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BATS Global Markets March 2015 Update: Reports Another Record Monthin U.S. Options with 9.4% Market Share; 20.8% U.S. Equities MarketShare, 23.3% European Equities Market Share


    BATS Global Markets (BATS) today reported March volume, market share, and monthly highlights including its best month on record for U.S. Options market share. BATS Options reported 9.4% market share, up from 4.1% one year ago and surpassing the previous monthly market share record of 8.8% set in January 2015.

    Additionally, in Europe, BXTR, BATS Chi-X Europe’s trade reporting facility, had its most successful month ever with more than €471.1 billion reported in total during March, an average of €21.4 billion each trading day. Other monthly highlights include:

    • BATS reported U.S. equities market share of 20.8% in March, up from 19.9% one year ago. Average daily matched volume on the BATS Exchanges was 1.39 billion shares vs. 1.37 billion a year ago.
    • Also in the U.S., BATS Options reported five days in March where market share topped 10.0%. The strongest market share day during the month was March 23rd when BATS Options recorded 10.42% market share.
    • In Europe, BATS Chi-X Europe – the region’s largest equities exchange – reported 23.3% overall market share, up from 20.4% one year ago. Average daily notional value traded during March was €12.9 billion, up 45.6% year-on-year. Year-on-year, monthly market share rose in 13 of the 15 markets BATS Chi-X Europe covers.
    • BATS completed its acquisition of the Hotspot FX market on March 13th and also announced on March 24th that it would launch a London-based matching engine for this market later this year.
    • Hotspot posted average daily volume of $31.5 billion in March, up from $26.3 billion in February. Total volume traded on Hotspot in March was $692.3 billion, up from $525.7 billion in February.
    • BATS welcomed another new exchange-traded fund (ETF) to its U.S. listings market. The iShares Short Maturity Municipal Bond ETF commenced trading on March 5th.
    • The company remains on schedule to move the BATS Options exchange, along with the BZX and BYX Exchanges, from the NJ2 data center in Weehawken, NJ to the Equinix NY5 data center in Secaucus, NJ. BATS Options will move to the NY5 data center on Monday, April 13, 2015 and the BZX and BYX Exchanges will move on Monday, May 4, 2015. Additional information is available at bats.com/ny5migration.
    • On March 10th, BATS announced that Kapil Rathi had joined the firm as Vice President, Options Business Strategy, and will oversee business and product development, and competitive strategy for BATS Options.
    • As previously announced, Chris Concannon became Chief Executive Officer of BATS Global Markets on March 31st and Joe Ratterman assumed the role of Chairman of the board.

    March 2015 Volume and Market Share Highlights

    U.S. Equities (BATS Exchanges – BZX, BYX, EDGA, EDGX)   March 2015 Overall Industry – Average Daily Consolidated Volume   6.68 billion shares BATS Exchanges – Matched Market Share   20.8% BATS Exchanges – Average Daily Matched Volume   1.39 billion shares U.S. Equity Options (BATS Options)     BATS Options – Matched Market Share   9.4% BATS Options – Average Daily Matched Volume   1,407,634 contracts European Equities (BATS Chi-X Europe)     Pan-European Consolidated Volume1 – Average Daily Notional Value   €55.3 billion BATS Chi-X Europe – Overall European Market Share   23.3% BATS Chi-X Europe – Total Notional Value Traded   €284.2 billion BATS Chi-X Europe – Average Daily Notional Value   €12.9 billion European Trade Reporting (BXTR)     BXTR – Total Notional Value Reported   €471.1 billion BXTR – Average Daily Notional Value Reported   €21.4 billion Foreign Exchange (Hotspot)     Total Volume Traded (U.S. Dollar)   $692.3 billion Average Daily Volume (ADV)   $31.5 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, European equities, and Foreign Exchange (FX) – is outlined below.

