BATS Global Markets 10-Q 6 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 30, 2016
Entity Registrant Name	BATS Global Markets, Inc.
Entity Central Index Key	1,659,228
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity Filer Category	Non-accelerated Filer
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Non-voting shares
Entity Common Stock, Shares Outstanding		7,818,090
Common Stock
Entity Common Stock, Shares Outstanding		88,544,920

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Conditions $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Current assets:
Cash and cash equivalents	$ 77.1	$ 75.1
Financial investments:
Trading investments, at fair value	0.5	0.5
Available-for-sale investments, at fair value	39.7	47.2
Accounts receivable, net, including $41.3 and $40.3 from related parties at March 31, 2016 and December 31, 2015, respectively	149.6	131
Income taxes receivable		16
Other receivables	4.6	5.4
Prepaid expenses	5.9	5.1
Total current assets	277.4	280.3
Property and equipment, net	26.6	29.6
Goodwill	735.7	741.3
Intangible assets, net	231.1	239
Deferred income taxes, net		0.6
Investment in EuroCCP	11.7	11.4
Other assets	4.5	4.8
Total assets	1,287	1,307
Current liabilities:
Accounts payable and accrued liabilities, including $15.2 to related parties at both March 31, 2016 and December 31, 2015	91.8	72.9
Section 31 fees payable	78.4	93
Current portion of long-term debt	84.2	83.9
Current portion of contingent consideration liability to related party	6.6	6.6
Total current liabilities	261	256.4
Long-term debt, less current portion	552.6	593.7
Contingent consideration liability to related party, less current portion	53.1	58.8
Unrecognized tax benefits	7.7	8
Deferred income taxes	1.1	7.4
Other liabilities	$ 2.9	$ 2.8
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value. 362,500,000 voting and 29,000,000 non-voting shares authorized at March 31, 2016 and December 31, 2015; 75,679,753 voting and 21,146,136 non-voting shares issued at March 31, 2016; 74,991,528 voting and 21,146,136 non-voting shares issued at December 31, 2015	$ 1	$ 1
Common stock in treasury, at cost, 462,879 and 458,237 voting shares at March 31, 2016 and December 31, 2015, respectively	(6.6)	(6.5)
Additional paid-in capital	272.4	270.6
Retained earnings	155.1	125
Accumulated other comprehensive loss, net	(13.3)	(10.2)
Total stockholders' equity	408.6	379.9
Total liabilities and stockholders' equity	$ 1,287	$ 1,307
Stockholders' Equity Note, Stock Split, Conversion Ratio	0.3436	0.3436

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Millions		Mar. 31, 2016	Dec. 31, 2015
Accounts receivable from related parties		$ 41.3	$ 40.3
Accounts payable and accrued liabilities to related parties		$ 15.2	$ 15.2
Common stock, par value		$ 0.01	$ 0.01
Common stock, shares authorized	[1]	362,500,000	362,500,000
Common stock, shares issued	[1]	75,679,753	74,991,527
Common stock in treasury (in shares)	[1]	462,879	458,237
Non-voting shares
Common stock, shares authorized	[1]	29,000,000	29,000,000
Common stock, shares issued	[1]	21,146,136	21,146,136
[1]	All share amounts have been adjusted to give effect to the 1-for-2.91 stock split in April 2016.

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Income shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2016USD ($)$ / sharesshares	Mar. 31, 2015USD ($)$ / sharesshares
Revenues:
Transaction fees, including $123.4 and $140.2 from related parties at March 31, 2016 and 2015, respectively		$ 371.9	$ 305.6
Regulatory transaction fees, including $29.1 and $34.8 from related parties at March 31, 2016 and 2015, respectively		78.4	72.1
Market data fees, including $1.3 and $0.7 from related parties at March 31, 2016 and 2015, respectively		37.2	30.5
Connectivity fees and other, including $5.9 and $6.4 from related parties at March 31, 2016 and 2015, respectively		23.4	16.8
Total revenues		510.9	425
Cost of revenues:
Liquidity payments, including $131.2 and $137.0 to related parties at March 31, 2016 and 2015, respectively		309.1	257.4
Section 31 fees		78.4	72.1
Routing and clearing, including $11.1 and $9.7 to related parties at March 31, 2016 and 2015 , respectively		11.6	12.7
Total cost of revenues		399.1	342.2
Revenues less cost of revenues		111.8	82.8
Operating expenses:
Compensation and benefits		22.1	17.1
Depreciation and amortization		10.4	7.8
Systems and data communication		4.6	6.1
Occupancy		0.7	0.9
Professional and contract services		2.6	5.3
Regulatory Costs		3	2.9
Changes in fair value of contingent consideration liability to related party		0.9
General and administrative		5.3	11.2
Total operating expenses		49.6	51.3
Operating income		62.2	31.5
Non-operating (expenses) income:
Interest expense, net		(11.5)	(8.1)
Equity in earnings in EuroCCP		0.6	0.3
Other (loss) income		(0.2)	1
Income before income tax provision		51.1	24.7
Income tax provision		21	9.9
Net income		$ 30.1	$ 14.8
Basic earnings per share | $ / shares	[1]	$ 0.32	$ 0.16
Diluted earnings per share | $ / shares	[1]	$ 0.31	$ 0.16
Basic weighted average shares outstanding | shares	[1]	94.8	94.5
Diluted weighted average shares outstanding | shares	[1]	96	95.1
Stockholders' Equity Note, Stock Split, Conversion Ratio		0.3436	0.3436
[1]	All share amounts have been adjusted to give effect to the 1-for-2.91 stock split in April 2016.

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Transaction Fees	$ 371.9	$ 305.6
Regulatory transaction fees from related parties	78.4	72.1
Market data fees from related parties	37.2	30.5
Connectivity fees and other from related parties	23.4	16.8
Liquidity payments to related parties	309.1	257.4
Routing and clearing to related parties	11.6	12.7
Related party
Transaction Fees	123.4	140.2
Regulatory transaction fees from related parties	29.1	34.8
Market data fees from related parties	1.3	0.7
Connectivity fees and other from related parties	5.9	6.4
Liquidity payments to related parties	131.2	137
Routing and clearing to related parties	$ 11.1	$ 9.7

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ 30.1	$ 14.8
Other comprehensive loss, before tax:
Foreign currency translation adjustments	(10)	(12.5)
Other comprehensive loss, before tax	(10)	(12.5)
Income tax benefit (provision) related to components of other comprehensive loss	6.9	4.6
Other comprehensive loss, net of tax	(3.1)	(7.9)
Comprehensive income	$ 27	$ 6.9

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Changes in Stockholders' Equity - 3 months ended Mar. 31, 2016 - USD ($) $ in Millions	Common StockVoting shares	Common StockClass A non-voting Shares	Common StockClass B non-voting Shares	Common Stock	Treasury Stock [Member]	Additional paid-in capital	Retained earnings (deficit)	Accumulated other comprehensive (loss) income,net	Total
Balance at beginning of period at Dec. 31, 2015				$ 1	$ (6.5)	$ 270.6	$ 125	$ (10.2)	$ 379.9
Balance at beginning of period (in shares) at Dec. 31, 2015	74,533,290	8,993,978	12,152,158
Common stock issued under employee stock plans (in shares)	688,226
Share repurchases					(0.1)				(0.1)
Share repurchases (in shares)	(4,642)
Stock-based compensation						1.8			1.8
Other comprehensive loss, net of tax								(3.1)	(3.1)
Net (loss) income							30.1		30.1
Balance at end of period at Mar. 31, 2016				$ 1	$ (6.6)	$ 272.4	$ 155.1	$ (13.3)	$ 408.6
Balance at end of period (in shares) at Mar. 31, 2016	75,216,874	8,993,978	12,152,158

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net (loss) income	$ 30.1	$ 14.8
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	10.4	7.8
Amortization of debt issuance cost and debt discount	1.8	1
Realized gain on termination of revolving credit facility		(1.1)
Loss on disposition of property and equipment	0.1
Deferred income tax	(5.7)	(5.6)
Stock-based compensation expense	1.8	1.1
Changes in contingent consideration liability to related party	0.9
Equity in earnings in EuroCCP	(0.6)	(0.3)
Changes in assets and liabilities:
Receivables, including $1.0 and $1.9 from related parties for the periods ended March 31, 2016 and 2015, respectively	(2.1)	1.1
Trading financial investments, net		6.5
Prepaid and other assets	(0.5)	1
Accounts payable and accrued expenses, including $0.4 to related parties for the period ended March 31, 2015	19.2	(31.9)
Section 31 fees payable	(14.6)	(35.6)
Payment of contingent consideration liability to related party	(0.9)
Unrecognized tax benefit	(0.3)
Other liabilities		(0.5)
Net cash provided by (used in) operating activities	39.6	(41.7)
Cash flows from investing activities:
Acquisition, net of cash acquired		(360.9)
Purchases of available-for-sale financial investments	(45.6)	(48.5)
Proceeds from maturities of available-for-sale financial investments	53.1	61.4
Purchases of property and equipment	(0.7)	(3.6)
Net cash provided by (used in) investing activities	6.8	(351.6)
Cash flows from financing activities:
Proceeds from long-term debt		373.8
Principal payments of long term debt	(42.6)	(20.3)
Debt issuance costs and additional debt discount		(16.5)
Distributions paid		(4.8)
Payment of contingent consideration liability to related party	(5.7)
Purchases of treasury stock	(0.1)
Net cash (used in) provided by financing activities	(48.4)	332.2
Effect of foreign currency exchange rate changes on cash and cash equivalents	4	(2)
Decrease in cash and cash equivalents	2	(63.1)
Beginning of year	75.1	122.2
End of year	77.1	59.1
Supplemental disclosure of cash paid:
Cash paid for income taxes, net of refunds	(0.3)	6.2
Interest Paid	$ (9.6)	(6.9)
Supplemental disclosure of noncash investing activities:
Property and equipment acquired		0.3
Goodwill acquired		308.2
Intangible assets acquired		111
Other assets acquired		5.2
Liabilities assumed		$ (63.8)

