securities 16.2% 14.7%
Madrid market overall 14.7% 14.8%
IBEX 35 securities 15.5% 15.6%
Lisbon market overall 8.3% 10.5%
PSI-20 securities 8.8% 10.6%
Dublin market overall 9.2% 6.5%
ISEQ 20 securities 9.3% 6.5%
Key Indices
EUROSTOXX 50 securities 21.9% 24.3%
FTSE RIOB 9.5% 9.0%

2Represent consolidated figures for BXE and CXE lit and dark books, unless otherwise noted.

3BXE and CXE non-displayed order books.

About BATS Global Markets, Inc.

BATS Global Markets, Inc. is a leading global operator of securities markets, committed to Making Markets Better for traders, investors and issuers. In the U.S., BATS operates four stock exchanges – BZX, BYX, EDGX and EDGA – and regularly ranks as the top market for ETF and retail-driven liquidity. The company is an important listing venue for ETFs and other structured products and also operates BATS Options, a U.S. equity options market. In Europe, BATS operates the largest pan-European equities exchange, offering trading and listing services across 15 major European markets. With its world-class proprietary technology and relentless customer focus, BATS strives to bring efficiency, transparency and fairness to market participants. The company is headquartered in Kansas City with offices in the New York area and London. Further information on BATS can be found at www.bats.com and by following us on Twitter @BATSGlobal.

Contacts

BATS Global Markets, Inc.
MEDIA:
Jim Gorman (NYC) +1.201.942.8234
Hannah Randall (London) +44.207.012.8950
comms@bats.com
or
ANALYSTS:
Randy Williams (NYC) +1.212.378.8522
comms@bats.com

Related articles