Feature Spotlights

BYX Frequently Asked Questions

BYX, a new US equities book from BATS Exchange, will launch in early 2010 and utilize the proven world-class BATS technology.

Market Data Sources

BATS Exchange offers several different data feeds ranging from top of book to multicast PITCH to meet individual Member’s specific data needs - all market data is free of charge.

Real-Time Ports Dashboard

The Real-Time Ports Dashboard allows authorized Members to view detailed information about their firm's port utilization and to cancel open orders at the port level.

Match Trade Prevention

BATS Exchange's Match Trade Prevention (MTP) functionality helps Members avoid unintentional trading by preventing orders with the same unique identifier from executing against each other.

Strategic Smart Order Routing

BATS Exchange's smart order router strategies sequentially and aggressively cycle through protected markets to attain the best price points up to, and including, the limit price on the original order.

Dark & Hidden Liquidity

BATS offers innovative options to access dark liquidity through order types and routing strategies.

Sponsored Access

Sponsored Access is designed to provide more market participants the opportunity to interact with BATS' evergrowing pool of liquidity.

Partial Post Only @ Limit

Partial Post Only @ Limit order type offers liquidity removal with price improvement while allowing users to designate a Maximum Remove Percentage to control removing liquidity at the limit price.

Dark Anonymous Routing Technique (DART)

BATS' latest enhancement to its smart order router. This routing strategy routes to dark pools offering possible price improvement and lower access fees.

BATS Exchange Platform Continues to Offer Sustained Low Latency

Orders now acknowledged or executed in less than 250 microseconds on average and are visible via Multicast PITCH in 305 microseconds on average.

TOP Market Data Feed

BATS TOP market data feed offers up to a 66% reduction in events and an 84% reduction in bandwidth compared to BATS' PITCH market data feed.

Scanning Against Dark Liquidity Pools

BATS' Dark Scan offers members the opportunity for price improvement and reduced access fees.

CYCLE

BATS' CYCLE strategy sequentially cycles market centers to attain the best price points up to, and including, the limit price on the original order.

BATS+ Routing Strategies

Looking to access liquidity from BATS and another market center with an order? The BATS+ order routing strategies are designed to satisfy your needs in a fast, simple, and cost-effective way. BATS+ Routing strategies include BATS+ARCA, BATS+NYSE, and BATS+NASDAQ to name a few.

Rapid Rebate Program

BATS is making markets better by offering a Rapid Rebate Program allowing members to receive weekly net liquidity rebates.

Pegging + Minimum Quantity

BATS is making markets better by offering hidden pegging with true midpoint and allowable non-aggressive offsets along with minimum quantity on hidden peg orders and non-routable IOC orders.

TCP FAST PITCH

BATS is Making Markets Better by offering TCP FAST PITCH, which is a free compressed market data feed with a compression up to 73% of the PITCH data stream.