Condensed Consolidated Stateme9

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Receivables from related parties	$ 2.1	$ (1.1)
Accounts payable and accrued expenses from related parties	19.2	(31.9)
Related party
Receivables from related parties	$ 1	1.9
Accounts payable and accrued expenses from related parties		$ 0.4

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Organization and Basis of Presentation
Organization and Basis of Presentation	(1) Organization and Basis of Presentation Bats Global Markets, Inc. and its consolidated subsidiaries (the Company or Bats) is a global financial technology company that provides trade execution, market data, trade reporting, connectivity and risk management solutions to brokers, market makers, asset managers and other market participants, ultimately benefiting retail and institutional investors across multiple asset classes. The Company’s asset classes comprise listed cash equity securities in the United States (U.S.) and Europe, listed equity options in the United States, and institutional spot foreign currency (FX) globally. The Company is headquartered in the Kansas City, Missouri, area with additional offices in New York, New York, Chicago, Illinois, San Francisco, California, London, United Kingdom (U.K.), and Singapore. Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of results for the interim periods presented. These adjustments are of a normal recurring nature. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and related notes thereto for the year ended December 31, 2015. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the condensed consolidated financial statements and accompanying notes. Material estimates that are particularly susceptible change in the near team include the receivable from market data fees, the valuation of goodwill and unrecognized tax benefits. Actual results could differ from those estimates. In the first quarter of 2016, the Company adopted Accounting Standards Update (ASU) 2015-03, Interest—Imputation of Interest, which simplified the presentation of debt issuance cost by changing the classification of debt issuance cost from an asset to a contra-liability directly deducted from the face amount of the debt to which it relates. All periods presented have conformed to this new classification, which resulted in a $9.9 million reclassification from total assets to total liabilities as of December 31, 2015 . In the first quarter of 2016, the Company adopted ASU 2015-17, Income Taxes—Balance Sheet Classification of Deferred Taxes in the first quarter of 2016. Deferred tax liabilities and assets are now classified as noncurrent on the consolidated statements of financial condition. All periods presented have conformed to this new classification, which resulted in a $0.6 million reclassification from current deferred tax assets to deferred income taxes, net as of December 31, 2015 . Initial Public Offering and Stock Split On April 20, 2016, in connection with the closing of the Company’s initial public offering (IPO) in which certain selling stockholders of the Company sold 15,295,000 shares of existing common stock at a public offering price of $19.00 per share, the Company’s board of directors approved a stock split at a ratio of 1 -for-2.91 of each share of the Company’s outstanding common stock, after giving effect to the reclassification of each share of Class A non-voting common stock to voting common stock and Class B non-voting common stock to non-voting common stock. All references to shares and per-share data in the Company’s condensed consolidated financial statements have been adjusted to reflect the stock split on a retroactive basis. Reclassifications Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the current year presentation. The Company had historically voluntarily disclosed transactions with all stockholders irrespective of beneficial ownership. The condensed consolidated financial statements herein reflect related party transactions with only related persons, as defined by U.S. GAAP and Item 404 of Regulation S-K under the Securities and Exchange Act (the “Exchange Act”). Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update, or ASU, 2014-09, Revenue from Contracts with Customers (Topic 606) , which supersedes the revenue recognition guidance in ASC 605, Revenue Recognition. The new revenue recognition standard sets forth a five-step revenue recognition model to determine when and how revenue is recognized. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration it expects to receive in exchange for those goods or services. The standard also requires more detailed disclosures. The standard provides alternative methods of initial adoption and is effective for the Company on January 1, 2017. Early adoption is not permitted. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date of ASU 2014-09 to January 1, 2018. The Company is currently assessing the impact that this standard will have on the consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805) . This standard simplifies the accounting for adjustments made to provisional amounts recognized in a business combination. First, it requires that the acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amount is determined. The acquirer also should record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments should be applied prospectively to adjustments to provisional amounts that are identified after December 15, 2015 and that are within the measurement period. Upon transition, an entity would be required to disclose the nature of, and reason for, the change in accounting principle. An entity would provide that disclosure in the first annual period of adoption and in the interim periods within the first annual period. This ASU will have no impact on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 , Leases, (Topic 842) . The ASU will require organizations that lease assets—referred to as ‘‘lessees’’—to recognize on the consolidated statement of financial condition the assets and liabilities for the rights and obligations created by those leases. The ASU is effective for the Company beginning on January 1, 2019. The Company is still evaluating the effect of this ASU on the consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, Investments—Equity Method and Joint Ventures (Topic 323) . The ASU’s purpose is to simply the accounting for equity method investments by eliminating the requirement that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. It now requires that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The update is effective for the Company for the annual reporting period beginning January 1, 2017 and is not expected to have a material impact on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, Revenue for Contracts with Customers (Topic 606): Principal versus Agent Considerations. The update clarifies implementation guidance on principal versus agent considerations by further explaining that the entity is considered a principal if it controls the promised service before transferring it to the customer. This update is effective for the Company along with ASU 2014-09 for the annual reporting period beginning January 1, 2018. This update is not expected to have a material impact on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting . The ASU’s purpose is to simplify accounting for share-based payment transactions and is effective for the Company for the annual reporting period beginning January 1, 2017, with early adoption permitted. Among other things, the ASU requires that excess tax benefits and tax deficiencies associated with share-based compensation be recognized as income tax provision verses the current requirements to record the impact to additional paid-in capital or income tax provision, depending on circumstances. This ASU will not have a material impact on the consolidated financial statements.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2016
Acquisitions
Acquisitions	(2) Acquisitions Hotspot On March 13, 2015 (the Hotspot Acquisition Date), the Company completed the acquisition of Hotspot FX Holdings LLC (the Hotspot Transaction) for $365 million in cash and a contingent consideration liability estimated at $62.6 million. This acquisition represents further expansion into non-equity trading businesses for the Company. The results of Hotspot’s operations have been included in the condensed consolidated financial statements since the Hotspot Acquisition Date. The amounts of revenue and operating (loss) income of Hotspot are included in the Company’s condensed consolidated statements of income from the Hotspot Acquisition Date to the three months ended March 31, 2016 and 2015 and are as follows (in millions): Three Months Ended March 31, 2016 2015 Revenue $ $ Operating (loss) income Net (loss) income The following unaudited pro forma financial information presents the combined results for the three months ended March 31, 2015 including Hotspot had the Hotspot Acquisition Date been January 1, 2015 (in millions, except earnings per share): Revenue $ Operating income Net income Earnings per share: Basic $ Diluted $ The supplemental 2015 pro forma amounts have been calculated after applying the Company’s accounting policies and adjusting the results to reflect the additional depreciation and amortization that would have been charged assuming the adjusted fair values of property and equipment and acquired intangible assets had been applied on January 1, 2015. They include pro forma adjustments of $4.3 million for acquisition-related costs, such as fees to investment bankers, attorneys, accountants and other professional advisors and severance to employees.

Investments

Investments	3 Months Ended
	Mar. 31, 2016
Investments
Investments	(3) Investments Financial Investments The Company’s financial investments with original or acquired maturities longer than three months, but that mature in less than one year from the statement of financial condition date are classified as current assets and are summarized as follows (in millions): March 31, 2016 Cost basis Unrealized gains Unrealized losses Fair value Available-for-sale: U.S. Treasury securities $ $ — $ — $ Trading securities: U.S. Treasury securities — — Total financial investments $ $ — $ — $ December 31, 2015 Cost basis Unrealized gains Unrealized losses Fair value Available-for-sale: U.S. Treasury securities $ $ — $ — $ Trading securities: U.S. Treasury securities — — Total financial investments $ $ — $ — $

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts	3 Months Ended
	Mar. 31, 2016
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts	(4) Allowance for Doubtful Accounts Allowance for doubtful accounts consisted of the following (in millions): Balance at December 31, 2015 $ Additions: Charges to income, included in general and administrative expenses — Deductions: Charges for which reserves were provided — Balance at March 31, 2016 $

