Bats Europe has reported June volume and highlights for Bats LIS, its new block trading platform powered by BIDS technology, which saw more than EUR2.0 billion in notional value traded during the month, setting a new monthly record.
Bats, which completed the roll-out of Bats LIS to buy-side firms less than four months ago, also reported that 85+ buy-side firms are now connected and utilising the platform. Additionally, more than a dozen sell-side firms are connected to Bats LIS. Bats expects the number of firms using Bats LIS to continue to grow given the interest in the service.
In June, average daily notional value traded on Bats LIS was EUR91.3 million, up from EUR74.3 million in May, while average trade size was EUR1,030,780. Bats LIS also set a one-day record with EUR211.5 million in notional value traded on the platform on 8 June, surpassing the previous record of EUR138.3 million set on 16 May. Additionally, Bats LIS has seen trade sizes in excess of EUR30 million.
Mark Hemsley (pictured), President of Europe for CBOE, says: “Bats LIS has really struck a chord with industry participants, particularly the buy-side, who are looking for solutions to meet their unique needs to trade in size. Together with BIDS, we’ve created a simple and easy-to-use platform that brings together U.S. and European flow, creating a distinct mix of liquidity. By ensuring buy-side firms have the option to retain control of their IOI disclosure and negotiation, market impact is reduced. Alternatively the buy-side can represent their trading interest via brokers who also access the platform. These unique features have been fundamental to the strong adoption of the platform we’ve seen in the 15 weeks since our roll-out to buy-side participants.”
