BATS Global Markets Sets Full-Year Market Share Records in U.S. Equities, Options, and Remains #1 in Europe Equities
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 |
1 Based 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 pro forma 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 selected Equinix’s NY5 data center 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 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 2013 2 | |||||
| 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 |
||||
2
BATS BZX and BYX Exchange data only
3
Based
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% | |||||
2
Represent consolidated figures for BXE and CXE lit
and dark books, unless otherwise noted.
3
BXE 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 Chicago, the New York area and London. Further information on BATS can be found at www.bats.com and by following us on Twitter @BATSGlobal.
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Contact information
BATS Global Markets, Inc.
MEDIA:
Jim Gorman (NYC),
+1.201.942.8234
Stacie Fleming (KC), +1.913.815.7193
Hannah
Randall (London), +44.207.012.8950
comms@bats.com
or
ANALYSTS:
Randy
Williams (NYC), +1.212.378.8522
rwilliams@bats.com
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