A trading network owned by six Wall Street brokers which aims to challenge the New York Stock Exchange and Nasdaq last night said it had doubled its trading volumes overnight after it slashed fees in the latest attempt to undercut the established exchanges.

The network, called Bats Trading, matched 236 million shares yesterday compared to a December average of 105 million and a previous record day of 152 million shares on November 9. The ECN traded just over 10% of all Nasdaq listed stock, in contrast to last month's average of 5.2%.