BATS Holds Onto Market Share in March Despite Incurring Volumes Decline

BATS saw its volumes pull back across its US equities and options volumes, despite holding onto a strong market share.

BATS Global Markets (Bats) has reported its monthly volumes and market share during March 2015, retaining its spot as one of the leading exchanges in the US market, though ultimately yielding a general retreat in its volumes when compared to last month, according to a Bats statement.

The strongest component of Bats’ business during March 2016 was on display with its overall market share, seeing a robust figure of 21.0%, down slightly -1.9% MoM from 21.4% MoM in February 2016, though still securing the second largest spot in the US market. In addition, the exchange also disclosed its trading figures in March 2016, with its average daily matched volume coming in at 1.61 billion shares – this constituted a decrease of -14.4% MoM from 1.88 billion in February 2016.

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By extension, Bats also saw a decline across its US Equities options, and more specifically Bats Options, having recording an average daily matched volume of 1,584,437 contracts in March 2016, justifying a pullback of -6.7% MoM from 1,697,871 contracts in February 2015.

Looking over to its European business however, Bats Europe constituted a 21.8% market share in March 2016, compared with a 23.7% share just one month ago, with an average daily notional value reported registering $12.1 billion (€10.7 billion), compared to $14.9 billion (€13.2 billion) in February 2016, down -18.9% MoM. This performance was also extended to Bats Chi-X Europe, which executed a total of $437.7 billion (€388.6 billion) of notional volume in March 2016, retreating -4.8% MoM from $460.1 billion (€408.4 billion) in February 2016.

Earlier this month, Hotspot, Bats’ institutional spot foreign exchange (FX) market, also released its trading volumes in March 2016, declining -14.0% when compared to February 2016, totaling $586.6 billion in volume traded for the month. The average daily volume (ADV) figure totaled $25.5 billion, which correlated to a MoM retreat of -21.0% when compared to the previous month. The numbers are also lower YoY, reflecting seasonal factors, with the Easter holidays, which substantially decreases trading activity, falling in April 2015. In terms of specifics at Hotspot, the top five currency pairs in December 2015 by volume percentage on Bats exchanges were as follows:

  • EUR/USD: 25.1%
  • USD/JPY: 14.3%
  • GBP/USD: 10.9%
  • AUD/USD: 9.1%
  • USD/CAD: 7.8%
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