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2016
Property and Equipment, Net
Property and Equipment, Net	(5) Property and Equipment, Net Property and equipment consisted of the following as of March 31, 2016 and December 31, 2015 (in millions): March 31, December 31, 2016 2015 Computer equipment and software $ $ Office furniture and fixtures Leasehold improvements Total property and equipment Less accumulated depreciation Property and equipment, net $ $ Depreciation expense was $3.5 million and $3.6 million for the three months ended March 31, 2016 and 2015, respectively.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets, Net
Goodwill and Intangible Assets, Net	(6) Goodwill and Intangible Assets, Net The following table presents the details of goodwill by segment (in millions): U.S. European Equities Equities Global FX Total Balance as of December 31, 2015 $ $ $ $ Changes in foreign currency exchange rates — — Balance as of March 31, 2016 $ $ $ $ The following table presents the details of the intangible assets (in millions): U.S. European Corporate Equities Equities Global FX and Other Total Balance as of December 31, 2015 $ $ $ $ $ Amortization — Changes in foreign currency exchange rates — — — Balance as of March 31, 2016 $ $ $ $ $ For the three months ended March 31, 2016 and 2015 , amortization expense was $6.9 million and $4.2 million, respectively. The estimated future amortization expense is $20.4 million for the remainder of 2016, $23.9 million for 2017, $19.8 million for 2018, $16.3 million for 2019, $13.3 million for 2020, and $9.1 million for 2021. The following table presents the categories of intangible assets at March 31, 2016 and December 31, 2015 (in millions): Weighted March 31, 2016 Average U.S. European Corporate Amortization Equities Equities Global FX and Other Period Trademarks and trade names $ $ $ $ — indefinite Customer relationships — 18.6 Noncompete agreements — — 0.7 Trading registrations and licenses — — indefinite Domain names — — — indefinite Technology — — — 6.0 Accumulated amortization — * $ $ $ $ Weighted December 31, 2015 Average U.S. European Corporate Amortization Equities Equities Global FX and Other Period Trademarks and trade names $ $ $ $ — indefinite Customer relationships — 18.6 Noncompete agreements — — 0.7 Trading registrations and licenses — — indefinite Domain names — — — indefinite Technology — — — 6.0 Accumulated amortization — * $ $ $ $

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	3 Months Ended
	Mar. 31, 2016
Accounts Payable and Accrued Liabilities
Accounts Payable and Accrued Liabilities	(7) Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consisted of the following as of March 31, 2016 and December 31, 2015 (in millions): March 31, 2016 December 31, 2015 Accounts payable $ $ Deferred income Dividends payable Income tax payable — Accrued expenses Accrued termination benefits — $ $

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt
Debt	(8) Debt As of March 31, 2016 and December 31, 2015 the long-term debt consisted of the following (in millions): March 31, December 31, 2016 2015 Term loan $ $ Less: debt discount Revolving loan — — Total debt Less: current portion Total long-term debt $ $ The unamortized debt discount will be amortized as part of interest expense, net through January 31, 2020, the maturity date of the term loan. The effective interest rate on the term loan was 5.3% at March 31, 2016. The credit agreement for the term loan contains customary reporting requirements, events of default and affirmative and negative covenants, including a financial covenant not to exceed a maximum leverage ratio measured each quarter through the term of the loan, as further described in the credit agreement. The financial covenant places restrictions concerning the Company’s ability to declare dividends and obtain additional financing, and requires that any proceeds from the sale of assets first be used to pay down the term loan. As of March 31, 2016 , the Company was in compliance with the terms of the credit arrangement for the term loan. The Company has guaranteed the repayment of obligations under the credit agreement and have granted pledges of the shares of certain subsidiaries along with a security interest in certain other assets as collateral. Interest expense recognized on the term loans and revolving loans is included in interest expense, net in the condensed consolidated statements of income, and for the three months ended March 31, 2016 and 2015 is as follows (in millions): Three Months Ended March 31, 2016 2015 Components of interest expense: Contractual interest $ $ Amortization of debt discount Amortization of debt issuance cost Interest expense $ $

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss, Net	3 Months Ended
	Mar. 31, 2016
Accumulated Other Comprehensive Loss, Net
Accumulated Other Comprehensive Income (Loss), Net	(9) Accumulated Other Comprehensive Loss, Net The following represents the changes in accumulated other comprehensive loss by component, net of tax (in millions): Foreign currency translation adjustment Balance at December 31, 2015 $ Other comprehensive loss, net of tax Balance at March 31, 2016 $

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Measurements
Fair Value Measurements	(10) Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and sets out a fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. The three levels of the fair value hierarchy are described below: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. The types of investments included in Level 1 include listed equities and listed derivatives. Level 2: Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly, and fair value is determined through the use of models or other valuation methodologies. Investments that are generally included in this category include corporate bonds and loans, less liquid and restricted equity securities and certain over ‑the ‑counter derivatives. A significant adjustment to a Level 2 input could result in the Level 2 measurement becoming a Level 3 measurement. Level 3: Inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. The inputs into the determination of fair value are based upon the circumstances and the best information available at the time and may require significant management judgment or estimation. Investments that are included in this category generally include equity and debt positions in private companies. Instruments Measured at Fair Value on a Recurring Basis The following table presents the Company’s fair value hierarchy for those assets measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 (in millions): March 31, 2016 Total Level 1 Level 2 Level 3 Assets: Available-for-sale securities: U.S. Treasury securities $ $ $ — $ — Trading securities: U.S. Treasury securities — — Total assets $ $ $ — $ — Liabilities: Contingent consideration liability to related party $ $ — $ — $ Total liabilities $ $ — $ — $ December 31, 2015 Total Level 1 Level 2 Level 3 Assets: Available-for-sale securities: U.S. Treasury securities $ $ $ — $ — Trading securities: U.S. Treasury securities — — Total assets $ $ $ — $ — Liabilities: Contingent consideration liability to related party $ $ — $ — $ Total liabilities $ $ — $ — $ The following is a description of the Company’s valuation methodologies used for instruments measured at fair value on a recurring basis: Available-for-sale and trading securities Financial investments classified as trading and available ‑for ‑sale consist of highly liquid U.S. Treasury securities. These securities are valued by obtaining feeds from a number of live data sources, including active market makers and inter ‑dealer brokers and therefore categorized as Level 1. Contingent consideration liability The Company entered into a contingent consideration arrangement with the purchase of Hotspot from a related party on March 13, 2015. The fair value of this liability at March 31, 2016 is $59.7 million. That value is based on estimates of discounted future cash payments, a significant unobservable input, and is considered a Level 3 measurement. Fair Value of Financial Instruments The following table presents the Company’s fair value hierarchy for those financial instruments held by the Company as of March 31, 2016 and December 31, 2015 (in millions): March 31, 2016 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ $ $ — $ — Trading investments — — Available-for-sale investments — — Accounts receivable — — Other receivables — — Total assets $ $ $ $ — Liabilities: Accounts payable $ $ — $ $ — Section 31 fees payable — — Contingent consideration liability to related party — — Long-term debt — — Total liabilities $ $ — $ $ December 31, 2015 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ $ $ — $ — Trading investments — — Available-for-sale investments — — Accounts receivable — — Other receivables — — Total assets $ $ $ $ — Liabilities: Accounts payable $ $ — $ $ — Section 31 fees payable — — Contingent consideration liability to related party — — Long-term debt — — Total liabilities $ $ — $ $ The carrying amounts of cash and cash equivalents, accounts receivable, other receivables, accounts payable and Section 31 fees payable approximate fair value due to their liquid or short-term nature. Long-term debt The carrying amount of long-term debt approximates its fair value based on quoted LIBOR at both March 31, 2016 and December 31, 2015 and is considered a Level 2 measurement. Information on Level 3 Financial Liabilities The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities during the three months ended March 31, 2016. Level 3 Financial Liabilities for the Three Months Ended March 31, 2016 Balance at Realized (gains) Beginning of losses during Balances at end Period period Settlements of period Liabilities Contingent consideration liability to related party $ $ $ $ Total Liabilities $ $ $ $

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2016
Segment Reporting
Segment Reporting	(11) Segment Reporting The Company operates under four reportable segments: U.S. Equities, European Equities, U.S. Options and Global FX. Segment performance is primarily based on operating income (loss). The Company has aggregated all of its corporate costs, as well as other business ventures, within Corporate Items and Eliminations; however, operating expenses that relate to activities of a specific segment have been allocated to that segment. · The U.S. Equities segment includes listed cash equities and exchange ‑traded products (ETPs) transaction services that occur on BZX, BYX, EDGX and EDGA. It also includes the listed cash equities and exchange ‑traded products routed transaction services that occur on Trading and through January 12, 2015, routed transaction services that occurred on DE Route. It also includes the listings business where ETPs and the Company are listed on BZX. · The European Equities segment includes the pan ‑European listed cash equities transaction services, ETPs, exchange ‑traded commodities, and international depository receipts that occur on the RIE, operated by BTL. It also includes the listed cash equities and exchange-traded products routed transaction services that occur on Chi-X Europe, as well as the listings business where ETPs can be listed on BTL. · The U.S. Options segment includes the listed equity options transaction services that occur on BZX and EDGX. It also includes the listed equity options routed transaction services that occur on Trading. · The Global FX segment includes institutional spot FX services that occur on the Hotspot Platform. The Company acquired Hotspot on March 13, 2015. Summarized financial data of reportable segments was as follows (in millions): Corporate European items and U.S. Equities Equities U.S. Options Global FX eliminations Total Three months ended March 31, 2016 Revenues $ $ $ $ $ — $ Operating income (loss) Three months ended March 31, 2015 Revenues $ $ $ $ $ — $ Operating income (loss)

