BATS Global Markets February Highlights: New Market Share Records for U.S., Spanish Equities; Merger Integration Process Moving Forward

BATS Global Markets (BATS) today reported February volume, market share, and monthly highlights:

  • BATS reported 20.4% U.S. equities market share in February, a new company record in the first month with BATS and Direct Edge combined under the BATS Global Markets brand.
  • Following the close of its merger with Direct Edge on January 31, BATS announced the combined executive team including CEO Joe Ratterman and President William O’Brien.
  • BATS also announced its data center strategy and integration timeline for the new combined organization. BATS selected Equinix’s NY5 data center in Secaucus, N.J., as its primary data center and future home to all of the BATS U.S. Exchanges. The migration of the Direct Edge Exchanges – EDGA and EDGX – will take place in January 2015, and the BATS Exchanges – BZX and BYX – will move in the second quarter of 2015.
    • Information on the integration process, including a recording of the customer integration call and presentation slides, are available at bats.com/edgeintegration and BATS will also share updates via its Twitter feed @BATSGlobal.
  • In Europe, BATS Chi-X Europe set new monthly market share records in Spain’s IBEX 35 with 19.1% market share, up 8.9% year-on-year. BATS Chi-X Europe also set new market share records in Dublin’s ISEQ 20 (at 8.4%) and Vienna’s ATX (at 20.8%). BATS Chi-X Europe remains the largest equities exchange in Europe, reporting consolidated market share of 21.9%.
  • BXTR, BATS Chi-X Europe’s pan-European trade reporting facility, reported 48.6% market share in February, according to BATS and Thomson Reuters.

“As the first month as a combined organization, February marked the beginning of a new chapter in the story of BATS Global Markets and we couldn’t be more excited about the opportunities ahead,” said BATS CEO Joe Ratterman. “We’ve listened closely to our customers and I am pleased to report that we’ve made significant progress on the integration this month with the announcement of our data center strategy and integration timeline, and we will remain laser-focused on achieving a seamless integration process for our customers in the months ahead.”

February 2014 Volume and Market Share Summary

U.S. Equities (BATS Exchanges – BZX, BYX, EDGA, EDGX)February 2014
Overall Industry – Average Daily Consolidated Volume 7.0 billion shares
BATS Exchanges – Matched Market Share 20.4%
BATS Exchanges – Average Daily Matched Volume 1.4 billion shares
U.S. Equity Options (BATS Options)
BATS Options – Matched Market Share 3.6%
BATS Options – Average Daily Matched Volume 633,237 contracts
European Equities (BATS Chi-X Europe)
Pan-European Consolidated Volume1 – Average Daily Notional Value €40.6 billion
BATS Chi-X Europe – Overall European Market Share 21.9%
BATS Chi-X Europe – Total Notional Value Traded €177.7 billion
BATS Chi-X Europe – Average Daily Notional Value €8.9 billion

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

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 February, the BATS BZX Exchange ranked 1st or 2nd in quality of trading in 69% of the stocks in the S&P 500® Index, as measured by effective spread, according to the BATS market quality statistics.
  • Together the BZX Exchange and EDGX Exchange had the lowest effective spread in 19 of the top 25 exchange-traded products.
BATS Equities Market Volume Summary
February 2014February 20132
Volume (ADV) Market Share Volume (ADV) Market Share
BATS1,425,612,37620.4%1,397,467,81621.3%
BZX 571,034,215 8.2% 601,103,258 9.1%
BYX 139,979,336 2.0% 126,305,198 1.9%
EDGA 194,932,779 2.8% 231,099,905 3.5%
EDGX 519,666,047 7.4% 438,959,455 6.7%
Total Industry Volume7,005,375,5486,577,530,174

2Based on a pro forma basis.

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.

BATS Exchanges (BZX, BYX, EDGA, EDGX) Additional Statistics
February 2014February 20132
Total notional value traded on BATS Exchanges $1.1 trillion $910.3 billion
Average daily notional value traded on BATS Exchanges $57.3 billion $47.9 billion
BATS overall market share – Tape A securities 18.1% 18.9%
BATS overall market share – Tape B securities 26.0% 25.1%
BATS overall market share – Tape C securities 21.0% 23.7%
BATS overall market share in ETF trading3 26.6% 25.2%
BATS 1000 Index monthly performance and close +4.3%

20,979.74

+1.1%

17,116.32

2Based on a pro forma basis.
3Based on ArcaVision.com data.

U.S. Equity Options – BATS Options Volume and Market Share Statistics

  • The five most actively traded options classes on BATS Options during February were the Standard & Poor’s Depositary Receipt ETF Trust (SPY), Facebook (FB), iShares Russell 2000 ETF (IWM), PowerShares QQQ Trust Series (QQQ), and iPath S&P 500 VIX Short-Term Futures ETN (VXX).
  • Beginning March 6, 2014, BATS Options will begin accepting orders for queuing at 8:00 am ET. Regular trading will begin after the Opening Process is complete.
BATS Options Market Share and Volume
February 2014February 2013
ContractsMarket shareContractsMarket Share
Average daily matched volume 633.237 3.6% 650,531 3.9%

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
February 2014February 2013
(In millions, except percentage)
BATS Chi-X Europe overall market share21.9%23.5%
BATS Chi-X Europe Average daily notional value €8,885.7 €8,006.1
Displayed average daily notional value €8,093.3 €7,437.0
Non-displayed3 average daily notional value €792.4 €569.1
London market overall23.7%29.1%
FTSE 100 securities 25.7% 32.9%
FTSE 250 securities 21.7% 22.6%
Nordic market overall23.9%25.7%
Helsinki OMXH25 securities 25.4% 25.9%
Stockholm OMXS30 securities 26.4% 29.2%
Copenhagen OMXC20 securities 21.4% 24.6%
Oslo OBX securities 23.4% 20.3%
Frankfurt market overall23.7%24.3%
DAX 30 securities 25.9% 25.6%
MDAX securities 20.4% 25.1%
SDAX securities 9.6% 4.73%
Zurich market overall21.6%22.0%
SMI securities 23.6% 23.8%
SMIM securities 18.4% 15.7%
Paris market overall22.4%24.1%
CAC 40 securities 23.6% 25.8%
CAC Next20 securities 22.0% 21.1%
Brussels market overall22.5%22.2%
BEL 20 securities 23.9% 23.3%
Amsterdam market overall21.2%24.7%
AEX securities 22.2% 25.7%
AMX securities 15.8% 17.5%
Vienna market overall20.2%16.4%
ATX securities 20.8% 16.7%
Milan market overall13.6%15.0%
FTSE MIB securities 14.9% 16.0%
Madrid market overall18.3%8.8%
IBEX 35 securities 19.1% 8.9%
Lisbon market overall9.6%13.6%
PSI-20 securities 9.9% 13.6%
Dublin market overall8.3%6.9%
ISEQ 20 securities 8.4% 6.9%
Key Indices
EUROSTOXX 50 securities 23.3% 22.4%
FTSE RIOB 8.2% 5.3%

2Represent consolidated figures for BXE and CXE lit and dark books, unless otherwise noted.
3BXE 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 the New York area and London. Further information on BATS can be found at www.bats.com and by following us on Twitter @BATSGlobal.

Contacts:

BATS Global Markets, Inc.
MEDIA:
Jim Gorman (NYC), +1-202-942-8234
or
Kelly Bailey (KC), +1-913-815-7160
or
Hannah Randall (London), +44-207-012-8950
comms@bats.com
or
ANALYSTS:
Randy Williams (NYC), +1-212-378-8522
comms@bats.com
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