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BATS Global Markets Sets Full-Year Market Share Records In U.S. Equities, Options, And Remains #1 In Europe Equities - Company Remains On Track To Complete Direct Edge Integration January 12, 2015

Date 08/01/2015

BATS Global Markets (BATS) today reported its best annual market share performance in its U.S. equities and U.S. options businesses in 2014, reporting 20.4% U.S. equities market share for the year on a pro forma basis, up from 10.4% in 2013, and 4.8% U.S. options market share for the year, up from 3.7% in 2013.

For the month of December, BATS’ U.S. equities and U.S. options businesses both delivered their second-best month on record reporting 20.8% and 6.3% market share, respectively.

In Europe, BATS averaged 21.6% pan-European equities market share for the year, maintaining its position as the largest equity market in Europe during 2014. Additionally, more than €3.7 trillion was reported to BATS’ European trade reporting facility, BXTR, during 2014 making it the largest trade reporting facility in the region. BXTR set a monthly record in May 2014 with €410.0 billion reported.

In December, BATS Chi-X Europe reported 22.0% overall market share and average daily notional value traded of €9.1 billion. Market share rose in 10 out of the 15 markets in Europe in December vs. one year ago.

For the year, overall equities industry volume in the U.S. rose 3.7% in 2014 to 6.4 billion shares a day vs. 6.2 billion in 2013 while European daily equities value traded in markets covered by BATS Chi-X Europe rose 21.8% to €39.7 billion from €32.6 billion.

 December 2014 Volume and Market Share Summary

U.S. Equities (BATS Exchanges – BZX, BYX, EDGA, EDGX)

December 2014

Overall Industry – Average Daily Consolidated Volume

6.87 billion shares

BATS Exchanges – Matched Market Share

20.8%

BATS Exchanges – Average Daily Matched Volume

1.43 billion shares

  U.S. Equity Options (BATS Options)                                                                                                                

 

BATS Options – Matched Market Share

6.3%

BATS Options – Average Daily Matched Volume

1,002,677 contracts

  European Equities (BATS Chi-X Europe)                                                                                                         

 

Pan-European Consolidated Volume1 – Average Daily Notional Value

€41.2 billion

BATS Chi-X Europe – Overall European Market Share

22.0%

BATS Chi-X Europe – Total Notional Value Traded

€190.4 billion

BATS Chi-X Europe – Average Daily Notional Value

€9.1 billion

  European Trade Reporting (BXTR)                                                                                                                   

 

BXTR – Total Notional Value Reported

€297.6 billion

BXTR – Average Daily Notional Value Reported

€14.2 billion

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

Full-Year 2014 Highlights

  • During the month of 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.
  • On November 4, BATS announced that Chris Concannon would join the firm as president. Mr. Concannon is based in New York and joined the company on December 15.

U.S.     Business

  • BATS was the second-largest U.S. equities market operator with 20.4% average market share on a proforma basis for the year.
  • BATS Options set three new monthly market share records in 2014 and average annual market share of 4.8% was up from the previous record of 3.7% set in 2013. In April, BATS Options was the lead sponsor of the annual Options Industry Conference that took place in Austin, TX.
  • On January 31, BATS completed its acquisition of Direct Edge, combining two customer-focused exchange operators to create one of the world’s largest stock market companies.
  • In February, BATS announced it had select ed Equ in ix’s N Y5 d ata ce nter in Secaucus, N.J., as its primary data center for all four or its U.S. equities exchanges – BZX, BYX, EDGA, and EDGX. The migration of the Direct Edge exchanges to BATS technology at the NY5 data center is scheduled to be completed on January 12, 2015, completing the integration process.
  • On June 26, BATS announced the signing of a a 10-year lease renewal at its Kansas City-area global headquarters, as well as plans to open a Chicago office and expand its New York City presence due to the Direct Edge acquisition.
  • BATS welcomed a new issuer, ValueShares, to the BZX Exchange. In 2014, BATS also welcomed new  ETF listings from ProShares and iShares.
  • On September 8, BATS released the BATS Order Type Guide, which describes the order types available on the BZX and BYX Exchanges in the U.S. and their functionality.

