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BATS Europe, the operator of an innovative and technology-leading European Multilateral Trading Facility (MTF), today announced the addition of a pan-European smart order routing service for access to multiple market centres including exchanges, MTFs and dark pools, effective Monday the 15th of February.
“Our new smart order routing solution is designed to give BATS Europe’s market participants even more choice for deploying their trading strategies whilst minimising market access complexities and costs of meeting best execution criteria,” said Mark Hemsley, CEO of BATS Europe. “Smart order routing is one of a series of new features for BATS Europe that we expect to lead to further growth in market share and notional value traded.”
The fast-growing MTF, which launched less than 15 months ago, saw pan-European trading volume of €2,189,384,623 on Friday the 22nd of January, setting a record for the fourth straight day. Other daily marks established in January include market share for all of Europe (5.18% on the 6th of January), the FTSE100 (10.18% on the 6th), the FTSE MIB (9.9% on the 6th), the DAX (5.76% on the 20th), the SMI (4.27% on the 20th) and the STOXX50 (5.80% on the 20th).
BATS Europe’s smart order router features the exclusive CYCLE strategy. With CYCLE, orders are routed to pan-European market centres, searching for liquidity at the best price points up to, and including, the limit price on the original order.
The routing fee for CYCLE will be 0.50 basis points for all securities. The routing fee for accessing dark pools is 0.30 basis points for all securities. Fees for accessing BATS Europe order books remain unchanged.
The complete BATS Europe fee schedule is available here and the BATS Europe FIX specification, which now includes CYCLE instructions, is available here.
