Explanation of Market Share Methodology

BATS monitors market data feeds from major European Stock Exchanges and MTFs and summarises order book executions from each market centre. Data may be shown by notional value or by volume, as selected by tabs at the top of the page. "Notional Value" is calculated by multiplying the execution price by the total number of shares executed for each transaction. Values are converted to Euros using an exchange rate that is updated daily. Current exchange rates are available here. "Volume" is calculated from the number of shares executed in each transaction.

Sample Market Share by Market Page

Each row shows the notional value of order book executions from an exchange or MTF (or group of market centres under common ownership). Each column shows notional value for a given listing market. The "London" column shows the total notional value of order book executions for securities that are listed on the London Stock Exchange. The "Paris" column shows the total notional value of order book executions for securities that are listed on Euronext Paris and the "Xetra" column shows the total notional value of order book executions for securities that are listed on Xetra. The "Market" column shows the total notional value of order book executions for all securities monitored by BATS as detailed in our Reference Data. The green arrow in the "Market" column controls the number of European listing market centres for which market share is displayed. The "Volume Summary" tab shows a similar view calculated by the number of shares traded.

The left half of the display shows data for the current day delayed by 15 minutes. The right half of the display shows the average value for the previous 5 trading days.

The lower half of the page shows a summary for a broad range of European listing market centres.

Sample Market Share by Market Page

The "BATS" column shows the notional value of BATS order book executions for securities that are components of the given listing market centre. The "Market" column shows the total notional value of order book executions for securities listed on a particular market centre across all monitored markets. The "% of Mkt" column shows BATS market share of stocks that are listed on that market centre. To the right is a stacked bar chart, showing the total notional value, by trading market centre, of order book executions for securities that are components of the given listing market centre.

BATS believes the data is reliable, but does not guarantee its accuracy or completeness.