Kansas City, MO and New York, NY - BATS Global Markets (BATS), the leading U.S.market for the trading of exchange-traded funds (ETFs), welcomes the iShares Convertible Bond ETF (BATS: ICVT), an indexed bond ETF, which begins trading today on BATS Exchange.
The underlying index for the iShares Convertible Bond ETF is a subset of the Barclays U.S. Convertibles: Cash Pay Bonds Index, which is one of four classes of the Barclays U.S. Convertibles Index and measures the performance of the U.S. dollar-denominated convertibles market. The underlying index is market capitalization-weighted and consists of only cash pay convertible bonds. More information is available on the iShares website.
There are now 22 ETFs from iShares listed on BATS Exchange in the U.S. and earlier this week, BATS announced that the iShares MSCI India ETF (BATS: INDA) had graduated from the Competitive Liquidity Provider (CLP) program as it had established consolidated average daily volume (CADV) of more than one million shares for three consecutive months.
BATS ranks as the top exchange operator for ETF trading with the BATS Exchanges – BYX, BZX, EGDA, EDGX – executing 26.1% of all ETF trading in May. BATS has been the #1 U.S. market for ETF trading for every month of 2015 while remaining the #2 U.S. market for overall equities trading. BATS is also the leader in market quality for ETFs and, in May, the BATS U.S. equity exchanges had the lowest effective spread in 51 of the top 100 exchange-traded products, according to the BATS market quality statistics.
BATS does not charge an annual fee for issuers to list on BATS Exchange. Additionally, BATS is focused on improving market quality for every product that lists on the Exchange through the innovative CLP and Lead Market Maker (LMM) programs. The iShares Convertible Bond ETF is participating in the CLP program.