Bats Exchange, the US equity market that went live as an exchange at the start of November, became the world’s third-largest stock market in its first full month of trading, according to new data, dwarfing every world exchange bar its two main US rivals.

Bats Exchange, which fully launched as a stock market on November 6 2008, traded $552.2bn (€416.4bn) in December, its first full month of operation, according to the group.