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BATS U.S. Equity and Options Market Share Rises in January

BATS' captured 11.7 percent of U.S. equity market share in January, vs. 11.1 percent one year ago, but down from 11.9 percent in December.

BATS Global Markets reported today that its U.S. equity options business ended January with a 3.9 percent market share, up from 3 percent one year ago.

BATS’ market share in U.S. equities came in at 11.7 percent in January, vs. 11 percent a year ago and 11.9 percent in December. The U.S. and European securities markets operator also saw market gains in European equities. BATS Chi-X Europe, the largest pan-European equities exchange, recorded overall market share of 24.1 percent in January compared to 23.7 percent in December of 2012 and 25.9 percent a year ago.

According to the company’s release, average daily notional value was €7.5 billion in January vs. €5.9 billion in December 2012 and the strongest monthly turnover for BATS Chi-X Europe since September 2012. BATS Chi-X Europe’s CXE dark order book was the largest dark order book in Europe with an average of €312.7 million traded per day in January. “We are pleased with another strong month of market share at BATS and, like others in the industry, we are watching closely to see where global equity volumes go in 2013,” commented Joe Ratterman, chief executive officer and president of BATS Global Markets in a statement. “We are also encouraged by the many different industry initiatives currently underway, including Limit-Up/Limit-Down as well as the Consolidated Audit Trail, which will continue to enhance the integrity and resilience of the U.S. market structure,” stated Ratterman.

The gain in January market share was a sign that a programming error announced earlier in the month did not impact the exchange operator’s business.

In early January, BATS disclosed that a coding error caused it to execute 440,000 transactions at prices that were not the best available in the market over a four-year period, which could have violated U.S. securities rules. The error impacted about 250 customers and cost them a total of $440,000. BATS later said that the pricing error affected fewer transactions than initially disclosed. BATS operates two stock exchanges in the U.S. — the BTS BZX Exchange and BATS BYX Exchange; BATS Options, a U.S. equity options market; and BATS ChiX-the largest pan European equity market.

Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio

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