BATS Europe, the pan-European multilateral trading facility (MTF) operated by US exchange operator BATS Global Markets, boosted its market share of FTSE 100 stocks on the first day of its new inverted price promotion for UK equities.
On Tuesday, BATS Europe finished the day with a 5.96% share of FTSE 100 stocks. According to BATS’ own figures, its average for FTSE 100 trading last week was 4.11%.
The promotion for UK stocks, which lasts until October, rebates members 0.4 basis points for adding liquidity and charges 0.2 bps for removing liquidity. In addition, members that trade £50 million or more of UK stocks on the MTF during September will not be charged any fees for removing liquidity for that month.
BATS Europe launched a similar inverted price promotion for Euronext stocks in June and July. Throughout June, the MTF rebated users 0.5 bps for adding liquidity and charged 0.3 bps for removing liquidity. For July, BATS cut remove fee to 0.25 bps. During the two months of this price promotion, BATS hit market share highs of 7.55% in the French CAC 40 index, 4.86% in the Belgian BEL 20 index and 5.44% of the Dutch AEX 25 index.
On Tuesday, BATS Europe’s market shares of the CAC 40, BEL 20 and AEX 25 were 3.87%, 2.16% and 3.34% respectively. On May 29, the last trading day before the Euronext promotion started, the MTF’s market shares of the three indices were 2.84%, 1.34% and 2.54% respectively.