Bats Europe, the alternative trading system operated by US-based Bats Global Markets, has almost doubled its share of UK equity trades in just two months and has overtaken rival Turquoise for the first time, thanks to an aggressive price promotion that critics warned would have only a temporary impact on volumes.

London-based Bats Europe increased its share of UK equity trades to 7.3% this month, from 6.4% in September and 3.9% in August, according to data from Thomson Reuters.