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BATS Europe released the BATS+ Primary routing strategy, providing participants with competitive pricing for access to primary markets via the BATS Europe Smart Order Router (SOR). The order type is initially available for routing to the London Stock Exchange (LSE) and is available effective today, Tuesday, the 1st of June.
BATS Europe, operator of an innovative and technology-leading European Multilateral Trading Facility (MTF), set initial pricing at a highly competitive 0.28 basis points and, in line with this move, will reduce to 0.28 bps the fee to trade all UK-listed securities available via the BATS Europe CYCLE and RECYCLE routing strategies.
“BATS+ Primary is designed for participants to gain access to BATS Europe and primary market liquiditywith lower access fees and no minimum volume requirements,” said Paul O’Donnell, chief operating officer of BATS Europe. “Participants can expect further SOR enhancements in the near future as we are working harder than ever to promote price competition, fairness and innovation amongst European market centres.”
BATS+ LSE orders will initially execute on BATS Europe’s order books if liquidity is available, up to the limit price of the order. Any unfilled shares are then routed as an Immediate or Cancel (IOC) order to the LSE for further execution up to the limit price. Any remainders from day orders will rest on BATS Europe’s integrated order book.
BATS Europe surpassed 10% monthly FTSE 100 market share for the first time in April while also setting records in numerous other indices. May monthly data for BATS Europe, BATS Exchange and BATS Options will be reported later today.
