Market Overview

Bats Reports Strong U.S. Equities Market Share of 21.4% in February; Tops 70 ETFs Listed on Bats ETF Marketplace

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KANSAS CITY, Mo., NEW YORK & LONDON--(BUSINESS WIRE)--

Bats Global Markets (Bats) today reported February data. Highlights include the third-best month on record for its U.S. Equities business with 21.4% market share, as well as continued market share strength in its U.S. Options and European Equities businesses.

Additionally, Bats welcomed three new ETFs to its U.S. market in February bringing the total number of ETFs listed on Bats to 70. Bats remained the #1 U.S. market operator for ETF trading as well, executing 26.2% of all February volume.

The company reported 10.4% U.S. Options market share vs. 8.2% a year prior. Bats' European Equities business recorded 23.7% market share, unchanged from a year prior. In U.S. Equities, the 21.4% market share in February compares to 20.7% in the year prior period.

Bats' European trade reporting facility, BXTR, remained the largest trade reporting facility in the region with more than €408.4bn reported during the month. This represents an increase of 10.8% from February 2015.

Hotspot, Bats' institutional spot foreign exchange market, posted average daily volume of $32.6 billion in February vs. $26.3 billion a year prior, an increase of more than 24%.

In all, the Bats markets executed $133.8 billion of notional value per day in February.

February 2016 Volume and Market Share Overview

       
U.S. Equities (Bats Exchanges – BZX, BYX, EDGA, EDGX)     February 2016
Bats Exchanges – Overall market share     21.4%
Bats Exchanges – Average daily matched volume (shares)     1.88 billion
Overall Industry – Average daily consolidated volume (shares)     8.79 billion
U.S. Equity Options (Bats Options – BZX Options + EDGX Options)      
Bats Options – Overall market share     10.4%
Bats Options – Average daily matched volume (contracts)     1,697,871
Overall Industry – Avery daily consolidated volume (contracts)     16,323,452
European Equities (Bats Europe Equities )      
Bats Europe – Overall European market share     23.7%
Bats Europe – Average daily notional value     €13.2 billion

Pan-European Consolidated Volume 1 – Average daily notional value

    €55.9 billion

European Trade Reporting (BXTR)

     
BXTR – Total notional value reported     €408.4 billion
BXTR – Average daily notional value reported     €19.4 billion
Foreign Exchange (Hotspot)      
Total volume traded (U.S. Dollar)     $684.3 billion
Average daily volume (ADV)     $32.6 billion

_____________________________

1 Based on Bats Europe market coverage, available at batstrading.co.uk

Highlights for the month of February are outlined below by business line.

U.S. EQUITIES: Bats Exchanges (BYX, BZX, EDGA, EDGX) Volume & Market Share

  • Bats welcomed three new ETFs to its U.S. market in February bringing the total number of ETFs listed on Bats to 70. Additional information on all products listed on Bats is available on The BATS ETF Marketplace website.
  • On February 23, Bats announced it had received approval from the Securities and Exchange Commission (SEC) for the Bats Client Suspension Rule.
  • During February, the BZX Exchange ranked 1st or 2nd in quality of trading in 43% 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 44% of the top 50 exchange-traded products in February.
                   
      February 2016       February 2015
Bats Exchanges – Overall market share     21.4%       20.7%
Bats Exchanges – Average daily volume traded (shares)     1.88 billion       1.41 billion
Bats Exchanges – Average daily notional value traded     $65.0 billion       $55.4 billion
Bats Exchanges – Total notional value traded for month     $1.30 trillion       $1.05 trillion
Bats Exchanges market share – Tape A securities     18.8%       18.8%
Bats Exchanges market share – Tape B securities     25.7%       24.3%
Bats Exchanges market share – Tape C securities     23.3%       22.0%
Bats Exchanges market share in ETF trading     26.2%       24.4%

For additional U.S. equities market volume information: Bats U.S. Equities Market Volume Summary

U.S. OPTIONS: Bats Options (BZX Options + EDGX Options) Volume & Market Share

                   
      February 2016       February 2015
Bats Options – Overall market share     10.4%       8.2%
BZX Options – Market share     9.7%       8.2%
EDGX Options – Market share     0.7%       N/A
Bats Options – Overall average daily volume (contracts)     1,697,871       1,280,060
BZX Options – Average daily volume     1,588,490       1,280,060
EDGX Options – Average daily volume     109,381       N/A

For additional U.S. Options market volume information: Bats U.S. Options Market Volume Summary

FOREIGN EXCHANGE: Hotspot Highlights, Volume and Market Share Statistics2

  • Average daily volume traded on Hotspot's recently-launched London-area matching engine has reached $905 million, equating to 2.8% of overall volume available on the platform.
     