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2016
Employee Benefit Plans
Employee Benefit Plan	(12) Employee Benefit Plans The Company offers a 401(k) retirement plan eligible to all U.S. employees. The Company matches participating employee contributions dollar for dollar of up to five percent of salary. The Company’s contribution amounted to $0.5 million and $0.6 million for the three months ended March 31, 2016 and 2015 , respectively. This expense is included in compensation and benefits in the condensed consolidated statements of income. BTL operates a stakeholder contribution plan and contributes to employee ‑selected stakeholder contribution plans. The Company matches participating employee contributions of up to five percent of salary. All employees of BTL are eligible to participate. The Company’s contribution amounted to $0.1 million for both the three months ended March 31, 2016 and 2015 respectively. This expense is included in compensation and benefits in the condensed consolidated statements of income.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	(13) Related Party Transactions Certain affiliates of stockholders of Bats conduct trading activity through the Company. The extent of such activity is presented in the accompanying condensed consolidated statements of financial condition, income and cash flows. Certain affiliates of stockholders of Bats also own certain percentages of the term loans outstanding. As of March 31, 2016, $101.2 million of the Company’s outstanding term loans is held by related parties. In March 2015, the Company entered into a Transaction Services Agreement (TSA) with an affiliate of a certain stockholder, the seller of Hotspot. In connection with this TSA, the following expenses were recorded in the condensed consolidated statements of income for the period indicated: Three Months Ended March 31, 2016 March 31, 2015 Systems and data communication $ $ — General and administrative — Total $ $ —

Regulatory Capital

Regulatory Capital	3 Months Ended
	Mar. 31, 2016
Regulatory Capital
Regulatory Capital	(14) Regulatory Capital As broker ‑dealers registered with the Securities and Exchange Commission (SEC), Trading is subject to the SEC’s Uniform Net Capital rule (Rule 15c3 ‑1), which requires the maintenance of minimum net capital, as defined. The SEC’s requirement also provides that equity capital may not be withdrawn or a cash dividend paid if certain minimum net capital requirements are not met. Trading computes the net capital requirements under the basic method provided for in Rule 15c3 ‑1. As of March 31, 2016 and December 31, 2015, Trading is required to maintain net capital equal to the greater of 6.67% of aggregate indebtedness items, as defined, or $0.1 million. At March 31, 2016 and December 31, 2015, Trading had net capital of $3.3 million and $2.3 million, respectively, which was $2.4 million and $1.8 million, respectively, in excess of its required net capital of $0.9 million and $0.5 million, respectively. As entities regulated by the Financial Conduct Authority (FCA), BTL is subject to the Financial Resource Requirement (FRR) and Chi-X Europe is subject to the Capital Resources Requirement (CRR). As a RIE, BTL computes its FRR in accordance with its Financial Risk Assessment, as agreed by the FCA. This FRR was $16.7 million at March 31, 2016 and $17.2 million at December 31, 2015. At March 31, 2016 and December 31, 2015, BTL had capital in excess of its required FRR of $12.9 million and $15.0 million, respectively. As a Banks, Investment firms, PRUdential (BIPRU) 50k firm as defined by the Markets in Financial Instruments Directive of the FCA, Chi ‑X Europe computes its CRR as the greater of the base requirement of $0.1 million at March 31, 2016 and December 31, 2015, or the summation of the credit risk, market risk and fixed overheads requirements, as defined. At March 31, 2016 and December 31, 2015, Chi ‑X Europe had capital in excess of its required CRR of $0.4 million.

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2016
Stock Based Compensation
Stock Based Compansation	(15) Stock-Based Compensation The Company utilizes equity award programs for offering long ‑term incentives to its employees. The equity incentives have been granted in the form of nonstatutory stock options and restricted stock. In conjunction with these programs, the Company recognized stock-based compensation expense of $1.8 million and $1.1 million for the three months ended March 31, 2016 and 2015 , respectively. This expense is included in compensation and benefits in the condensed consolidated statements of income. There are two equity incentive plans pursuant to which stock options and restricted stock have been granted: the Bats Global Markets, Inc. 2009 Stock Option Plan (2009 Plan) and the Amended and Restated Bats Global Markets, Inc. 2012 Equity Incentive Plan (2012 Plan). Options and restricted stock granted under these plans generally vest over four years. Options and restricted stock granted under the 2009 Plan and 2012 Plan have ten ‑year contractual terms. After giving effect to the 1 -for-2.91 stock split, pursuant to the 2009 Stock Option Plan, the Company authorized grants of options to full ‑time employees to purchase up to 6,388,663 shares of stock. Such shares must be previously unissued or reacquired shares. Pursuant to the 2012 Plan, the Company is authorized to grant restricted stock or stock options up to 3,710,250 shares (adjusted to give effect to the 1 -for-2.91 stock split in April 2016). Stock Options Summary stock option activity is presented below: Weighted Weighted average average remaining Aggregate Number exercise contractual intrinsic of shares price term (years) value Outstanding, December 31, 2015 $ $ Exercised — Outstanding and expected to vest, March 31, 2016 $ $ Exercisable at March 31, 2016 $ $ Summary of the status of nonvested options is presented below: Weighted average grant- Nonvested options Options date fair value December 31, 2015 – Nonvested $ Vested — — Granted — — March 31, 2016 – Nonvested $ Restricted Stock Summary restricted stock activity is presented below: Weighted average Number of grant date shares fair value Nonvested stock at December 31, 2015 $ Granted Vested Nonvested stock at March 31, 2016 $ The total unrecognized compensation expense related to nonvested restricted stock is approximately $21. 3 million, which will be recognized over a weighted average remaining period of 3.4 years. During the three months ended March 31, 2016 and 2015 the Company purchased 4,642 and 4,371 treasury shares respectively, for $0.1 million during the three months ended March 31, 2016, as the result of 10,351 shares and 10,350 shares of restricted stock vesting, respectively, to satisfy the employee income tax withholdings upon exercise.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Taxes
Income Taxes	(16) Income Taxes The Company records income tax expense during interim periods based on the best estimate of the full year’s tax rate as adjusted for discrete items, if any, that are taken into account in the relevant interim period. Each quarter, the Company updates its estimate of the annual effective tax rate and any change in the estimated rate is recorded on a cumulative basis. The effective tax rate from continuing operations was 41.1% and 40.1% for the three months ended March 31, 2016 and 2015 , respectively. The effective tax rate for the three months ended March 31, 2016 increased primarily due to a deferred tax rate benefit recognized in 2015 .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share
Earnings Per Share	(17) Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share, after giving effect to the 1 -for-2.91 stock split (in millions, except per share data): Three Months Ended March 31, 2016 2015 Numerator: Net income $ $ Denominator: Weighted average common shares outstanding for basic earnings per share Weighted average effect of dilutive securities: Stock options and restricted stock Denominator for diluted earnings per share Basic and diluted earnings per share: Basic earnings per share $ $ Diluted earnings per share $ $ Stock options to purchase and restricted stock of 0.5 million shares at March 31, 2016 were outstanding but were not included in the computation of diluted earnings per share as they were anti-dilutive under the treasury stock method.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies.
Commitments, Contingencies and Guarantees	(18) Commitments and Contingencies Legal Proceedings From time to time the Company is involved in various legal proceedings arising in the ordinary course of business. The Company does not believe that the outcome of any of the reviews, inspections or other legal proceedings will have a material impact on the consolidated financial position, results of operations or cash flows; however, litigation is subject to many uncertainties, and the outcome of individual litigated matters is not predictable with assurance. On April 18, 2014, the City of Providence, Rhode Island filed a securities class action lawsuit in the Southern District of New York against Bats and Direct Edge, as well as 14 other securities exchanges. The action purports to be brought on behalf of all public investors who purchased and/or sold shares of stock in the United States between April 18, 2009 and the present on a registered public stock exchange (Exchange Defendants) or a United States-based alternate trading venue and were injured as a result of the misconduct detailed in the complaint, which includes allegations that the defendants committed fraud through a variety of business practices associated with, among other things, what is commonly referred to as high frequency trading. On May 2, 2014 and May 20, 2014, American European Insurance Company and Harel Insurance Co., Ltd. each filed substantially similar class action lawsuits against the Exchange Defendants which were ultimately consolidated with the City of Providence, Rhode Island securities class action lawsuit. On June 18, 2015, Judge Jesse Furman of the Southern District of New York held oral argument on the pending Motion to Dismiss and thereafter, on August 26, 2015, the Court issued an Opinion and Order granting Defendant’s Motion to Dismiss, dismissing the Complaint in full. Plaintiff filed a Notice of Appeal of the dismissal on September 24, 2015 and its appeal brief on January 7, 2016. Respondent’s brief was filed on April 7, 2016. Given the preliminary nature of the proceedings, the Company is unable to estimate what, if any, liability may result from this litigation. However, the Company believes that the claims are without merit and intend to litigate the matter vigorously. On May 23, 2014 and May 30, 2014, Harold R. Lanier filed three class action lawsuits in the Southern District of New York against Bats and other securities exchanges. The complaints were identical in all substantive respects, but each related to the dissemination of market data under a different market system – (i) the NASDAQ UTP Plan Market System; (ii) the OPRA Market System; and (iii) the Consolidated Quotation System and the Consolidated Tape System. Each of the actions purported to be brought on behalf of all subscribers who entered into contracts with the exchanges for the receipt of market data and were injured as a result of the misconduct detailed in the complaints, which includes allegations that the defendants did not provide market data services in a non-discriminatory manner or provide subscribers with “valid” data (i.e., data that is accurate and not stale). On January 16, 2015, Judge Katherine Forrest of the Southern District of New York held oral argument on the pending Motion to Dismiss and thereafter, on April 28, 2015, the Court filed an Opinion and Order granting the exchange defendants’ Motion to Dismiss, terminating all three class action lawsuits with prejudice. On May 20, 2015, Plaintiff filed a Notice of Appeal of the dismissal and on September 1, 2015, Appellant filed its appeal brief. Respondent’s brief was filed on November 24, 2015 and Appellant’s reply brief was filed on December 8, 2015. Oral argument was held on March 3, 2016. Given the preliminary nature of the proceedings, the Company is unable to estimate what, if any, liability may result from this litigation. However, the Company believes that the claims are without merit and intend to litigate the matter vigorously. Securities Industry and Financial Markets Association (“SIFMA”) has filed a number of denial of access applications with the SEC to set aside proposed rule changes to establish or modify fees for Bats market data products and related services. Each application is being held in abeyance pending a decision on a separate SIFMA denial of access application currently before the SEC’s Chief Administrative Law Judge, or ALJ, regarding fees proposed by Nasdaq and the NYSE for their respective market data products. An adverse ruling in that matter could cause the SEC to more closely examine exchange market data fees, which in turn could result in the Company having to reduce the fees it charges for market data. In addition, as a self-regulatory organization under the jurisdiction of the SEC, the Company is subject to routine reviews and inspections by the SEC, Bats Trading is subject to reviews and inspections by the Financial Industry Regulatory Authority (“FINRA”), and BTL and Chi-X Europe are subject to regulatory oversight in the United Kingdom by the FCA. The Company has from time to time received inquiries and investigative requests from the SEC’s Office of Compliance Inspections and Examinations as well as the Division of Enforcement seeking information about the Company’s compliance with the federal securities laws as well as the Company’s members’ compliance with the federal securities laws.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events
Subsequent Events	(19) Subsequent Events On April 1, 2016, the Company acquired ETF.com, a provider of ETF data, news and analysis, with approximately $3.0 million in annual revenue. On April 20, 2016, the Company completed its IPO of 15,295,000 shares of common stock for cash consideration of $19.00 ( $17.86 per share net of underwriting discounts) for an aggregate offering price of $290.6 million, including the exercise in full by the underwriters of their option to purchase additional shares. In connection with the IPO, selling stockholders paid the underwriters a discount of $1.14 per share, for a total underwriting discount of approximately $15.2 million. In addition, the Company expensed as incurred professional fees and other expenses estimated at $3.3 million in connection with the IPO. The Company did not receive any proceeds from the IPO. On April 20, 2016, the Company filed an amended and restated certificate of incorporation and a certificate of amendment of the amended and restated certificate of incorporation (together, the “Amended and Restated Certificate”) with the Secretary of State of the State of Delaware in connection with the closing of the IPO. The Amended and Restated Certificate amends and restates in its entirety the Company’s certificate of incorporation to, among other things: (i) reclassify each share of the Company's existing capital stock designated as Class A non-voting common stock as one share of common stock and reclassify each share of the Company's existing capital stock designated as Class B non-voting common stock as one share of non-voting common stock, (ii) immediately following the stock reclassification described above and prior to the completion of the IPO, declare a 1 -for- 2.91 stock split of all outstanding common stock and non-voting common stock, (iii) authorize 362,500,000 shares of common stock; (iv) authorize 29,000,000 shares of non-voting common stock; and (v) authorize 43,500,000 shares of preferred stock. On May 4, 2016, the Board of Directors declared a regular quarterly cash dividend of $0.08 per share on the Company’s outstanding common stock, which is payable on September 28, 2016, to stockholders of record at the close of business on September 14, 2016. There have been no additional subsequent events that would require disclosure in, or adjustment to, the condensed consolidated financial statements as of and for the quarter ended March 31, 2016.