European Business

  • BATS Chi-X Europe remained the largest European equities market operator an average of 21.6% market share in 2014.
  • BATS Chi-X Europe set new monthly market share records across Europe in 2014, including in Spain’s IBEX 35 with 19.1% market share in February, up 8.9% year-on-year. BATS Chi-X Europe also set new market share records in Dublin’s ISEQ 20 (at 15.5%) and Vienna’s ATX (at 20.8%).
  • In February, the BATS Chi-X Europe announced it would be the first to introduce Market Model Typology – or MMT. The standard, which will be administered by the FIX Trading Community, aims to facilitate consistent trade reporting of post-trade data across European Union trading venues.
  • On June 9, BATS Chi-X Europe, in partnership with Euroclear Bank, announced the first exchange- traded fund (ETF) listing on BATS – iShares MSCI USA Dividend IQ UCITS ETF – with an international securities structure.
  • The European Securities and Markets Authority (ESMA) announced the composition of the Consultative Working Group for the Secondary Markets Standing Committee, with Mark Hemsley, CEO of BATS Chi- X Europe, serving for a second term.
  • BATS Chi-X Europe, with the support of issuers, market makers and brokers announced new initiatives  designed to bring more transparency to the pan-European ETF market. The exchange also announced  its partnership with the Berne Exchange, Switzerland, which will bring enhanced competition and efficiencies to the Swiss market – particularly in ETF listings and trade reporting.

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 December, the BZX Exchange ranked 1st in quality of trading in 57.8% of the stocks in the S&P 500® Index, as measured by effective spread, according to the BATS market quality statistics.
  • In December, the BZX Exchange had the lowest effective spread in 17 of the top 25 corporate issues. Combined, the BZX Exchange and EDGX Exchange had the lowest effective spread in 16 of the top 25 exchange-traded products.

  BATS Exchanges (BZX, BYX, EDGA, EDGX) – Market Volume Summary, Volume, and Statistics                                            

 

December 2014

December 20132

BATS Exchanges percentage of overall U.S. equities market share

20.8%

9.9%

Average daily volume (ADV) traded on BATS Exchanges

1.43 billion shares

576.4 million shares

Total industry volume

6.87 billion shares

5.82 million shares

Total notional value traded on BATS Exchanges

$1.25 trillion

$484.0 billion

Average daily notional value traded on BATS Exchanges

$56.8 billion

$23.0 billion

BATS overall market share – Tape A securities

19.0%

8.9%

BATS overall market share – Tape B securities

24.3%

14.1%

BATS overall market share – Tape C securities

21.5%

9.4%

BATS overall market share in ETF trading3

24.8%

15.2%

BATS 1000 Index monthly performance and close

-0.3%

22,916.95

+2.7%

20,823.08

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 December were the Standard & Poor’s Depositary Receipt ETF Trust (SPY), Apple Inc. (APPL), iShares Russell 2000 Index ETF (IWM), PowerShares QQQ Trust, Series 1 ETF (QQQ), and the iPath S&P 500 VIX Short-Term Futures ETN (VXX).

  BATS Options Market Share and Volume                                                                                                                                                 

 

December 2014

December 2013

 

Contracts

Market share

Contracts

Market Share

Average daily matched volume

1,002,677

6.3%

324,423

2.3%

 

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 Market 2

 

December 2014

December 2013

 

(In millions, except percentages)

BATS Chi-X Europe overall market share

22.0%

21.7%

BATS Chi-X Europe Average daily notional value

€9,068.1

€6,555.7

Displayed average daily notional value

€8,090.3

€5,995.8

Non-displayed3 average daily notional value

€977.8

€559.9

 

 

 

London market overall

22.6%

25.4%

FTSE 100 securities

24.6%

28.5%

FTSE 250 securities

21.2%

19.2%

Nordic market overall

24.4%

25.1%

Helsinki OMXH25 securities

25.6%

26.4%

Stockholm OMXS30 securities

27.0%

27.6%

Copenhagen OMXC20 securities

24.7%

23.3%

Oslo OBX securities

21.0%

22.9%

Frankfurt market overall

26.1%

21.9%

DAX 30 securities

27.4%

23.7%

MDAX securities

29.6%

21.1%

TecDAX securities

25.2%

14.4%

Zurich market overall

18.1%

20.0%

SMI securities

19.8%

22.0%

SMIM securities

18.7%

17.9%

Paris market overall

24.4%

22.4%

CAC 40 securities

24.8%

23.3%

CAC Next20 securities

27.3%

23.0%

Brussels market overall

25.4%

22.0%

BEL 20 securities

24.5%

23.5%

Amsterdam market overall

22.3%

20.9%

AEX securities

23.0%

21.6%

AMX securities

20.6%

16.3%

Vienna market overall

16.9%

15.3%

ATX securities

17.5%

15.9%

Milan market overall

13.5%

13.2%

FTSE MIB securities

14.0%

14.3%

Madrid market overall

18.1%

15.1%

IBEX 35 securities

18.5%

15.8%

Lisbon market overall

14.3%

8.6%

PSI-20 securities

14.4%

9.1%

Dublin market overall

11.6%

6.4%

ISEQ 20 securities

15.5%

6.5%

  Key Indices                                                                                                                                                                                                    

 

 

EUROSTOXX 50 securities

22.2%

21.3%

FTSE RIOB

7.6%

9.8%

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

3BXE and CXE non-displayed order books.