Market Overview

Bats U.S. Options Market Share Reaches Record 11.7% in June, Remains #1 in U.S. ETF Trading, #1 Pan-European Stock Market


Bats Global Markets, Inc. (Bats: BATS), a leading global operator of exchanges and services for financial markets, today reported June data and highlights, including record market share for its U.S. Options business.

Bats reported 11.7% U.S. Options market share, up from 9.7% a year ago, and was also the market leader in single-leg equity options trades with 19.0% market share, a new record for the company.

Additional Bats highlights for June include:

  • Remaining the #1 U.S. market operator for ETF trading, executing 24.9% of all May volume, and winning 29% of all U.S. ETF listings so far this year;
  • Maintaining its position as the second-largest U.S. Equities market operator with 20.3% market share;
  • Retaining its position as the largest European stock exchange with 22.9% market share and the largest trade reporting facility with €428.8 billion reported to BXTR for the month;
  • Successfully launching a UK-focused benchmark index series on June 13. Bats launched 18 different indices covering large and small cap securities and 12 industry sectors;
  • Recording average daily volume of $28.8 billion for Hotspot, the company's institutional spot foreign exchange market;
  • Recording more than $119 billion of notional value per day touched by the Bats markets in June, including trades reported to BXTR.

June 2016 Volume and Market Share Overview

U.S. Equities (Bats Exchanges – BZX, BYX, EDGA, EDGX)     June 2016
Bats Exchanges – Overall market share     20.3%
Bats Exchanges – Average daily matched volume (shares)     1.54 billion
Overall Industry – Average daily consolidated volume (shares)     7.61 billion
U.S. Equity Options (Bats Options – BZX Options + EDGX Options)      
Bats Options – Overall market share     11.7%
Bats Options – Average daily matched volume (contracts)     1,919,507
Overall Industry – Avery daily consolidated volume (contracts)     16,350,620
European Equities (Bats Europe Equities )      
Bats Europe – Overall European market share     22.9%

Bats Europe – Average daily notional value

    €12.4 billion

Pan-European Consolidated Volume1 - Average daily notional value

    €53.9 billion

European Trade Reporting (BXTR)

BXTR – Total notional value reported     €428.8 billion
BXTR – Average daily notional value reported     €19.5 billion
Foreign Exchange (Hotspot)      
Total volume traded     $633.4 billion
Average daily volume (ADV)     $28.8 billion

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

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

  • During June, 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 58% of the top 50 exchange-traded products in June.
      June 2016     June 2015
Bats Exchanges – Overall market share     20.3%     20.1%
Bats Exchanges – Average daily volume traded (shares)     1.54 billion     1.29 billion
Bats Exchanges – Average daily notional value traded     $54.6 billion     $51.7 billion
Bats Exchanges – Total notional value traded for month     $1.20 trillion     $1.14 trillion
Bats Exchanges market share – Tape A securities     18.3%     17.8%
Bats Exchanges market share – Tape B securities     24.5%     25.8%
Bats Exchanges market share – Tape C securities     20.8%     20.7%
Bats Exchanges market share in ETF trading     24.9%     26.2%

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

      June 2016     June 2015
Bats Options – Overall market share     11.7%     9.7%
BZX Options – Market share     10.8%     9.7%
EDGX Options – Market share     0.9%     N/A
Bats Options – Overall average daily volume (contracts)     1,919,507     1,434,949
BZX Options – Average daily volume     1,767,292     1,434,949
EDGX Options – Average daily volume     152,215     N/A

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

FOREIGN EXCHANGE: Hotspot Highlights, Volume & Market Share Statistics2

  • Average daily volume traded on Hotspot's London-area matching engine was $1.7 billion, equating to 5.7% of overall volume available on the platform, a new record.
  • On June 14, Bats Hotspot announced plans to launch outright forwards for the FX market later this year.
Hotspot Market Statistics     June 2016     June 2015
Total volume traded (U.S. Dollar)     $633.4 billion     $565.7 billion
Average daily volume (ADV)     $28.8 billion     $25.7 billion
Number of trading days     22     22
Hotspot Volume Percentage Breakdown            
Europe     43.4%     44.2%
Americas     43.1%     41.1%
Asia     13.5%     14.7%
Top Five Currency Pairs by Volume Percentage            
EUR/USD     24.5%     28.7%
USD/JPY     14.8%     16.4%
GBP/USD     14.6%     10.4%
AUD/USD     7.5%     7.8%
USD/CAD     6.7%     6.1%