Organization and Basis of Pre29

Organization and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2016
Organization and Basis of Presentation
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of results for the interim periods presented. These adjustments are of a normal recurring nature. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and related notes thereto for the year ended December 31, 2015. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the condensed consolidated financial statements and accompanying notes. Material estimates that are particularly susceptible change in the near team include the receivable from market data fees, the valuation of goodwill and unrecognized tax benefits. Actual results could differ from those estimates. In the first quarter of 2016, the Company adopted Accounting Standards Update (ASU) 2015-03, Interest—Imputation of Interest, which simplified the presentation of debt issuance cost by changing the classification of debt issuance cost from an asset to a contra-liability directly deducted from the face amount of the debt to which it relates. All periods presented have conformed to this new classification, which resulted in a $9.9 million reclassification from total assets to total liabilities as of December 31, 2015 . In the first quarter of 2016, the Company adopted ASU 2015-17, Income Taxes—Balance Sheet Classification of Deferred Taxes in the first quarter of 2016. Deferred tax liabilities and assets are now classified as noncurrent on the consolidated statements of financial condition. All periods presented have conformed to this new classification, which resulted in a $0.6 million reclassification from current deferred tax assets to deferred income taxes, net as of December 31, 2015 .
Initial Public Offering and Stock Split	Initial Public Offering and Stock Split On April 20, 2016, in connection with the closing of the Company’s initial public offering (IPO) in which certain selling stockholders of the Company sold 15,295,000 shares of existing common stock at a public offering price of $19.00 per share, the Company’s board of directors approved a stock split at a ratio of 1 -for-2.91 of each share of the Company’s outstanding common stock, after giving effect to the reclassification of each share of Class A non-voting common stock to voting common stock and Class B non-voting common stock to non-voting common stock. All references to shares and per-share data in the Company’s condensed consolidated financial statements have been adjusted to reflect the stock split on a retroactive basis.
Reclassifications	Reclassifications Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the current year presentation. The Company had historically voluntarily disclosed transactions with all stockholders irrespective of beneficial ownership. The condensed consolidated financial statements herein reflect related party transactions with only related persons, as defined by U.S. GAAP and Item 404 of Regulation S-K under the Securities and Exchange Act (the “Exchange Act”).
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update, or ASU, 2014-09, Revenue from Contracts with Customers (Topic 606) , which supersedes the revenue recognition guidance in ASC 605, Revenue Recognition. The new revenue recognition standard sets forth a five-step revenue recognition model to determine when and how revenue is recognized. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration it expects to receive in exchange for those goods or services. The standard also requires more detailed disclosures. The standard provides alternative methods of initial adoption and is effective for the Company on January 1, 2017. Early adoption is not permitted. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date of ASU 2014-09 to January 1, 2018. The Company is currently assessing the impact that this standard will have on the consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805) . This standard simplifies the accounting for adjustments made to provisional amounts recognized in a business combination. First, it requires that the acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amount is determined. The acquirer also should record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments should be applied prospectively to adjustments to provisional amounts that are identified after December 15, 2015 and that are within the measurement period. Upon transition, an entity would be required to disclose the nature of, and reason for, the change in accounting principle. An entity would provide that disclosure in the first annual period of adoption and in the interim periods within the first annual period. This ASU will have no impact on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 , Leases, (Topic 842) . The ASU will require organizations that lease assets—referred to as ‘‘lessees’’—to recognize on the consolidated statement of financial condition the assets and liabilities for the rights and obligations created by those leases. The ASU is effective for the Company beginning on January 1, 2019. The Company is still evaluating the effect of this ASU on the consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, Investments—Equity Method and Joint Ventures (Topic 323) . The ASU’s purpose is to simply the accounting for equity method investments by eliminating the requirement that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. It now requires that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The update is effective for the Company for the annual reporting period beginning January 1, 2017 and is not expected to have a material impact on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, Revenue for Contracts with Customers (Topic 606): Principal versus Agent Considerations. The update clarifies implementation guidance on principal versus agent considerations by further explaining that the entity is considered a principal if it controls the promised service before transferring it to the customer. This update is effective for the Company along with ASU 2014-09 for the annual reporting period beginning January 1, 2018. This update is not expected to have a material impact on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting . The ASU’s purpose is to simplify accounting for share-based payment transactions and is effective for the Company for the annual reporting period beginning January 1, 2017, with early adoption permitted. Among other things, the ASU requires that excess tax benefits and tax deficiencies associated with share-based compensation be recognized as income tax provision verses the current requirements to record the impact to additional paid-in capital or income tax provision, depending on circumstances. This ASU will not have a material impact on the consolidated financial statements.