Hotspot Highlights
Hotspot Market Statistics     February 2016       February 2015
Total volume traded (U.S. Dollar)     $684.3 billion       $525.7 billion
Average daily volume (ADV)     $32.6 billion       $26.3 billion
Number of trading days     21       20
Hotspot Volume Percentage Breakdown              
Europe     40.1%       43.0%
Americas     43.4%       42.4%
Asia     16.5%       14.6%
Top Five Currency Pairs by Volume Percentage              
EUR/USD     23.8%       27.5%
USD/JPY     18.8%       17.1%
GBP/USD     11.1%       12.1%
AUD/USD     8.0%       9.9%
USD/CAD     7.9%       8.9%

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

EUROPE: Bats Europe + BXTR Volume & Market Share3

  • According to Bats statistics on market size, 38.1% of all equity transactions in Europe (either traded on exchange or OTC) touched Bats' systems in February.
  • The exchange equally a monthly market share record in Madrid-listed stocks, of 23.6%.
                     
        February 2016       February 2015
Bats Europe Equities                
Bats Europe – Overall market share       23.7 %       23.7 %
Bats Europe – Average daily notional value traded       €13.2 billion       €12.3 billion
Displayed average daily notional value       €11.8 billion       €11.1 billion
Non-displayed4 BXE and CXE non-displayed order books. average daily notional value       €1.5 billion       €1.2 billion
Bats Europe – Total notional value traded       €277.9 billion       €246.8 billion
Bats Europe Trade Reporting (BXTR)                
BXTR – Total notional value reported       €408.4 billion       €368.7 billion
BXTR – Average daily notional value reported       €19.4 billion       €18.4 billion

_____________________________________________

2 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).
3 Represent consolidated figures for BXE and CXE lit and dark books, unless otherwise noted.
4 BXE and CXE non-displayed order books.

EUROPE: Bats Europe Equities % Market Share

For additional European Equities market volume information: Bats Europe Market Volume Summary

                     
        February 2016       February 2015
London market overall       25.9 %       24.4 %
FTSE 100 securities       27.3 %       26.1 %
FTSE 250 securities       25.8 %       23.1 %
Paris market overall       22.1 %       27.3 %
CAC 40 securities       21.8 %       28.2 %
CAC Next20 securities       24.9 %       29.7 %
Frankfurt market overall       25.1 %       26.5 %
DAX 30 securities       26.5 %       27.9 %
MDAX securities       27.9 %       29.5 %
TecDAX securities       22.5 %       23.8 %
Amsterdam market overall       23.4 %       26.3 %
AEX securities       23.9 %       27.2 %
AMX securities       21.1 %       22.2 %
Brussels market overall       24.7 %       27.4 %
BEL 20 securities       23.8 %       28.0 %
Milan market overall       16.4 %       14.8 %
FTSE MIB securities       17.6 %       15.6 %
Zurich market overall       24.0 %       19.7 %
SMI securities       25.7 %       21.2 %
SMIM securities       22.1 %       21.1 %
Nordic market overall       24.6 %       24.8 %
Helsinki OMXH25 securities       30.9 %       27.1 %
Stockholm OMXS30 securities       25.8 %       26.7 %
Copenhagen OMXC20 securities       23.4 %       24.5 %
Oslo OBX securities       22.4 %       22.5 %
Vienna market overall       13.6 %       20.3 %
ATX securities       13.9 %       21.2 %
Lisbon market overall       19.3 %       14.5 %
PSI-20 securities       19.4 %       14.7 %
Dublin market overall       12.7 %       12.5 %
ISEQ 20 securities       12.7 %       12.6 %
Madrid market overall       23.6 %       19.1 %
IBEX 35 securities       24.4 %       20.4 %
Key Indices                
EUROSTOXX 50 securities       22.5 %       24.6 %
FTSE RIOB       8.4 %       7.0 %
           

About Bats Global Markets, Inc.

Bats Global Markets, Inc., is a leading operator of exchanges and services for financial markets around the world with a stated mission of Making Markets Better. Bats operates the largest equities exchange in Europe and the continent's largest trade reporting facility. In the U.S., Bats operates four stock exchanges, which taken together constitute the largest market for ETF trading and the second-largest equities market in the country. Bats also operates two U.S. options markets. Bats owns Hotspot, a leading institutional spot foreign exchange market. The company is headquartered in Kansas City with offices in New York, London, Chicago and Singapore. Visit bats.com and @BatsGlobal for more information.

Bats Global Markets
Stacie Fleming, +1-913-815-7193
Kansas City
or
Hannah Randall, +44-207-012-8950
London
or
Randy Williams, +1-212-378-8522
New York
comms@bats.com

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