BATS Global Markets Reports Record U.S. Equity and Options Market Share in August; European Equities Market Share Reaches 25.0%
BATS Global Markets (BATS) today reported August data and highlights including record market share in both its U.S. equities and U.S. options businesses.
In U.S. equities, BATS reported market share of 22.0% in August, surpassing the previous record of 21.4% set in October 2014, and increasing from 21.0% in July. Average daily matched volume on the BATS Exchanges was 1.74 billion shares, up from 1.07 billion shares one year ago. BATS also remained the #1 U.S. market for exchange-traded fund (ETF) trading in August, executing 27.0% of all ETF volume.
In U.S. options, BATS reported market share of 10.9% in August, surpassing the previous record of 10.8% set in July 2015. In August, BATS was also the market leader in single-leg equity option trades with 17.3% market share, up from 16.9% in July when BATS was also the market leader1. BATS set a one-day record of 4.5 million contracts traded on August 21 and a one-day market share record of 12.4% on August 28.
In Europe, BATS Chi-X Europe recorded its second-best market share month in 2015 at 25.0%. On August 24, the exchange registered a new record in notional value traded of €28.3 billion and BXTR, the company’s trade reporting facility, remained #1 in Europe, with €341.5 billion reported, an average of €16.3 billion per trading day.
Hotspot, BATS’ institutional spot foreign exchange market, posted average daily volume of $28.3 billion in August vs. $28.9 billion one year ago. Total volume traded on Hotspot in August was $594.3 billion (21 trading days) vs. $606.9 billion one year ago (21 trading days).
In all, the BATS markets executed $129.3 billion of notional volume per day in August.
August 2015 Volume and Market Share Overview
|U.S. Equities (BATS Exchanges – BZX, BYX, EDGA, EDGX)||August 2015|
|Overall Industry – Average Daily Consolidated Volume||7.92 billion shares|
|BATS Exchanges – Matched Market Share||22.0%|
|BATS Exchanges – Average Daily Matched Volume||1.74 billion shares|
|U.S. Equity Options (BATS Options)|
|BATS Options (BZX Options) – Matched Market Share||10.9%|
|BATS Options (BZX Options) – Average Daily Matched Volume||2,178,052 contracts|
|European Equities (BATS Chi-X Europe)|
|Pan-European Consolidated Volume2 – Average Daily Notional Value||€51.8 billion|
|BATS Chi-X Europe – Overall European Market Share||25.0%|
|BATS Chi-X Europe – Total Notional Value Traded||€271.5 billion|
|BATS Chi-X Europe – Average Daily Notional Value||€12.9 billion|
European Trade Reporting (BXTR)
|BXTR – Total Notional Value Reported||€341.5 billion|
|BXTR – Average Daily Notional Value Reported||€16.3 billion|
|Foreign Exchange (Hotspot)|
|Total Volume Traded (U.S. Dollar)||$594.3 billion|
|Average Daily Volume (ADV)||$28.3 billion|
Source: Trade Alert data
2 Based on BATS Chi-X Europe market coverage, available at www.batstrading.co.uk
Additional monthly highlights are outlined below by business line.
U.S. Equities and Options – Highlights, Volume and Market Share Statistics
- On August 10, BATS received SEC approval for its second U.S. options market, EDGX Options, which it is on schedule to launch on November 2, 2015.
- During August, the BZX Exchange ranked 1st or 2nd in quality of trading in 62% 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 64 of the top 100 exchange-traded products in August.
- The five most actively-traded options classes on BZX Options during August were the Standard & Poor’s Depositary Receipt ETF Trust (SPY), Apple Inc. (AAPL), PowerShares QQQ Trust, Series 1 ETF (QQQ), iShares Russell 2000 Index ETF (IWM), and Facebook Inc. (FB).