Acquisitions (Tables)

Acquisitions (Tables) - Hot spot Member	3 Months Ended
	Mar. 31, 2016
Schedule of revenues and operating income included in the company's condensed consolidated statements of income	The amounts of revenue and operating (loss) income of Hotspot are included in the Company’s condensed consolidated statements of income from the Hotspot Acquisition Date to the three months ended March 31, 2016 and 2015 and are as follows (in millions): Three Months Ended March 31, 2016 2015 Revenue $ $ Operating (loss) income Net (loss) income
Schedule of pro forma financials information presenting the combined results	The following unaudited pro forma financial information presents the combined results for the three months ended March 31, 2015 including Hotspot had the Hotspot Acquisition Date been January 1, 2015 (in millions, except earnings per share): Revenue $ Operating income Net income Earnings per share: Basic $ Diluted $

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Investments
Schedule of financial investments	The Company’s financial investments with original or acquired maturities longer than three months, but that mature in less than one year from the statement of financial condition date are classified as current assets and are summarized as follows (in millions): March 31, 2016 Cost basis Unrealized gains Unrealized losses Fair value Available-for-sale: U.S. Treasury securities $ $ — $ — $ Trading securities: U.S. Treasury securities — — Total financial investments $ $ — $ — $ December 31, 2015 Cost basis Unrealized gains Unrealized losses Fair value Available-for-sale: U.S. Treasury securities $ $ — $ — $ Trading securities: U.S. Treasury securities — — Total financial investments $ $ — $ — $

Allowance for Doubtful Accoun32

Allowance for Doubtful Accounts (Tables)	3 Months Ended
	Mar. 31, 2016
Allowance for Doubtful Accounts
Schedule of Allowance for doubtful accounts	Allowance for doubtful accounts consisted of the following (in millions): Balance at December 31, 2015 $ Additions: Charges to income, included in general and administrative expenses — Deductions: Charges for which reserves were provided — Balance at March 31, 2016 $

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2016
Property and Equipment, Net
Schedule of property and equipment	Property and equipment consisted of the following as of March 31, 2016 and December 31, 2015 (in millions): March 31, December 31, 2016 2015 Computer equipment and software $ $ Office furniture and fixtures Leasehold improvements Total property and equipment Less accumulated depreciation Property and equipment, net $ $

Goodwill and Intangible Asset34

Goodwill and Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets, Net
Schedule of details of goodwill by segments	The following table presents the details of goodwill by segment (in millions): U.S. European Equities Equities Global FX Total Balance as of December 31, 2015 $ $ $ $ Changes in foreign currency exchange rates — — Balance as of March 31, 2016 $ $ $ $
Schedule of details of intangible assets by segment	The following table presents the details of the intangible assets (in millions): U.S. European Corporate Equities Equities Global FX and Other Total Balance as of December 31, 2015 $ $ $ $ $ Amortization — Changes in foreign currency exchange rates — — — Balance as of March 31, 2016 $ $ $ $ $
Schedules of catagories of intangible assets	The following table presents the categories of intangible assets at March 31, 2016 and December 31, 2015 (in millions): Weighted March 31, 2016 Average U.S. European Corporate Amortization Equities Equities Global FX and Other Period Trademarks and trade names $ $ $ $ — indefinite Customer relationships — 18.6 Noncompete agreements — — 0.7 Trading registrations and licenses — — indefinite Domain names — — — indefinite Technology — — — 6.0 Accumulated amortization — * $ $ $ $ Weighted December 31, 2015 Average U.S. European Corporate Amortization Equities Equities Global FX and Other Period Trademarks and trade names $ $ $ $ — indefinite Customer relationships — 18.6 Noncompete agreements — — 0.7 Trading registrations and licenses — — indefinite Domain names — — — indefinite Technology — — — 6.0 Accumulated amortization — * $ $ $ $

Accounts Payable and Accrued 35

Accounts Payable and Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
Accounts Payable and Accrued Liabilities
Schedule of accounts payable and accured liabilities	Accounts payable and accrued liabilities consisted of the following as of March 31, 2016 and December 31, 2015 (in millions): March 31, 2016 December 31, 2015 Accounts payable $ $ Deferred income Dividends payable Income tax payable — Accrued expenses Accrued termination benefits — $ $

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt
Schedule of long term debt	As of March 31, 2016 and December 31, 2015 the long-term debt consisted of the following (in millions): March 31, December 31, 2016 2015 Term loan $ $ Less: debt discount Revolving loan — — Total debt Less: current portion Total long-term debt $ $
Schedule of interest expense recognized on loans	Interest expense recognized on the term loans and revolving loans is included in interest expense, net in the condensed consolidated statements of income, and for the three months ended March 31, 2016 and 2015 is as follows (in millions): Three Months Ended March 31, 2016 2015 Components of interest expense: Contractual interest $ $ Amortization of debt discount Amortization of debt issuance cost Interest expense $ $

Accumulated Other Comprehensi37

Accumulated Other Comprehensive Loss, Net (Tables)	3 Months Ended
	Mar. 31, 2016
Accumulated Other Comprehensive Loss, Net
Schedule of changes in accumulated other comprehensive loss	The following represents the changes in accumulated other comprehensive loss by component, net of tax (in millions): Foreign currency translation adjustment Balance at December 31, 2015 $ Other comprehensive loss, net of tax Balance at March 31, 2016 $

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Measurements
Summary of assets measured at fair value on a recurring basis	The following table presents the Company’s fair value hierarchy for those assets measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 (in millions): March 31, 2016 Total Level 1 Level 2 Level 3 Assets: Available-for-sale securities: U.S. Treasury securities $ $ $ — $ — Trading securities: U.S. Treasury securities — — Total assets $ $ $ — $ — Liabilities: Contingent consideration liability to related party $ $ — $ — $ Total liabilities $ $ — $ — $ December 31, 2015 Total Level 1 Level 2 Level 3 Assets: Available-for-sale securities: U.S. Treasury securities $ $ $ — $ — Trading securities: U.S. Treasury securities — — Total assets $ $ $ — $ — Liabilities: Contingent consideration liability to related party $ $ — $ — $ Total liabilities $ $ — $ — $
Summary of financial instruments held by the company	The following table presents the Company’s fair value hierarchy for those financial instruments held by the Company as of March 31, 2016 and December 31, 2015 (in millions): March 31, 2016 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ $ $ — $ — Trading investments — — Available-for-sale investments — — Accounts receivable — — Other receivables — — Total assets $ $ $ $ — Liabilities: Accounts payable $ $ — $ $ — Section 31 fees payable — — Contingent consideration liability to related party — — Long-term debt — — Total liabilities $ $ — $ $ December 31, 2015 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ $ $ — $ — Trading investments — — Available-for-sale investments — — Accounts receivable — — Other receivables — — Total assets $ $ $ $ — Liabilities: Accounts payable $ $ — $ $ — Section 31 fees payable — — Contingent consideration liability to related party — — Long-term debt — — Total liabilities $ $ — $ $
Schedule of changes in fair value of the company's level 3 financial assets and liabilities	Level 3 Financial Liabilities for the Three Months Ended March 31, 2016 Balance at Realized (gains) Beginning of losses during Balances at end Period period Settlements of period Liabilities Contingent consideration liability to related party $ $ $ $ Total Liabilities $ $ $ $

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting
Summarized financial data of reportable segments	Summarized financial data of reportable segments was as follows (in millions): Corporate European items and U.S. Equities Equities U.S. Options Global FX eliminations Total Three months ended March 31, 2016 Revenues $ $ $ $ $ — $ Operating income (loss) Three months ended March 31, 2015 Revenues $ $ $ $ $ — $ Operating income (loss)

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Schedule of expenses recorded in connection with TSA	Three Months Ended March 31, 2016 March 31, 2015 Systems and data communication $ $ — General and administrative — Total $ $ —

Stock Based Compensation (Table

Stock Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Stock Based Compensation
Schedule of summary of stock option activity	Weighted Weighted average average remaining Aggregate Number exercise contractual intrinsic of shares price term (years) value Outstanding, December 31, 2015 $ $ Exercised — Outstanding and expected to vest, March 31, 2016 $ $ Exercisable at March 31, 2016 $ $
Schedule of summary of nonvested share activity	Weighted average grant- Nonvested options Options date fair value December 31, 2015 – Nonvested $ Vested — — Granted — — March 31, 2016 – Nonvested $
Schedule of summary of nonvested restricted stock shares activity	Weighted average Number of grant date shares fair value Nonvested stock at December 31, 2015 $ Granted Vested Nonvested stock at March 31, 2016 $

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share
Schedule of computation of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings per share, after giving effect to the 1 -for-2.91 stock split (in millions, except per share data): Three Months Ended March 31, 2016 2015 Numerator: Net income $ $ Denominator: Weighted average common shares outstanding for basic earnings per share Weighted average effect of dilutive securities: Stock options and restricted stock Denominator for diluted earnings per share Basic and diluted earnings per share: Basic earnings per share $ $ Diluted earnings per share $ $

Organization and Basis of Pre43

Organization and Basis of Presentation (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 30, 2016$ / sharesshares	Mar. 31, 2016USD ($)	Mar. 31, 2015	Dec. 31, 2015USD ($)
Basis of Presentation
Assets		$ 1,287		$ 1,307
Shares issued in IPO | shares	15,295,000
Offering price | $ / shares	$ 19
Reverse stock split	0.3436	0.3436	0.3436	0.3436
ASU 2015-03 | Adjustment
Basis of Presentation
Assets				$ (9.9)
Liabilities				9.9
ASU 2015-17 | Early adoption
Basis of Presentation
Current deferred tax assets				(0.6)
Deferred income taxes				$ 0.6

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condensed consolidated statements of income
Revenues	$ 510.9	$ 425
Operating income	62.2	31.5
Net (loss) income	30.1	14.8
Hot spot Member
Acquisitions
Cash		365
Contingent consideration liability		62.6
Condensed consolidated statements of income
Revenues	10.4
Operating income	(1)
Net (loss) income	(0.9)
Unaudited pro forma financial information
Revenue		434.1
Operating income		35.8
Net income		$ 14.5
Basic (in dollars per share)		$ 0.15
Diluted (in dollars per share)		$ 0.15
Pro forma acquisition related costs	$ 4.3

Investments (Details)

