BATS Europe, a pan-European multilateral trading facility backed by US exchange BATS, grabbed more European market share than rival platform Turquoise for the first time this week, as the loss of Turquoise’s market-making agreements took hold.
According to its own data, BATS Europe attained a 2.15% share of pan-European traded value yesterday – a record for the firm – compared to Turquoise’s 2%. BATS has also beaten its longer-established rival’s market shares in some individual European indices over the past week. Its share of the UK’s FTSE 100 index yesterday was 3.57% yesterday, compared to Turquoise’s 3.28%, and its share of Germany’s DAX 30 on Tuesday was 3.75% compared to Turquoise’s 2.42%.
Turquoise was once the second-largest MTF after Chi-X, measured by European market share, by quite a margin. However, the expiry of Turquoise’s market-making agreements with its nine founding banks on 13 March dropped Turquoise’s market share from the 6% region to the 2% region. According to the BATS figures, Turquoise’s European market share was 5.77% on 13 March – the last day the market-making deals were in place.
Nevertheless, Turquoise is still holding its own against BATS over the longer term, despite the loss of its market-making agreements. Turquoise’s five-day average market share yesterday was 2.25%, compared to BATS’ 1.41%.
Turquoise formally launched on September 22 last year, after a soft-launch period that began in August. BATS Europe launched on 31 October and completed its roll-out of stocks on 19 November.