BATS Exchange
BATS Exchange operates four U.S. equity exchanges (BZX, BYX, EDGA, EDGX) under Cboe Global Markets, holding about 21% combined U.S. on-exchange market share and serving institutional broker-dealers and retail traders via the Cboe Titanium platform.
- Company typePublic
- Founded2005
- HeadquartersChicago, United States
- Headcount—
- GTM typeB2B
- OfferingServices
What BATS Exchange does
BATS Exchange operates four U.S. equity exchanges — BZX, BYX, EDGA, and EDGX — as part of Cboe Global Markets (NASDAQ: CBOE), the legal entity Cboe Exchange, Inc. Originally founded in 2005 as BATS (Better Alternative Trading System), the company was acquired by Cboe Global Markets in 2017 and rebranded under the Cboe umbrella. The four exchanges collectively account for approximately 21% of U.S. on-exchange equities trading volume, with Average Daily Volume of 19.4 billion shares in May and EDGX alone capturing 4.5% market share. The exchanges are powered by Cboe Titanium, Cboe's proprietary high-performance, low-latency trading platform, and offer differentiated order types including Quote Depletion Protection (QDP) and Retail Price Improvement (RPI) orders.
The broader BATS/Cboe product suite extends well beyond the four equity exchanges to include options and futures on indices such as VIX, S&P 500 (SPX), Bitcoin U.S. ETF Index, and the Magnificent 10; zero-days-to-expiration (0DTE) and FLEX options; analytics and execution solutions (Cboe Options Analytics, Cboe LiveVol, FT Options, Cboe Silexx OEMS); market data products (Cboe Data Vantage, Cboe DataShop, Cboe Market Data Services); and clearing, connectivity, and global listings services spanning U.S., Canada, Europe, and Australia. The product architecture is a platform-plus-modules model with Cboe Titanium as the shared infrastructure.
BATS Exchange generates revenue primarily through transaction fees on equity trading across the four exchanges and through recurring market data subscriptions and premium analytics via Cboe Data Vantage and Cboe Market Data Services. Customer segments are institutional brokers, broker-dealers, and trading firms (primary) accessing exchanges via direct membership, plus retail traders accessing markets through broker intermediation. Pricing is not publicly disclosed and is negotiated through membership agreements. The business is headquartered in Chicago, Illinois, and is regulated by the SEC as a U.S. national securities exchange operator.
BATS Exchange firmographics
Firmographics- Name
- BATS Exchange
- Legal name
- Cboe Exchange, Inc.
- Website
- https://batstrading.com
- Company type
- Public
- Founded year
- 2005
- Operating status
- Operating
- Short description
- BATS Exchange operates four U.S. equity exchanges (BZX, BYX, EDGA, EDGX) under Cboe Global Markets, holding about 21% combined U.S. on-exchange market share and serving institutional broker-dealers and retail traders via the Cboe Titanium platform.
- Ownership category
- akta.pro rank
BATS Exchange industry classification
Industry- Product category
- Securities Exchange
- NAICS
- Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (52321)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Retail Multi-Asset Exchanges (FSAFAEAA)
Keywords
Where BATS Exchange is headquartered
LocationHeadquarters
- HQ city
- Chicago
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
BATS Exchange business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Technology or R&D, Operations, Infrastructure, Personnel
Revenue model
- Equity Trading Fees: Transaction and trading fees generated from equity exchange operations across four U.S. exchanges (BZX, BYX, EDGA, EDGX). Volume-based fees from market participants trading securities.
- Market Data Services: Cboe Market Data Services providing real-time and delayed market data, index data, and market statistics to traders, investors, and data subscribers.
- Cboe Data Vantage: Premium analytics and data vantage products including reference data, historical data, and analytics solutions for institutional clients.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels9 records
BATS Exchange product offering
Product offeringCore offering
BATS Exchange operates as one of four Cboe U.S. equities exchanges (BZX, BYX, EDGA, EDGX), providing displayed and dark equity trading venues for institutional brokers, market makers, and retail order flow. The exchanges earn volume-based transaction fees and support order types such as Quote Depletion Protection (QDP) and Retail Price Improvement (RPI), with complementary market data and analytics services delivered to subscribers.
Product overview
Cboe operates a platform-plus-modules architecture for U.S. equities trading. The core offering consists of four national equity exchanges: BZX Exchange, BYX Exchange, EDGA Exchange, and EDGX Exchange, which collectively represent approximately 21% of U.S. equity market share. These exchanges are powered by Cboe Titanium high-performance trading infrastructure. The product suite extends beyond basic exchange trading to include options products (VIX Options, S&P 500 Options, Bitcoin ETF Index Options, Magnificent 10 Options/Futures, 0DTE, FLEX Options), analytics tools (Cboe Options Analytics, Cboe LiveVol, FT Options), execution management (Cboe Silexx OEMS), market data services (Cboe Data Vantage, Cboe DataShop), and connectivity/access services. The EDGX Exchange specifically serves retail traders through Quote Depletion Protection and Retail Price Improvement order types. The platform also includes Cboe Labs for innovation and Global Listings for cross-market access.
