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Making Markets Better

Great Technology

Aggressive Pricing

New Feature

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.

Routing

Strategic Smart Order Router

Sequential and aggressive routing strategies: CYCLE and RECYCLE.

DART

Dark Anonymous Routing Technique offering possible price improvement and lower access fees.

Dark Scan

Scan against dark liquidity pools with transparent DLPs and rebate for dark venue matches.

Order Types

Order and Routing Definitions

Order types and routing instructions for the BATS Exchange platform.

Partial Post Only @ Limit

Liquidity removal with price improvement and maximum remove percentage option.

System Features

Real-Time Ports Dashboard

Innovative, detailed Web tool with port level settings and statistics.

Latency

Orders now acknowledged or executed in less than 250 microseconds on average.

Sponsored Access

Provides more market participants the opportunity to trade on BATS Exchange.

Match Trade Prevention

Avoid unintentional trading with your own firm.

Dark & Hidden Liquidity

Innovative access to dark and hidden liquidity.

Market Data

Market Data Sources

Data feeds ranging from top of book to Multicast PITCH to meet diverse needs.

TOP

Provides fewer events and an a reduction in bandwidth compared to PITCH.

TCP FAST PITCH

Compressed market data feed with a compression up to 73% of the PITCH data stream.

Billing Features

Rapid Rebate

Qualified Members can receive weekly net liquidity rebates.

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