|U.S. EQUITIES: BATS Exchanges (BYX, BZX, EDGA, EDGX) Volume and Market Share|
|August 2015||August 2014|
|BATS Exchanges percentage of overall U.S. equities market share||22.0%||20.5%|
|Average daily volume (ADV) traded on BATS Exchanges||1.74 billion shares||1.07 billion shares|
|Total industry volume||7.92 billion shares||5.24 billion shares|
|Total notional value traded on BATS Exchanges||$1.43 trillion||$916.0 billion|
|Average daily notional value traded on BATS Exchanges||$67.9 billion||$43.6 billion|
|BATS overall market share – Tape A securities||19.2%||18.4%|
|BATS overall market share – Tape B securities||26.9%||25.0%|
|BATS overall market share – Tape C securities||23.3%||21.7%|
|BATS overall market share in ETF trading||27.0%||25.9%3|
|BATS 1000 Index monthly performance and close||
3 ETF data is sequential
For additional U.S. equities market volume information: BATS U.S. Equities Market Volume Summary
|U.S. OPTIONS: BATS Options Volume and Market Share|
|August 2015||August 2014|
|Average daily matched volume (contracts)||2,178,052||793,542|
|Average daily matched volume (market share)||10.9%||5.3%|
For additional U.S. Options market volume information:
U.S. Options Market Volume Summary
European Equities – BATS Chi-X Europe Highlights, Volume and Market Share Statistics
BATS Chi-X Europe Market Share by Market
(In millions, except percentages)
|August 2015||August 2014|
|BATS Chi-X Europe overall market share||25.0%||22.1%|
|BATS Chi-X Europe Average daily notional value||€ 12,929.4||€7,392.5|
|Displayed average daily notional value||€ 11,690.2||€6,691.6|
|Non-displayed5 average daily notional value||€ 1,239.2||€700.9|
|London market overall||25.5%||23.8%|
|FTSE 100 securities||27.0%||25.8%|
|FTSE 250 securities||24.1%||21.4%|
|Paris market overall||27.2%||23.3%|
|CAC 40 securities||28.3%||23.6%|
|CAC Next20 securities||27.0%||24.6%|
|Frankfurt market overall||29.1%||26.3%|
|DAX 30 securities||30.8%||28.6%|
|Amsterdam market overall||25.4%||21.3%|
|Brussels market overall||26.1%||22.7%|
|BEL 20 securities||25.4%||22.7%|
|Milan market overall||16.1%||15.4%|
|FTSE MIB securities||17.3%||16.2%|
|Zurich market overall||23.5%||19.3%|
|Nordic market overall||22.5%||23.1%|
|Helsinki OMXH25 securities||28.3%||25.4%|
|Stockholm OMXS30 securities||24.3%||25.4%|
|Copenhagen OMXC20 securities||22.4%||21.3%|
|Oslo OBX securities||19.1%||20.9%|
|Vienna market overall||17.3%||18.2%|
|Lisbon market overall||18.1%||10.5%|
|Dublin market overall||13.7%||8.9%|
|ISEQ 20 securities||13.8%||8.9%|
|Madrid market overall||23.6%||14.7%|
|IBEX 35 securities||24.4%||15.5%|
|EUROSTOXX 50 securities||26.8%||23.0%|
Represent consolidated figures for BXE and CXE
lit and dark books, unless otherwise noted.
5 BXE and CXE non-displayed order books.
For additional European equities market volume information: BATS Pan-European Market Volume Summary
Foreign Exchange – Hotspot Highlights, Volume and Market Share Statistics 6
Hotspot daily, monthly, and quarterly volumes are posted on the Hotspot website.
- Hotspot remains on schedule to launch its new London matching engine in the Equinix LD4 data center on Monday, September 14, 2015. Hotspot will offer free trading on the London matching engine through the end of this year.
- Hotspot will also be migrating its U.S. matching engine to the Equinix NY5 data center on Monday, November 9, 2015.
|Hotspot Market Statistics|
|August 2015||August 2014|
|Total Volume Traded (U.S. Dollar)||$594.3 billion||$606.9 billion|
|Average Daily Volume (ADV)||$28.3 billion||$28.9 billion|
|Number of Trading Days||21||21|
|Hotspot Volume Percentage Breakdown|
|August 2015||August 2014|
|Top Five currency pairs in August by volume percentage|
6 Market share figures are for full month. BATS closed its acquisition of Hotspot on March 13, 2015. Hotspot volumes represent the notional value in U.S. dollars of all trades executed on the platform, counting one side of the transaction. Hotspot Volume Percentage Breakdown is based on the times at which the trades were executed, based on EST (i.e. EST: Asia: 5pm-2am, Europe: 2am-9am, US: 9am-5pm).
About BATS Global Markets, Inc.
BATS Global Markets, Inc., a leading global operator of exchanges and services for financial markets, is committed to Making Markets Better for traders, investors and issuers. In Europe, BATS operates the largest pan-European equities exchange, offering trading and listing services across 15 major European markets, as well as BXTR, the continent’s largest trade reporting facility. 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 a listing venue for ETFs and other structured products, also operates a U.S. equity options market, BATS BZX Options, and is launching BATS EDGX Options later in 2015. Globally, BATS serves the foreign exchange (FX) market, the world’s largest asset class, with Hotspot, a leading institutional spot foreign exchange market. With its world-class 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 New York, London, Chicago and Singapore. Further information on BATS can be found at www.bats.com and by following us on Twitter @BATSGlobal.
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