Differentiator
Problem solved
Functional benefit
Products and services
- BZX Equities Exchange One of Cboe's four U.S. equities trading venues (originally BATS BZX Exchange), providing displayed and dark order execution for institutional and retail equity order flow within Cboe's U.S. Equities markets platform.
- BYX Equities Exchange One of Cboe's four U.S. equities exchanges (originally BATS BYX Exchange), providing equity trading services with an alternative fee structure designed for buy-side and rebate-oriented trading participants.
- EDGA Equities Exchange One of Cboe's four U.S. equities exchanges (originally BATS EDGA Exchange), providing displayed and hidden liquidity across U.S. equities with features including Quote Depletion Protection and Retail Price Improvement orders for retail order flow.
- EDGX Equities Exchange One of Cboe's four U.S. equities exchanges (originally BATS EDGX Exchange), which increased its market share to 4.5% of U.S. on-exchange trading volume with strong retail trading performance and differentiated fee structure for member firms.
Companies that use BATS Exchange
Customer profileSegments2 records
Ideal customer profiles2 records
BATS Exchange technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
BATS Exchange partnerships and signals
Strategic signalScale indicators4 records
Recent moves6 records
Expansion highlights4 records
BATS Exchange competitors and assessment
Company assessmentBroad incumbents
- Deutsche Börse: Deutsche Börse operates Xetra and other European exchanges and clearing infrastructure, providing a comparable multi-asset market infrastructure model though focused on European markets.
- LSEG (London Stock Exchange Group): LSEG operates multiple equities exchanges and trading venues globally, comparable to Cboe/BATS as a diversified exchange operator with data and analytics services.
- MIAX: Miami International Holdings operates MIAX Pearl Equities exchange alongside options exchanges, competing with BATS across both equities and options trading.
- Hong Kong Exchanges and Clearing (HKEX): HKEX is a diversified exchange operator in equities, derivatives, and clearing, comparable to Cboe/BATS as a multi-asset venue operator though geographically distinct.
Emerging players
- Long Term Stock Exchange (LTSE): LTSE is a newer U.S. equities exchange focused on long-term-oriented companies, competing with BATS for listings and order flow in a differentiated segment.
Direct peers
- MEMX (Members Exchange): MEMX is a newer U.S. equities exchange operator offering cash equities trading with a fee model that competes directly with BATS for institutional and retail order flow.
- IEX: IEX operates a U.S. equities exchange emphasizing speed-bump-based fair trading, directly competing with BATS for order flow while differentiating on execution quality.
- Nasdaq: Nasdaq operates the Nasdaq Stock Market, a major U.S. equities exchange directly competing with BATS across cash equities, ETP listings, and market data.
- NYSE: Operated by Intercontinental Exchange, NYSE is one of the largest U.S. equities exchanges and directly competes with BATS for institutional and retail order flow across listed U.S. stocks.
Regional players
- BOX Exchange: BOX Exchange operates a U.S. equity options exchange and competes with Cboe exchanges; while focused on options, it shares infrastructure and market-maker relationships with U.S. equities venues.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
BATS Exchange social profiles
Digital presenceBATS Exchange financial estimates
Financial estimateRevenue estimate
Valuation estimate
BATS Exchange leadership team
Management profileNumber of profiles
BATS Exchange subsidiaries and ownership
Company hierarchySubsidiaries4 records
BATS Exchange funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
BATS Exchange M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about BATS Exchange
What does BATS Exchange do?
BATS Exchange operates as one of four Cboe U.S. equities exchanges (BZX, BYX, EDGA, EDGX), providing displayed and dark equity trading venues for institutional brokers, market makers, and retail order flow. The exchanges earn volume-based transaction fees and support order types such as Quote Depletion Protection (QDP) and Retail Price Improvement (RPI), with complementary market data and analytics services delivered to subscribers.
Is BATS Exchange a public or private company?
BATS Exchange is a public company. It is classified as public and is currently operating.
When was BATS Exchange founded?
BATS Exchange was founded in 2005.
Where is BATS Exchange based?
BATS Exchange is headquartered in Chicago, United States, in the North America region.
How does BATS Exchange make money?
Three revenue lines are on record. Equity Trading Fees are the primary driver. The others are market Data Services and cboe Data Vantage.
Who are BATS Exchange's main competitors?
Broad incumbents on record are Deutsche Börse, LSEG (London Stock Exchange Group), MIAX and Hong Kong Exchanges and Clearing (HKEX). Long Term Stock Exchange (LTSE) is listed as an emerging player. Direct peers are MEMX (Members Exchange), IEX, Nasdaq and NYSE. BOX Exchange is listed as a regional player.
Does BATS Exchange have an API?
No public API is recorded for BATS Exchange.
What industry is BATS Exchange in?
BATS Exchange's product category is Securities Exchange. Its primary akta.pro industry code is FSAFAEAA, Retail Multi-Asset Exchanges. Its NAICS code is 523210 and its SIC code is 6200.