Investments (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Trading Securities:
Fair value	$ 0.5	$ 0.5
Available for sale and Trading securities
Cost basis	40.2	47.7
Fair value	40.2	47.7
U.S. Treasury securities
Trading Securities:
Cost basis	0.5	0.5
Fair value	0.5	0.5
Available-for-sale:
Cost basis	39.7	47.2
Fair value	$ 39.7	$ 47.2

Allowance for Doubtful Accoun46

Allowance for Doubtful Accounts (Details) $ in Millions	Mar. 31, 2016USD ($)
Change in the allowance for doubtful accounts
Balance at the beginning of the period	$ 0.4
Balance at the end of the period	$ 0.4

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Property and Equipment, Net
Total property and equipment	$ 77.8		$ 85.1
Less accumulated depreciation	(51.2)		(55.5)
Property and equipment, net	26.6		29.6
Depreciation	3.5	$ 3.6
Computer equipment and software
Property and Equipment, Net
Total property and equipment	66.8		74.1
Office furniture and fixtures
Property and Equipment, Net
Total property and equipment	2.2		2.2
Leasehold improvements
Property and Equipment, Net
Total property and equipment	$ 8.8		$ 8.8

Goodwill and Intangible Asset48

Goodwill and Intangible Assets, Net - Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Goodwill and Intangible Assets, Net
Balance at beginning of the period	$ 741.3
Changes in foreign currency exchange rates	(5.6)
Balance at end of the period	735.7
U.S.Equities
Goodwill and Intangible Assets, Net
Balance at beginning of the period	253.5
Balance at end of the period	253.5
European Equities
Goodwill and Intangible Assets, Net
Balance at beginning of the period	179.6
Changes in foreign currency exchange rates	(5.6)
Balance at end of the period	174
Global FX
Goodwill and Intangible Assets, Net
Balance at beginning of the period	308.2
Balance at end of the period	$ 308.2

Goodwill and Intangible Asset49

Goodwill and Intangible Assets, Net - Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Mar. 31, 2016	Dec. 31, 2015
Intangible assets.
Balance as of December 31, 2015	$ 239
Amortization	(6.9)	$ (4.2)
Changes in foreign currency exchange rates	(1)
Balance as of March 31, 2016	231.1		$ 239
Estimate future amortization expenses
Remainder of 2016				$ 20.4
2,017				23.9
2,018				19.8
2,019				16.3
2,020				13.3
2,021				9.1
Intangible assets,
Net intangible assets	$ 239		$ 239	231.1	$ 239
Customer Relationships
Intangible assets,
Weighted average amortization period	18 years 7 months 6 days		18 years 7 months 6 days
Noncompete Agreements
Intangible assets,
Weighted average amortization period	8 months 12 days		8 months 12 days
Technology
Intangible assets,
Weighted average amortization period	6 years		6 years
U.S.Equities
Intangible assets.
Balance as of December 31, 2015	$ 106.6
Amortization	(2)
Balance as of March 31, 2016	104.6		$ 106.6
Intangible assets,
Accumulated amortization				(15.8)	(13.8)
Net intangible assets	106.6		106.6	104.6	106.6
U.S.Equities | Trademarks and Trade Names
Intangible assets,
Gross intangible assets				1.6	1.6
U.S.Equities | Customer Relationships
Intangible assets,
Gross intangible assets				43	43
U.S.Equities | Noncompete Agreements
Intangible assets,
Gross intangible assets				3.9	3.9
U.S.Equities | Trade registrations and licenses
Intangible assets,
Gross intangible assets				71.9	71.9
European Equities
Intangible assets.
Balance as of December 31, 2015	32.6
Amortization	(1.3)
Changes in foreign currency exchange rates	(1)
Balance as of March 31, 2016	30.3		32.6
Intangible assets,
Accumulated amortization				(22)	(21.3)
Net intangible assets	32.6		32.6	30.3	32.6
European Equities | Trademarks and Trade Names
Intangible assets,
Gross intangible assets				0.6	0.6
European Equities | Customer Relationships
Intangible assets,
Gross intangible assets				41.7	43
European Equities | Trade registrations and licenses
Intangible assets,
Gross intangible assets				10	10.3
Global FX
Intangible assets.
Balance as of December 31, 2015	99.6
Amortization	(3.6)
Balance as of March 31, 2016	96		99.6
Intangible assets,
Accumulated amortization				(15)	(11.4)
Net intangible assets	99.6		99.6	96	99.6
Global FX | Trademarks and Trade Names
Intangible assets,
Gross intangible assets				15.3	15.3
Global FX | Customer Relationships
Intangible assets,
Gross intangible assets				81.2	81.2
Global FX | Noncompete Agreements
Intangible assets,
Gross intangible assets				1.9	1.9
Global FX | Technology
Intangible assets,
Gross intangible assets				12.6	12.6
Corporate items
Intangible assets.
Balance as of December 31, 2015	0.2
Balance as of March 31, 2016	0.2		0.2
Intangible assets,
Net intangible assets	$ 0.2		$ 0.2	0.2	0.2
Corporate items | Domain names
Intangible assets,
Gross intangible assets				$ 0.2	$ 0.2

Accounts Payable and Accrued 50

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Accounts Payable and Accrued Liabilities
Accounts payable	$ 55.7	$ 42.9
Deferred income	3.1	1.5
Dividends payable	0.5	0.5
Income tax payable	4.9
Accrued expenses	27.6	27.4
Accrued termination benefits		0.6
Total of accounts payable and accured liabilities	$ 91.8	$ 72.9

Debt (Details)

Debt (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Debt Instrument
Term loan	$ 656.1		$ 698.7
Less: debt discount	(19.3)		(21.1)
Total debt	636.8		677.6
Less: current portion	(84.2)		(83.9)
Long-term debt, less current portion	552.6		$ 593.7
Components of interest expense:
Contractual interest	9.8	$ 7.2
Amortization of debt discount	0.9	0.3
Amortization of debt issuance cost	0.9	0.7
Interest Expense	$ 11.6	$ 8.2
Amended 2014 Term Loan Agreement
Debt Instrument
Effective interest rate	5.30%

Accumulated Other Comprehensi52

Accumulated Other Comprehensive Loss, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Loss, Net
Balance at beginning of the period	$ (10.2)
Other comprehensive loss	(3.1)
Tax effect on other comprehensive loss	(6.9)	$ (4.6)
Balance at end of the period	$ (13.3)

Fair Value Measurements - Instr

Fair Value Measurements - Instruments Measured At Fair Value On Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Assets:
Trading Securities	$ 0.5	$ 0.5
U.S. Treasury securities
Assets:
Available-for-sale Securities	39.7	47.2
Trading Securities	0.5	0.5
Level 1
Assets:
Available-for-sale Securities		47.2
Trading Securities		0.5
Total assets	117.3	122.8
Level 1 | Recurring
Assets:
Total assets	40.2	47.7
Level 1 | Recurring | U.S. Treasury securities
Assets:
Available-for-sale Securities	39.7	47.2
Trading Securities	0.5	0.5
Level 2
Assets:
Total assets	154.2	136.4
Level 3
Liabilities:
Contingent consideration liability to related party	59.7	65.4
Level 3 | Recurring
Liabilities:
Contingent consideration liability to related party	59.7	65.4
Total liabilities	59.7	65.4
Total
Assets:
Available-for-sale Securities	39.7	47.2
Trading Securities	0.5	0.5
Total assets	271.5	259.2
Liabilities:
Contingent consideration liability to related party	59.7	65.4
Total | Recurring
Assets:
Total assets	40.2	47.7
Liabilities:
Contingent consideration liability to related party	59.7	65.4
Total liabilities	59.7	65.4
Total | Recurring | U.S. Treasury securities
Assets:
Available-for-sale Securities	39.7	47.2
Trading Securities	0.5	$ 0.5
Total | Level 1
Assets:
Available-for-sale Securities	39.7
Trading Securities	$ 0.5

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Hierarchy For Financial Instrument (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Assets:
Trading Securities	$ 0.5	$ 0.5
Other receivables	4.6	5.4
Liabilities:
Section 31 fees payable	78.4	93
Total
Assets:
Cash and cash equivalents	77.1	75.1
Trading Securities	0.5	0.5
Available-for-sale Securities	39.7	47.2
Accounts receivable	149.6	131
Other receivables	4.6	5.4
Total assets	271.5	259.2
Liabilities:
Accounts payable	55.7	42.9
Section 31 fees payable	78.4	93
Contingent consideration liability to related party	59.7	65.4
Long-term debt	636.8	677.6
Total liabilities	830.6	878.9
Level 1
Assets:
Cash and cash equivalents	77.1	75.1
Trading Securities		0.5
Available-for-sale Securities		47.2
Total assets	117.3	122.8
Level 1 | Total
Assets:
Trading Securities	0.5
Available-for-sale Securities	39.7
Level 2
Assets:
Accounts receivable	149.6	131
Other receivables	4.6	5.4
Total assets	154.2	136.4
Liabilities:
Accounts payable	55.7	42.9
Section 31 fees payable	78.4	93
Long-term debt	636.8	677.6
Total liabilities	770.9	813.5
Level 3
Liabilities:
Contingent consideration liability to related party	59.7	65.4
Total liabilities	$ 59.7	$ 65.4

