Bats Global Market (BATS) Report Strong August Data; 21.1% U.S. Market Share

September 13, 2016 7:02 AM EDT
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Bats Global Markets, Inc. (Bats: BATS) reported August data and highlights, including strong market share across all of its markets for the month.

Highlights for August include:

  • Maintaining its position as the second-largest U.S. Equities market operator with 21.1% market share;
  • Retaining its position as the largest European stock exchange with 23.4% market share and the largest trade reporting facility with €307.8 billion reported to BXTR for the month;
  • Remaining the #1 U.S. market operator for ETF trading, executing 24.1% of all volume during the month. In addition, Bats has won 26% of all new U.S. ETF listings year-to-date vs only 9% for full-year 2015;
  • Unveiling plans to launch Bats LIS, powered by BIDS Trading, a new block trading service for the European equity market;
  • Announcing plans to acquire Javelin Swap Execution Facility, accelerating Bats’ plans to offer the trading of non-deliverable forwards for the FX market;
  • Announcing plans to launch the Bats Auction Mechanism (BAM), new functionality that provides price improvement opportunities for orders sent to EDGX Options;
  • Working with Nasdaq and NYSE to strengthen U.S. equity markets through the harmonization of key functions;
  • Boosting ETP market incentive plan for market makers who play pivotal role throughout lifecycle of ETPs;
  • Recording more than $93 billion of notional value per day touched by the Bats markets in August, including trades reported to BXTR.

August 2016 Volume and Market Share Overview

U.S. Equities (Bats Exchanges – BZX, BYX, EDGA, EDGX) August 2016
Bats Exchanges – Overall market share 21.1%
Bats Exchanges – Average daily matched volume (shares) 1.29 billion
Overall Industry – Average daily consolidated volume (shares) 6.12 billion
U.S. Equity Options (Bats Options – BZX Options + EDGX Options)
Bats Options – Overall market share 10.7%
Bats Options – Average daily matched volume (contracts) 1,467,487
Overall Industry – Avery daily consolidated volume (contracts) 13,772,381
Foreign Exchange (Bats Hotspot)
Total volume traded $520.5 billion
Average daily volume (ADV) $22.6 billion
European Equities (Bats Europe Equities )
Bats Europe – Overall European market share 23.4%
Bats Europe – Average daily notional value €8.1 billion

Pan-European Consolidated Volume1 – Average daily notional value

€34.5 billion
European Trade Reporting (BXTR)
BXTR – Total notional value reported €307.8 billion
BXTR – Average daily notional value reported €13.4 billion

Highlights for the month of August are outlined below by business line.

U.S. EQUITIES: Bats Exchanges (BYX, BZX, EDGA, EDGX) Volume & Market Share

  • During August, the BZX Exchange ranked 1st or 2nd in quality of trading in 44.6% of the stocks in the S&P 500® Index, as measured by effective spread, according to the Bats market quality statistics.
  • Combined, the Bats Exchanges had the lowest effective spread in 43% of the top 100 exchange-traded products in August.
August 2016 August 2015
Bats Exchanges – Overall market share 21.1% 22.0%
Bats Exchanges – Average daily volume traded (shares) 1.29 billion 1.74 billion
Bats Exchanges – Average daily notional value traded $46.3 billion $67.9 billion
Bats Exchanges – Total notional value traded for month $1.06 trillion $1.43 trillion
Bats Exchanges market share – Tape A securities 19.6% 19.2%
Bats Exchanges market share – Tape B securities 23.9% 26.9%
Bats Exchanges market share – Tape C securities 22.0% 23.3%
Bats Exchanges market share in ETF trading 24.1% 27.1%

For additional U.S. equities market volume information: Bats U.S. Equities Market Volume Summary

U.S. OPTIONS: Bats Options (BZX Options + EDGX Options) Volume & Market Share

August 2016 August 2015
Bats Options – Overall market share 10.7% 10.9%
BZX Options – Market share 9.7% 10.9%
EDGX Options – Market share 0.9% N/A
Bats Options – Overall average daily volume (contracts) 1,467,487 2,178,052
BZX Options – Average daily volume 1,341,880 2,178,052
EDGX Options – Average daily volume 125,607 N/A