    U.S. Equities – BATS Exchanges Volume and Market Share Statistics

    Market Quality Statistics

    • During March, the BZX Exchange ranked 1st or 2nd in quality of trading in 79% of the stocks in the S&P 500® Index, up from 67% in February, as measured by effective spread, according to the BATS market quality statistics.
    • Combined, the BATS Exchanges – BYX, BZX, EDGA, EDGX – had the lowest effective spread in 28 of the top 50 exchange-traded products, up from 25 of the top 50 in February.
    BATS Exchanges (BYX, BZX, EDGA, EDGX) – Market Volume Summary, Volume, and Statistics     March 2015   March 2014 BATS Exchanges percentage of overall U.S. equities market share   20.8%   19.9% Average daily volume (ADV) traded on BATS Exchanges   1.39 billion shares   1.37 billion shares Total industry volume   6.68 billion shares   6.89 billion shares Total notional value traded on BATS Exchanges   $1.21 trillion   $1.1 trillion Average daily notional value traded on BATS Exchanges   $55.1 billion   $53.8 billion BATS overall market share – Tape A securities   18.5%   17.7% BATS overall market share – Tape B securities   25.0%   25.7% BATS overall market share – Tape C securities   22.0%   20.3% BATS overall market share in ETF trading2   25.3%   26.6% BATS 1000 Index monthly performance and close   -1.7%   +0.6%   22,970.77   21,110.68

    2Based on ArcaVision.com data

    To track U.S. equities market share for all major 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 March were the Standard & Poor’s Depositary Receipt ETF Trust (SPY), Apple Inc. (AAPL), Facebook Inc. (FB), iShares Russell 2000 Index ETF (IWM), and the iPath S&P 500 VIX Short-Term Futures ETN (VXX).
    BATS Options Market Share and Volume     March 2015   March 2014 Average daily matched volume (contracts)   1,407,634   684,939 Average daily matched volume (market share)   9.4%   4.1%

    To track U.S. options market share for all major 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 exchanges and other venues, please view the BATS Pan-European Market Volume Summary.

    BATS Chi-X Europe Market Share by Market 3
    (In millions, except percentages)

        March 2015   March 2014 BATS Chi-X Europe overall market share   23.3%  

    20.4%

    BATS Chi-X Europe Average daily notional value   €12,918.4   €8,871.3 Displayed average daily notional value   €11,698.4   €8,053.8 Non-displayed4 average daily notional value   €1,220.0   €817.5 London market overall   23.5%   22.4% FTSE 100 securities   25.0%   25.2% FTSE 250 securities   21.8%   20.4% Paris market overall   27.2%   20.8% CAC 40 securities   27.8%   21.5% CAC Next20 securities   29.3%   21.0% Frankfurt market overall   26.2%   23.4% DAX 30 securities   27.4%   25.4% MDAX securities   29.4%   19.7% TecDAX securities   22.6%   15.3% Amsterdam market overall   25.7%   20.1% AEX securities   26.6%   20.7% AMX securities   22.2%   17.2% Brussels market overall   26.6%   20.7% BEL 20 securities   27.6%   22.0% Milan market overall   14.4%   11.8% FTSE MIB securities   15.5%   12.7% Zurich market overall   19.3%   19.9% SMI securities   21.0%   21.7% SMIM securities   20.5%   18.2% Nordic market overall   25.0%   22.9% Helsinki OMXH25 securities   27.4%   25.6% Stockholm OMXS30 securities   27.2%   23.7% Copenhagen OMXC20 securities   23.6%   21.5% Oslo OBX securities   23.4%   23.7% Vienna market overall   20.1%   18.5% ATX securities   21.1%   19.3% Lisbon market overall   12.9%   7.8% PSI-20 securities   13.0%   8.0% Dublin market overall   13.0%   6.8% ISEQ 20 securities   13.0%   6.9% Madrid market overall   20.5%   16.1% IBEX 35 securities   21.5%   16.7% Key Indices         EUROSTOXX 50 securities   24.4%   21.0% FTSE RIOB   7.0%   7.4%

    3Represent consolidated figures for BXE and CXE lit and dark books, unless otherwise noted.

    4BXE and CXE non-displayed order books.

    Foreign Exchange – Hotspot Volume and Market Share Statistics5

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

    Hotspot Market Statistics     March 2015   March 2014 Total Volume Traded (U.S. Dollar)   $692.3 billion   $673.9 billion Average Daily Volume (ADV)   $31.5 billion   $32.1 billion Number of Trading Days   22   21   Hotspot Volume Percentage Breakdown     March 2015   March 2014 Americas   44.9%   44.2% Europe   41.3%   41.4% Asia   13.7%   14.4%   Top Five currency pairs in March by volume percentage Currency Pair   Percentage EUR/USD   32.2% USD/JPY   14.8% GBP/USD   11.8% AUD/USD   8.8% USD/CAD   7.6%

    5Market 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 operator of exchanges and services for financial markets around the globe, 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. 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. Globally, BATS serves the foreign exchange (FX) market, the world’s largest asset class, operating 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.