BATS Europe, the pan-European multilateral trading facility (MTF) backed by US exchange BATS, achieved record market shares of the total value traded on four major European indices on 2 June, the first full day of its inverted price promotion for NYSE Euronext-listed stocks.
The MTF’s market share of the UK’s FTSE 100 index on 2 June was 5.17%, up from the previous record of 4.99% set on 28 May, and its share of France’s CAC 40 increased to 6.22% from 5.33% on 28 May.
In addition, the platform’s share of the Netherlands’ AEX 25 increased to 4.90% from 4.11% on 27 May and its share of Belgium’s BEL 20 grew to 3.58% from 3.22% on 28 May.
BATS Europe also achieved a record pan-European market share of 3.33% on 2 June, up from the previous record of 2.97%, which it hit on both 28 May and 1 June.
According to the Fidessa Fragmentation Index (FFI), which charts where European equities were traded, BATS Europe’s market share for the week ended 29 May was 4.30% for the FTSE 100, 3.75% for the CAC 40, 3.27% for the AEX 25 and 2.03% for the BEL 20. The MTF’s pan-European share on the FFI for that week was 2.48%.
BATS Europe introduced inverted pricing for CAC 40, AEX 25 and BEL 20 stocks on 1 June, which pays those posting liquidity on the platform a 0.50 basis point rebate but charges a liquidity removal fee of only 0.30 bps. This means the MTF is effectively paying users to trade these stocks on its platform.