BATS Chi-X Europe has recorded its second market share rise in as many months, taking trading activity on the dual order book multilateral trading facility (MTF) back to pre-merger levels.
Combined lit and dark trading on CXE, the former Chi-X Europe order book, and BXE, the former BATS Europe order book, reached 24.1% of total European trading in November, higher than the 23.5% recorded in October, according to Thomson Reuters Equity Market Share Reporter.
November’s figures also represent a marked improvement from the 21.7% recorded by BATS Chi-X Europe in September.
US market operator BATS Global Markets finalised the acquisition of Chi-X Europe in December last year and completed integration of it with the BATS Europe platform in April. Between April and September, the combined platform lost two percentage points of market share.
Further movements to the share of trading executed on each platform is anticipated in January when BATS Chi-X Europe introduces new trading tariffs it says will differentiate the liquidity on each order book.
Elsewhere, trading on Xetra, the cash equities segment of Deutsche Börse, grew to 13.3% of European trading in November from 12.7% the previous month, while NYSE Euronext’s French equity market fell to 10.1% from 10.9%.
Modest gains were recorded at the London Stock Exchange’s UK stock market (13.7% in November from 13.4% in October) and its Turquoise MTF subsidiary, which traded 4.8% of European shares last month, compared to 4.6% in October.
Overall, European equity trading in November reached €603 billion, €48 billion less than October and the second lowest total of the year so far after the August slump of €580 billion. The proportion of trading conducted by dark MTFs remained steady at 4.26%, compared to 4.28% the previous month.
UBS MTF was the largest non-displayed MTF last month, trading 22.6% of dark MTF volumes, ahead of CXE Dark’s 19.9% and BXE Dark’s 15.9%.