For additional U.S. Options market volume information: Bats U.S. Options Market Volume Summary

FOREIGN EXCHANGE: Hotspot Highlights, Volume & Market Share Statistics2

Hotspot Market Statistics August 2016 August 2015
Total volume traded $520.5 billion $594.3 billion
Average daily volume (ADV) $22.6 billion $28.3 billion
Number of trading days 23 21
Hotspot Volume Percentage Breakdown
Europe 41.8% 41.0%
Americas 41.9% 43.5%
Asia 16.2% 15.5%
Top Five Currency Pairs by Volume Percentage
EUR/USD 23.6% 24.3%
USD/JPY 14.1% 17.8%
GBP/USD 11.1% 11.8%
AUD/USD 10.0% 9.3%
USD/CAD 8.5% 8.1%

Hotspot daily, monthly, and quarterly volumes are posted on the Hotspot website.

EUROPEAN EQUITIES: Bats Europe + BXTR Volume & Market Share3

  • According to Bats statistics on market size, 39.0% of all equity transactions in Europe (either traded on exchange or OTC) touched Bats’ systems in August.
  • A total of €93 million was traded in the Periodic Auctions book in August, including hundreds of trades in excess of €50,000, as well as some trades in excess of €100,000.
August 2016 August 2015
Bats Europe – Overall market share 23.4% 25.0%
Bats Europe – Average daily notional value traded €8.05 billion €12.9 billion
Displayed average daily notional value €7.2 billion €11.7 billion

Non-displayed4 average daily notional value

€840.8 million €1.2 billion
Bats Europe – Total notional value traded €185.2 billion €271.5 billion
BXTR – Total notional value reported €307.8 billion €341.0 billion
BXTR – Average daily notional value reported €13.4 billion €16.2 billion

BATS INDICES: August Monthly Performance for Key Bats Indices

Additional information is available on the Bats Indices website.

Bats UK 100 0.9%
Bats UK 250 2.9%
Bats UK All Companies 1.2%

EUROPE: Bats Europe Equities & Market Share

For additional European Equities market volume information: Bats Europe Market Volume Summary

August 2016 August 2015
London market overall 26.1% 25.5%
Bats UK 100 27.8% N/A
FTSE 100 securities 27.7% 27.0%
FTSE 250 securities 27.4% 24.1%
Paris market overall 23.0% 26.5%
CAC 40 securities 23.3% 27.1%
CAC Next20 securities 26.7% 27.6%
Frankfurt market overall 24.7% 29.1%
DAX 30 securities 25.4% 30.8%
MDAX securities 28.0% 31.8%
TecDAX securities 22.4% 24.6%
Amsterdam market overall 23.4% 25.4%
AEX securities 23.8% 26.2%
AMX securities 20.0% 20.1%
Brussels market overall 23.6% 26.1%
BEL 20 securities 21.7% 25.4%
Milan market overall 12.6% 16.1%
FTSE MIB securities 14.0% 17.3%
Zurich market overall 22.2% 23.5%
SMI securities 24.0% 25.9%
SMIM securities 22.6% 21.6%
Nordic market overall 24.3% 22.5%
Helsinki OMXH25 securities 27.7% 28.3%
Stockholm OMXS30 securities 26.0% 24.3%
Copenhagen OMXC20 securities 23.5% 22.4%
Oslo OBX securities 22.3% 19.1%
Vienna market overall 15.4% 17.3%
ATX securities 15.6% 18.0%
Lisbon market overall 21.4% 18.1%
PSI-20 securities 21.5% 18.2%
Dublin market overall 19.2% 13.7%
ISEQ 20 securities 19.2% 13.8%
Madrid market overall 23.7% 23.6%
IBEX 35 securities 24.6% 24.4%
Key Indices
EUROSTOXX 50 securities 21.8% 26.8%
FTSE RIOB 6.9% 11.2%


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