BATS is an Exchange
As BATS Trading moves from ECN to Exchange status,
there are important operational updates for existing subscribers and prospective members.
View the BATS Exchange application at
http://www.sec.gov/rules/other/2008/34-57322_application.htm.
The information below is an overview of the transition period.
Please view the
Exchange FAQ pdf
for additional transition information.
For further questions regarding applications, contact Membership Services
at 913.815.7002 or
membershipservices@batstrading.com
or your
account manager.
For further technical assistance, contact the Trade Desk at 913.815.7001.
What is BATS' ECN to Exchange transition plan?
The transition from ECN to Exchange will take place over a two-week period.
Symbols for the CTA and UTP plans will be phased in and traded through
the BATS Exchange as follows (in trading days):*
For more information on how this plan impacts the clearing process, see the BATS Clearing Transition White Paper and the BATS FIX to RIO 02143125 Mapping.
What is my responsibility as a member/subscriber?
- Current subscribers are required to become BATS Exchange members via a membership waive-in process.
- Upon Exchange status approval, existing subscribers will be allowed a 90-day grace period before they are required to complete the waive-in process.
What will change?
- BATS will be represented in CTA (CQS/CTS feeds) and UTP (UQDF/UTDF feeds) with the 'Z' identifier.
- RIO format real-time clearing will be sent to the NSCC as symbols transition to exchange (see plan above)
- The BATS quote will be fully protected in the SIPs requiring all participants to access BATS under Reg NMS.
- BATS will become an SRO (Self-Regulatory Organization) commissioned to regulate its members.
- Automated Trade Break/Correction messages will be submitted to the SIPs
- BATS will become part of the Inter-market Surveillance Group (ISG).
- BATS will participate in street-wide calls facilitating Clearly Erroneous Trade (CET) rulings.
- FINRA informed BATS that the exchange will be assigned with Destination Code "XZ" for OATS reporting.
- The NSX and ISE Stock Exchange will no longer be used for quoting.
- BATS will no longer use the NYSE, NSX, or NASDAQ TRF to print trades.
- NSX+BATS and ISE+BATS order types will be eliminated.
- Day ISOs will be supported (currently Day ISOs are converted to IOC ISOs).
- The blue sheets exchange code and requestor code for BATS will be 'H'.
- The FINRA INSITE exchange code for BATS will be 'H'.
- Members can optionally receive FIX tag 58 on all trades ("ECN" or "EXCH") to determine which trades occurred on the exchange versus the ECN.
- The NSCC originator code for BATS Exchange with be "XBAT" in the RIO 02143125 report.
- BATS will be identified in the NYSE DPTR system as 'J'.
- The NSCC will be implementing enhancements to the Regional Interface Operation (RIO) and the Consolidated Trade Summary to accommodate the BATS Exchange transition. For more information regarding these enhancements, refer to NSCC Notice A#6696.
What will remain?
- There will continue to be no cost to become a member of the BATS Exchange and BATS Trading will continue to provide FREE Market Data.
- Systems and subscriber specifications will remain the same (except that Day ISOs will be accepted).
- Existing connectivity will be unaffected.
- Members/subscribers can continue to expect the same great performance and service.
- BATS Trading will continue to drive innovation in the market place.
|