Fair Value Measurements - Chang

Fair Value Measurements - Changes In Fair Value Of Level 3 Financial Assets And Liabilities (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Liabilities:
Balance at Beginning of Period	$ 65.4
Realized gains (losses) during period	0.9
Settlements	(6.6)
Balances at end of period	59.7
Contingent consideration liability to related party
Liabilities:
Balance at Beginning of Period	65.4
Realized gains (losses) during period	0.9
Settlements	(6.6)
Balances at end of period	$ 59.7

Segment Reporting (Details)

Segment Reporting (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)segment	Mar. 31, 2015USD ($)
Segment reporting information
Number of reportable segments | segment	4
Revenues	$ 510.9	$ 425
Operating Income (Loss)	62.2	31.5
U.S.Equities
Segment reporting information
Revenues	406.3	338.8
European Equities
Segment reporting information
Revenues	30.7	30
U.S. Options
Segment reporting information
Revenues	63.5	53.8
Global FX
Segment reporting information
Revenues	10.4	2.4
Operating segment
Segment reporting information
Operating Income (Loss)	62.2	31.5
Operating segment | U.S.Equities
Segment reporting information
Operating Income (Loss)	50.3	26
Operating segment | European Equities
Segment reporting information
Operating Income (Loss)	9.9	8.9
Operating segment | U.S. Options
Segment reporting information
Operating Income (Loss)	4.4	0.9
Operating segment | Global FX
Segment reporting information
Operating Income (Loss)	(1)	(4)
Eliminations
Segment reporting information
Operating Income (Loss)	$ (1.4)	$ (0.3)

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Defined Contribution Plan Disclosure [Line Items]
Matching contribution, percentage of salary	5.00%
Company's contribution	$ 0.5	$ 0.6
Stakeholder Contribution Plan [Member]
Defined Contribution Plan Disclosure [Line Items]
Matching contribution, percentage of salary	5.00%
Company's contribution	$ 0.1	$ 0.1

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Related Party Transaction [Line Items]
Systems and data communication	$ 4.6	$ 6.1
General and administrative	5.3	$ 11.2
Transaction Services Agreement [Member]
Related Party Transaction [Line Items]
Systems and data communication	0.1
General and administrative	0.1
Total	0.2
Certain Stockholders [Member]
Related Party Transaction [Line Items]
Term loan outstanding	$ 101.2

Regulatory Capital (Details)

Regulatory Capital (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
BATS Trading [Member]
Regulatory Capital Requirements [Line Items]
Minimum net capital percentage over indebtedness	6.67%	6.67%
Minimum net capital over indebtedness	$ 0.1	$ 0.1
Net capital	3.3	2.3
Excess net capital	2.4	1.8
Required net capital	0.9	0.5
BATS Trading Limited [Member]
Regulatory Capital Requirements [Line Items]
Capital resources requirement	16.7	17.2
Excess capital resources requirement	12.9	15
CHIX Europe [Member]
Regulatory Capital Requirements [Line Items]
Capital resources requirement	0.1	0.1
Excess capital resources requirement	$ 0.4	$ 0.4

Stock Based Compensation - Plan

Stock Based Compensation - Plan Details (Details) $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 30, 2016	Mar. 31, 2016USD ($)itemshares	Mar. 31, 2015USD ($)	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense | $		$ 1.8	$ 1.1
Number of equity incentive plans | item		2
Stock split ratio	0.3436	0.3436	0.3436	0.3436
2009 Plan | Full time Employees | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under plan		6,388,663
2012 Plan | Full time Employees | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under plan		3,710,250
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock split ratio		0.3436
Vesting Period		4 years
Stock options | 2009 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term		10 years
Stock options | 2012 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term		10 years
Restricted stock | 2009 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term		10 years
Restricted stock | 2012 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term		10 years

Stock Based Compensation - Stoc

Stock Based Compensation - Stock Options (Details) - Stock options - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Number of Shares
Outstanding at the beginning of period	1,946,038
Outstanding at the end of period	1,946,038	1,946,038
Exercisable (in shares)	1,466,892
Weighted Average Exercise Price
Outstanding at the beginning of period (in dollars per share)	$ 9.57
Outstanding at the end of period (in dollars per share)	9.57	$ 9.57
Exercisable (in dollars per share)	$ 8.60
Weighted Average remaining Contractual Term
Outstanding at the end of period	5 years 3 months 18 days	5 years 6 months
Exercisable at the end of period	4 years 1 month 6 days
Aggregate Instrinsic Value
Outstanding at the beginning of period (in dollars)	$ 12,098,084
Outstanding at the end of period (in dollars)	12,098,084	$ 12,098,084
Exercisable (in dollars)	$ 10,535,508
Non vested options
Non vested options at the beginning of period (in shares)	479,146
Non vested options at the end of period (in shares)	479,146	479,146
Non vested options - Weighted average grant-date fair value
Non vested options at the beginning of period (in dollars per share)	$ 4.64
Non vested options at the end of period (in dollars per share)	$ 4.64	$ 4.64

Stock Based Compensation - Rest

Stock Based Compensation - Restricted Stock (Details) - Restricted stock $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Number of shares
Nonvested stock at the beginning of period (in shares) | shares	887,778
Granted (in shares) | shares	688,226
Vested (in shares) | shares	(10,351)
Nonvested stock at the end of period (in shares) | shares	1,565,653
Weighted average grant date fair value
Non-vested at the beginning of period (in dollars per share) | $ / shares	$ 14.23
Granted (in dollars per share) | $ / shares	15.78
Vested (in dollars per share) | $ / shares	12.08
Non vested at the end of period (in dollars per share) | $ / shares	$ 14.93
Unrecognized compensation cost | $	$ 21.3
Weighted-average period to recognize unrecognized compensation cost	3 years 4 months 24 days

Stock Based Compensation - Shar

Stock Based Compensation - Share Repurchase Program (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share Repurchase Program
Payments for purchase of treasury shares	$ 0.1
Restricted stock vesting		10,350
Restricted stock
Share Repurchase Program
Number of treasury shares acquired	4,642	4,371
Payments for purchase of treasury shares	$ 0.1

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Taxes
Effective tax rate	41.10%	40.10%

Earnings Per Share (Details)

Earnings Per Share (Details) $ / shares in Units, shares in Millions, $ in Millions		1 Months Ended	3 Months Ended		12 Months Ended
		Apr. 30, 2016	Mar. 31, 2016USD ($)$ / sharesshares	Mar. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2015
Numerator:
Net (loss) income | $			$ 30.1	$ 14.8
Denominator:
Weighted average common shares outstanding for basic earnings per share	[1]		94.8	94.5
Weighted average effect of dilutive securities:
Stock options and restricted stock			1.2	0.6
Denominator for diluted earnings per share			96	95.1
Basic earnings per share | $ / shares	[1]		$ 0.32	$ 0.16
Diluted earnings per share | $ / shares	[1]		$ 0.31	$ 0.16
Stockholders' Equity Note, Stock Split, Conversion Ratio		0.3436	0.3436	0.3436	0.3436
Stock options
Weighted average effect of dilutive securities:
Stockholders' Equity Note, Stock Split, Conversion Ratio			0.3436
Stock options and restricted stock
Weighted average effect of dilutive securities:
Shares excluded in computation of diluted earnings per share			0.5
[1]	All share amounts have been adjusted to give effect to the 1-for-2.91 stock split in April 2016.

Commitments and Contingencies (

Commitments and Contingencies (Details)	Apr. 28, 2015lawsuit	May. 23, 2014lawsuit	Apr. 18, 2014item
Commitments and Contingencies.
Number of securities exchange | item			14
Number of action lawsuits | lawsuit	3	3

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Millions		May. 04, 2016$ / shares	Apr. 20, 2016USD ($)$ / sharesshares	May. 05, 2016item	Apr. 30, 2016USD ($)$ / sharesshares	Mar. 31, 2016USD ($)shares	Mar. 31, 2015USD ($)	Dec. 31, 2015shares
Subsequent Event [Line Items]
Revenues | $						$ 510.9	$ 425
Shares issued in IPO					15,295,000
Cash consideration (per share) | $ / shares					$ 19
Stock split ratio					0.3436	0.3436	0.3436	0.3436
Common stock, shares authorized	[1]					362,500,000		362,500,000
Non-voting shares
Subsequent Event [Line Items]
Common stock, shares authorized	[1]					29,000,000		29,000,000
Subsequent Event
Subsequent Event [Line Items]
Stock split ratio			0.3436
Common stock, shares authorized			362,500,000
Preferred stock shares authorized			43,500,000
Quarterly cash dividend (in dollars per share) | $ / shares		$ 0.08
Additional subsequent events | item				0
Subsequent Event | Non-voting shares
Subsequent Event [Line Items]
Common stock, shares authorized			29,000,000
EFT.Com | Subsequent Event
Subsequent Event [Line Items]
Revenues | $					$ 3
EFT.Com | Subsequent Event | IPO
Subsequent Event [Line Items]
Shares issued in IPO			15,295,000
Cash consideration (per share) | $ / shares			$ 19
Offering price | $			$ 290.6
Offering price (per share) net of underwriting discount | $ / shares			$ 17.86
Underwriters discount (per share) | $ / shares			$ 1.14
Underwriters discount | $			$ 15.2
Other expense in connection with IPO | $			$ 3.3
[1]	All share amounts have been adjusted to give effect to the 1-for-2.91 stock split in April 2016.