BATS Global Markets’ pan-European trade reporting service, BXTR, became the industry leader in its first month of operation, while BATS Chi-X Europe remained Europe’s largest stock market in November.
BATS also continues progress towards approval and closing of the merger with Direct Edge Holdings, with completion of the transaction now expected in the first quarter of 2014. The company received clearance from the US Department of Justice in late October and its primary focus now is on receiving approval from the Securities and Exchange Commission.
“November marked another month of tremendous growth for Europe as the team continues to build upon the Recognised Investment Exchange status earned in May, with the launch of BXTR and our European listings business,” says BATS Global Markets chief executive Joe Ratterman. “In the US, as we move towards closing the Direct Edge transaction, we continue to focus on delivering quality markets to our customers.”
BXTR had nearly 40 per cent market share in November, according to Thomson Reuters, while BATS Chi-X Europe set another new monthly market share record in Spain’s benchmark IBEX index (15.8 per cent), the fifth record set in 2013. Overall, BATS Chi-X Europe recorded market share of 23.0 per cent in November, while also launching its pan-European listings business with the listing of exchange-traded funds from iShares by BlackRock and Lyxor Asset Management, a subsidiary of Societe Generale Group.
Average daily notional value traded on BATS Chi-X Europe was EUR7.4bn in November vs EUR7.8bn in October. In the European securities markets covered by BATS Chi-X Europe, the total consolidated industry average daily notional value traded was EUR32.3bn in November, down from EUR33.9bn in October.
In the US, BATS reported 10 per cent market share in US equities, compared to 10.2 per cent reported last month. Overall equities industry average daily volume was 5.9 billion shares vs 6.3 billion shares in October. BATS Options reported market share of 2.8 per cent in November vs 3.6 per cent in October.
During November, the BATS BZX Exchange ranked first or second in quality of trading in 79 per cent of the stocks in the S&P 500 Index, as measured by effective spread, according to the BATS market quality statistics. The BZX Exchange also had the lowest effective spread in nine of the top 25 exchange traded products.