BATS Global Markets (BATS), a global operator of securities and derivatives markets, today reported its best month ever in U.S. equity options market share with 2.9% matched market share in March 2011. The company’s equities business in the U.S. and Europe also had a strong month, reporting matched market share of 11.1% and 5.9%, respectively.
BATS operates two stock exchanges in the U.S., the BATS BZX Exchange and BYX Exchange; BATS Options, a U.S. equity options market; and BATS Europe, an FSA-authorised multilateral trading facility in Europe. March 2011 highlights for each of these markets are outlined below.
BATS U.S. equities markets:
- · BATS U.S. equities market share of 11.1% was the third best month in company’s history. The company’s best month was May 2010 when the company reported 11.4% matched market share.
- · BATS U.S. equities average daily matched volume of 873.3 million shares in March 2011 was up 10.7% over March 2010 when it reported 788.8 million shares.
- · BATS BYX Exchange, the company’s second U.S. equities exchange that launched in October 2010, reported 2.0% matched market share, the first time the exchange exceeded 2.0% market share in a month.
BATS Options:
- · BATS Options average daily matched volume in March 2011 of 448,288 contracts was an increase of 46.5% over February 2011.
- · BATS Options touched market share, the standard industry measurement, was 2.9%, up from 2.0% in February 2011.
- · BATS Options set a one-day matched volume record of 760,947 contracts on March 16.
BATS Europe:
- · BATS Europe reported overall European market share of 5.9% in March versus 5.3% a year ago.
- · BATS Europe recorded new consolidated monthly market share records in Germany’s DAX (7.2%) and Paris’ CAC Next20 (7.0%).
Additional company news:
- March was highlighted by the announcement that BATS will launch a U.S. primary listings business in the fourth quarter of this year. The new listings venue will create a competitive alternative to the incumbent exchanges which offer listings services for companies considering the IPO process.
- In March, the company also announced it had hired a new chief financial officer, Brian Schell, a 20-year financial services veteran.
- BATS, which announced in February it intends to acquire Chi-X Europe, continues to expect that the transaction will close in the second quarter of 2011, pending regulatory approvals.
- Among global equities markets operators in February 2011, BATS remained the third-largest in the world after NYSE and NASDAQ in terms of value of shares traded, well ahead of competitors in Tokyo, China, London and Germany. (March 2011 information for international exchanges is not yet available.)
- In February 2011, all three of BATS’ market centers ranked in the top 25 largest, in terms of notional value traded, in the world: the BZX Exchange was ranked #4, BATS Europe was ranked #22, and the BYX Exchange was ranked #23. (March 2011 information for international exchanges is not yet available.)
- The BATS 1000 SM Index increased 0.8% in March ending the month at 15,137.15. The Index offers a listings-neutral, broad snapshot of the U.S. equities marketplace by tracking the performance of 1,000 securities classified in 10 important industry sectors.
A breakdown of March volume and market share for each market center is outlined below:
U.S. Equities*: |
March |
|
|
2011 |
2010** |
The BATS Exchanges (BZX & BYX combined) |
(In millions, except percentages) |
|
Average daily matched volume |
873.3 |
788.8 |
Total notional value traded for the month |
$682,062.9 |
$538,303.9 |
Market share percentage (for the period): |
|
|
Tape A |
9.0% |
7.5% |
Tape B |
16.0% |
15.6% |
Tape C |
12.0% |
10.3% |
Overall matched market share |
11.1% |
9.5% |
|
|
|
Volume By Exchange:
|
|
|
BZX Exchange: |
|
|
Average daily matched volume |
715.3 |
788.8 |
Total notional value traded for the month |
$586,483.4 |
$538,303.9 |
Market share percentage (for the period): |
|
|
Tape A |
6.8% |
7.5% |
Tape B |
14.5% |
15.6% |
Tape C |
10.0% |
10.3% |
Overall matched market share |
9.1% |
9.5% |
|
|
|
BYX Exchange: |
|
|
Average daily matched volume |
158.0 |
N/A |
Total notional value traded for the month |
$95,579.5 |
N/A |
Market share percentage (for the period): |
|
|
Tape A |
2.2% |
N/A |
Tape B |
1.5% |
N/A |
Tape C |
2.0% |
N/A |
Overall matched market share |
2.0% |
N/A |
|
|
|
*Volume and notional figures exclude odd-lots
**2010 figures reflect BZX volume only, as BYX was launched in October 2010.
BATS Options:
|
March |
|||||
|
2011 |
2010*** |
||||
|
Contracts |
Market share |
Internal Match Rate |
Contracts |
Market share |
Internal Match Rate |
Average daily matched volume |
448,288 |
2.9% |
85.5% |
N/A |
N/A |
N/A |
Average daily touched volume |
524,097 |
2.9% |
|
N/A |
N/A |
|
***BATS Options was launched in February 2010 and completed its rollout of all symbols in May 2010.
BATS Europe****:
|
March |
|
|
2011 |
2010 |
|
(In millions, except percentage) |
|
Average daily notional value traded |
€ 2,576.73 |
€ 1,727.8 |
Total notional value for the month |
€ 60,580.51 |
€39,967.4 |
Average daily notional value for BATS Europe Dark Pool |
€ 138.02 |
€ 47.5 |
|
|
|
Pan-European market share percentage (for the period):
|
|
|
Overall European market share |
5.9% |
5.3% |
STOXX 50 securities |
6.7% |
6.1% |
|
|
|
London market overall |
8.3% |
8.7% |
FTSE 100 securities |
9.6% |
9.2% |
FTSE 250 securities |
5.9% |
6.2% |
|
|
|
Paris market overall |
5.2% |
4.3% |
CAC 40 securities |
5.5% |
4.8% |
CAC Next20 securities |
7.0%1 |
2.8% |
|
|
|
Frankfurt market overall |
6.6% |
4.3% |
DAX 30 securities |
7.2%1 |
4.8% |
MDAX securities |
5.6%2 |
2.4% |
|
|
|
Amsterdam market overall |
5.7% |
4.9% |
AEX securities |
5.9% |
5.1% |
|
|
|
Brussels market overall |
5.5% |
3.2% |
BEL 20 securities |
5.2% |
3.6% |
|
|
|
Milan market overall |
4.7% |
6.0% |
FTSE MIB securities |
4.8% |
6.3% |
|
|
|
Zurich market overall |
7.8% |
5.9% |
SMI securities |
8.3% |
6.3% |
SMIM securities |
4.5% |
2.2% |
|
|
|
Nordic market overall |
4.8% |
3.1% |
Helsinki OMXH25 securities |
8.2% |
4.5% |
Stockholm OMXS30 securities |
4.7% |
4.2% |
Copenhagen OMXC20 securities |
4.8% |
1.4% |
Oslo OBX securities |
3.0% |
0.7% |
|
|
|
Additional markets: |
|
|
Lisbon market overall |
2.9% |
0.7% |
Vienna market overall |
0.9% |
0.0% |
(1) New Record; (2) 2nd highest in firm history; (3) 3rd highest in firm history
****Figures represent consolidated figures (lit and dark books), unless otherwise noted.
To track U.S. and Europe market share for all major trading exchanges and other venues, please visit:
U.S. Equities – http://batstrading.com/market_summary/
U.S. Options – http://www.batsoptions.com/market_summary/
Europe Equities – http://www.batstrading.co.uk/market_data/market_share/index/