BATS Global Markets (BATS) today reports new monthly market share records in Europe – 9.8% in Depositary Receipts (FTSE RIOB) trading and 15.9% in Spain’s IBEX 35 – while remaining the largest stock exchange in the region.
Monthly overall European market share was 21.7% in December while, in the U.S., BATS reported 9.9% market share in U.S. equities and 2.3% in U.S. options.
“The past year was one of pivotal growth for BATS and we are excited about the opportunities before us as we move closer to the completion of the Direct Edge merger and continue to expand in Europe,” said BATS Global Markets CEO Joe Ratterman.
“The Direct Edge transaction combines two innovative firms to ensure long-term global competition while the steps we’ve taken in Europe as a Recognised Investment Exchange have positioned us well for both the short- and long-term,” he said.
For the year, overall equities industry volume in the U.S. fell 3% from 2012 – to 6.2 billion shares a day vs. 6.4 billion – while European daily equities volume in markets covered by BATS Chi-X Europe rose about 5.5% to €32.6 billion from €30.9 billion.
December 2013 Volume and Market Share Summary
|
U.S. Equities |
December 2013 |
|
Overall Industry – Average Daily Consolidated Volume |
5.8 billion shares |
|
BATS Exchanges (BZX and BYX Exchange) – Matched Market Share |
9.9% |
|
BATS Exchanges (BZX and BYX Exchange) – Average Daily Matched Volume |
576.4 million shares |
|
U.S. Equity Options |
|
|
BATS Options – Matched Market Share |
2.3% |
|
BATS Options – Average Daily Matched Volume |
324,423 contracts |
|
European Equities |
|
|
Pan-European Consolidated Volume1 – Average Daily Notional Value |
€30.3 billion |
|
BATS Chi-X Europe – Overall European Market Share |
21.7% |
|
BATS Chi-X Europe – Total Notional Value Traded |
€131.1 billion |
|
BATS Chi-X Europe – Average Daily Notional Value |
€6.6 billion |
1Based on BATS Chi-X Europe market coverage, available at www.batstrading.co.uk
Full-Year 2013 Highlights
U.S. Business
- In January, BATS launched its Retail Price Improvement (RPI) program on the BATS BYX Exchange. The program is designed to provide price improvement for retail investors.
- In March, BATS released new Market Quality Statistics comparing execution quality across all U.S. exchanges for individual securities, giving trading participants a look at the quality of all U.S. equities markets on a stock-by-stock basis.
- In August, BATS and Direct Edge announced a definitive merger agreement and the merger received U.S. Department of Justice antitrust clearance in October. The merger, which is pending clearance from the Securities and Exchange Commission (SEC), will bring together two customer-focused securities exchange operators under the BATS Global Markets enterprise. The completion of the transaction is expected in the first quarter of 2014.
- The BATS BZX Exchange added new exchange traded fund (ETF) listings from BlackRock’s iShares ETF business and ProShares. A complete list of ETFs listed on BATS is available here.
European Business
- In May, BATS Chi-X Europe received Recognised Investment Exchange status, allowing the exchange to operate a Regulated Market for primary listings, while being accessible to a greater number of investors across Europe, particularly those that are obligated to send client orders for stocks to a RIE.
- In June, Dave Howson, a well-respected and experienced technologist, joined BATS Chi-X Europe as chief operating officer to oversee the exchanges software engineering, infrastructure and operational teams.
- In October, BATS Chi-X Europe rolled out “BXTR,” a suite of on- and off-exchange pan European trade reporting services, which became the industry leader in its first month of operation with nearly 40% market share, according to Thomson Reuters.
- In November, BATS Chi-X Europe launched its pan-European listings business with the listing of ETFs from iShares by BlackRock and Lyxor Asset Management, a subsidiary of Societe Generale Group.
- In December, BATS Chi-X Europe became one of four equal shareholders in the new pan-European clearing house – EuroCCP, N.V. – created through the merger of EMCF and EuroCCP. The transaction was completed on Dec. 6, 2013, and the new entity is the largest pan-European equities clearing house.
- BATS Chi-X Europe set many new market share records throughout the year with the new records in Spain and Depositary Receipts trading being particularly notable. In December, BATS Chi-X Europe set a new market share milestone of 15.9% in Spain’s IBEX 35, up from 4.4% in January. In December, BATS Chi-X Europe also set a new record in Depositary Receipts (FTSE ROIB), with 9.8% market share, up from 5.4% in January.
