BATS Europe retains UK market share won in fee cuts

BATS Europe, the pan-European multilateral trading facility owned by US exchange group BATS Global Markets, boosted its market share of trading in UK FTSE 100 stocks to 8.05% in October from 7.21% in September, indicating that the platform has retained market share won during its September price promotion for UK stocks.
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BATS Europe, the pan-European multilateral trading facility (MTF) owned by US exchange group BATS Global Markets, boosted its market share of trading in UK FTSE 100 stocks to 8.05% in October from 7.21% in September, indicating that the platform has retained market share won during its September price promotion for UK stocks.

Throughout September, BATS Europe offered ‘inverted’ pricing in UK stocks, rebating liquidity posters 0.40 basis points and charging liquidity takers 0.20 bps. In addition, the taker fee was waived for members who traded an average daily value of £50 million or more during the month. As a result, the MTF’s market share grew to 7.21% for September from 4.11% in August.

BATS’ recent prowess in FTSE 100 stocks has put it ahead of Turquoise, its closest rival. According to data vendor Thomson Reuters’ European Market Share Reporter, which is calculated on a different basis from BATS’ figures, BATS Europe’s market share of FTSE 100 traded value in October was 7.8%, compared with Turquoise’s 5.8%. In August Turquoise was ahead with 7.8% of FTSE 100 trading to BATS Europe’s 4%.

By comparison, Chi-X Europe had a 23.2% share of FTSE 100 trading in October, while the London Stock Exchange’s share was 56.9%, according to the Thomson Reuters numbers.

However, BATS still slightly lags Turquoise on a pan-European basis. Its pan-European market share was 3.2% in August, compared with Turquoise’s 3.3%.

In addition to growing its FTSE 100 market share for October, BATS Europe achieved a one-day market share record of 9.70% of FTSE 100 stock trading during the month, as well as 5% of the Italian FTSE MIB index. It also achieved a record average daily value traded of €1.27 billion for the month.

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