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

EUROPEAN EQUITIES: Bats Europe + BXTR Volume & Market Share3

  • According to Bats statistics on market size, 38.0% of all equity transactions in Europe (either traded on exchange or OTC) touched Bats' systems in June.
      June 2016     June 2015
Bats Europe – Overall market share     22.9%     25.1%
Bats Europe – Average daily notional value traded     €12.4 billion     € 13.5 billion
Displayed average daily notional value     €10.9 billion     € 12.1 billion

Non-displayed4 average daily notional value

    €1.4 billion     € 1.4 billion
Bats Europe – Total notional value traded     €271.7 billion     €296.8 billion
BXTR – Total notional value reported     €428.8 billion     €401.2 billion
BXTR – Average daily notional value reported     €19.5 billion     €18.2 billion

BATS INDICES: Monthly Performance for Key Bats Indices
Additional information is available on the Bats Indices website.

Bats UK 100     3.6%
Bats UK 250     -8.1%
Bats UK All Companies     2.0%

EUROPE: Bats Europe Equities & Market Share

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

      June 2016     June 2015
London market overall     25.6%     25.1%
Bats UK 100     27.4%     N/A
FTSE 100 securities     27.3%     26.5%
FTSE 250 securities     24.5%     24.3%
Paris market overall     21.9%     27.3%
CAC 40 securities     22.3%     28.1%
CAC Next20 securities     25.9%     27.9%
Frankfurt market overall     24.7%     29.6%
DAX 30 securities     25.8%     31.3%
MDAX securities     28.2%     31.7%
TecDAX securities     22.0%     23.8%
Amsterdam market overall     23.4%     25.7%
AEX securities     24.2%     26.4%
AMX securities     19.3%     20.1%
Brussels market overall     23.4%     25.7%
BEL 20 securities     24.2%     26.0%
Milan market overall     13.1%     15.5%
FTSE MIB securities     14.6%     16.6%
Zurich market overall     21.8%     23.1%
SMI securities     23.3%     24.7%
SMIM securities     21.4%     23.1%
Nordic market overall     23.4%     25.1%
Helsinki OMXH25 securities     25.9%     30.9%
Stockholm OMXS30 securities     25.5%     26.9%
Copenhagen OMXC20 securities     22.3%     25.0%
Oslo OBX securities     21.4%     22.7%
Vienna market overall     16.9%     19.8%
ATX securities     17.4%     20.5%
Lisbon market overall     17.4%     17.3%
PSI-20 securities     17.5%     17.3%
Dublin market overall     16.2%     16.1%
ISEQ 20 securities     16.2%     16.1%
Madrid market overall     24.0%     23.2%
IBEX 35 securities     24.7%     24.3%
Key Indices            
EUROSTOXX 50 securities     21.8%     25.3%
FTSE RIOB     7.4%     8.7%

About Bats Global Markets, Inc.
Bats Global Markets, Inc., is a leading global operator of exchanges and services for financial markets, dedicated to Making Markets Better. We are the second-largest stock exchange operator in the U.S., operate the largest stock exchange and trade reporting facility in Europe, and are the #1 market globally for ETF trading. We also operate two fast-growing U.S. options exchanges. In the global foreign exchange market, we operate Hotspot., a leading provider of ETF news, data and analysis, is a wholly-owned subsidiary. The company is headquartered in Kansas City with offices in New York, London, Chicago, San Francisco and Singapore. Visit and @BatsGlobal for more information.

Forward Looking Statements
This press release includes certain disclosures which contain "forward-looking statements." You can identify forward-looking statements because they contain words such as "believes" and "expects." Forward-looking statements are based on Bats' current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in our filings with the SEC, including our registration statement on Form S-1, as amended from time to time, under the caption "Risk Factors."

1 Based on Bats Europe market coverage, available at
2 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.

Hannah Randall
New York
Stacie Fleming
Randy Williams
New York
Mark Marriott
Kansas City

View Comments and Join the Discussion!