Volume and Market Share Statistics by Market – U.S. Equities, U.S. Equity Options, European Equities
A complete breakdown of December volume and market share for each market center is outlined below. To track U.S. and European market share for all major trading exchanges and other venues, please visit: http://www.bats.com/markets
|
U.S. Equities (The BATS Exchanges) |
||
|
|
December 2013 |
December 2012 |
|
The BATS Exchanges (BZX & BYX combined) |
(In millions, except percentages; volume and notional figures exclude odd-lots) |
|
|
Average daily matched volume |
576.4 |
712.9 |
|
Total notional value traded for the month |
$484,044.3 |
$489,109.9 |
|
Market share percentage (for the period): |
|
|
|
Overall matched market share |
9.9% |
11.9% |
|
Tape A |
8.9% |
10.8% |
|
Tape B |
14.1% |
14.6% |
|
Tape C |
9.4% |
12.7% |
|
|
|
|
|
Volume By Exchange: |
|
|
|
BZX Exchange: |
|
|
|
Average daily matched volume |
463.2 |
525.6 |
|
Total notional value traded for the month |
$393,917.7 |
$382,185.0 |
|
Market share percentage (for the period): |
|
|
|
Overall matched market share |
8.0% |
8.8% |
|
Tape A |
7.1% |
7.5% |
|
Tape B |
11.5% |
12.0% |
|
Tape C |
7.6% |
9.6% |
|
|
|
|
|
BYX Exchange: |
|
|
|
Average daily matched volume |
113.2 |
187.3 |
|
Total notional value traded for the month |
$90,126.6 |
$106,924.9 |
|
Market share percentage (for the period): |
|
|
|
Overall matched market share |
1.9% |
3.1% |
|
Tape A |
1.8% |
3.3% |
|
Tape B |
2.6% |
2.6% |
|
Tape C |
1.8% |
3.1% |
|
|
|
|
|
BATS 1000 Index (a broad-based U.S. equities market benchmark) |
20,823.08 (12/31/13 close) |
16,044.89 (12/31/12 close) |
Additional U.S. Equities Highlights
- During December 2013, the BATS BZX Exchange ranked 1st or 2nd in quality of trading in 64% of the stocks in the S&P 500® Index, as measured by effective spread, according to the BATS market quality statistics. The BZX Exchange also had the lowest effective spread in 11 of the top 25 exchange traded products.
- For the year, the BATS 1000 Index was up 29.8%, or 4,778.19 points.
|
U.S. Equity Options (BATS Options) |
||||
|
|
December 2013 |
December 2012 |
||
|
|
Contracts |
Market share |
Contracts |
Market share |
|
Average daily matched volume |
324,423 |
2.3% |
538,725 |
3.5% |
|
European Equities2 (BATS Chi-X Europe) |
||
|
|
December 2013 |
December 2012 |
|
|
(In millions, except percentage) |
|
|
Total notional value |
€131,113.3 |
€ 112,177.5 |
|
Average daily notional value |
€6,555.7 |
€ 5,904.1 |
|
Displayed average daily notional value |
€5,995.8 |
€ 5,512.9 |
|
Non-displayed3 average daily notional value |
€559.9 |
€ 391.2 |
|
Overall European market share |
21.7% |
23.7% |
|
BATS Chi-X Europe: Market share by market (for the period): |
||
|
|
December 2013 |
December 2012 |
|
London market overall |
25.4% |
29.5% |
|
FTSE 100 securities |
28.5% |
33.5% |
|
FTSE 250 securities |
19.2% |
25.2% |
|
|
|
|
|
Nordic market overall |
25.1% |
25.4% |
|
Helsinki OMXH25 securities |
26.4% |
24.0% |
|
Stockholm OMXS30 securities |
27.6% |
28.6% |
|
Copenhagen OMXC20 securities |
23.3% |
24.7% |
|
Oslo OBX securities |
22.9% |
20.3% |
|
|
|
|
|
Frankfurt market overall |
21.9% |
24.3% |
|
DAX 30 securities |
23.7% |
25.5% |
|
MDAX securities |
21.1% |
26.2% |
|
SDAX securities |
9.0% |
24.3% |
|
|
|
|
|
Zurich market overall |
20.0% |
23.3% |
|
SMI securities |
22.1% |
25.5% |
|
SMIM securities |
17.9% |
16.3% |
|
|
|
|
|
Paris market overall |
22.4% |
24.4% |
|
CAC 40 securities |
23.3% |
25.9% |
|
CAC Next20 securities |
23.0% |
24.1% |
|
|
|
|
|
Brussels market overall |
22.0% |
23.8% |
|
BEL 20 securities |
23.5% |
23.6% |
|
|
|
|
|
Amsterdam market overall |
20.9% |
25.3% |
|
AEX securities |
21.6% |
26.1% |
|
AMX securities |
16.3% |
19.6% |
|
|
|
|
|
Vienna market overall |
15.3% |
13.5% |
|
ATX securities |
15.9% |
13.8% |
|
|
|
|
|
Milan market overall |
13.2% |
15.1% |
|
FTSE MIB securities |
14.3% |
16.0% |
|
|
|
|
|
Madrid market overall |
15.1% |
3.2% |
|
IBEX 35 securities |
15.9% |
3.3% |
|
|
|
|
|
Lisbon market overall |
8.6% |
13.4% |
|
PSI-20 securities |
9.1% |
13.5% |
|
|
|
|
|
Dublin market overall |
6.4% |
5.4% |
|
ISEQ 20 securities |
6.5% |
5.4% |
|
Key Indices EUROSTOXX 50 securities |
21.3% |
21.1% |
|
FTSE RIOB |
9.8% |
4.9% |
|
|
|
|
2 Represent consolidated figures for BATS Europe (BXE) and Chi-X Europe (CXE) lit and dark books, unless otherwise noted.
3 BXE and CXE non-displayed order books.
