UPDATE
EXCHANGES
JP Morgan, Credit Suisse
and BAML go live with
Bats block trading
BNP Paribas, Soc Gen, Credit Suisse and
BAML among those involved with launch
of new bond platform.
Several large sell-side firms have
officially gone live with Bats
Europe’s block trading platform,
as the exchange operator reports
record trading volumes.
JP Morgan, Credit Suisse and
Bank of America Merrill Lynch are
among the sell-side institutions
to have signed up to the platform,
known as Bats LIS (large-in-scale).
Other firms expected to go live
on the trading platform this month
include Liquidnet, UBS, Citi and
Deutsche Bank.
The exchange operator reported
a record in terms of value traded,
with €114.8 million notional value
traded last week. It also saw a
record volume of €36.5 million on
16 March.
Bats LIS - launched in part-
nership with BIDS Trading - is a
MiFID II compliant, indication
of interest (IOI), negotiation and
execution platform that allows par-
ticipants to negotiate large blocks
in European equities without
revealing intentions to the wider
market.
The platform has also been
launched for the buy-side to
8
TheTrade
Spring 2017
DEAL IN
NUMBERS
€36.5
million
Record daily
volume
on 16 March.
€114.8
million
Record week
of volumes
for Bats in March
$3.4
billion
The merger value
of Bats and CBOE.
provide traders with protection against information
leakage through several unique features, the exchange
said.
Mark Hemsley, CEO of Bats Europe, explained the
platform is a “much-needed solution to the challeng-
es of trading large blocks of stock in the European
market.”
He added: “Bats LIS provides buy-side firms with
control over their IOIs up until execution, which
helps to protect against information leakage, while
maintaining their important relationships with their
brokers.”
Explaining the software, BIDS Trading chief ex-
ecutive officer, Tim Mahoney, said: “At a basic level,
BIDS Trader is a matching engine, matching buy and
sell interests – we’re open to both buy- and sell-side,