BATS Global Markets, a global operator of stock and options markets, today unveiled a unique flat pricing model for its primary listings business, including free listings for companies whose stock or exchange traded product (ETP) trades more than 2 million shares per day.
BATS also announced it will launch its Competitive Liquidity Provider (CLP) program today. The CLP program, which was designed for BATS’ new U.S. primary listings business and was recently approved by the U.S. Securities and Exchange Commission (SEC), is a rewards-based program designed to incent market makers to make tighter quoted spreads with increased liquidity for each listing on BATS. The CLP program particularly benefits small and mid-cap companies who are often challenged by a lack of liquidity in their stock, which can make attracting larger investors difficult.
“As we strive to make markets better for issuers today, we’re focused on driving competition and innovation in the U.S. primary markets through new ‘out of the box’ programs and pricing,” said Joe Ratterman, Chairman and CEO of BATS Global Markets. “Our aggressive pricing and innovative market maker program will appeal to small and mid-cap companies looking to grow, while larger companies will be attracted to our no-fee listing model. All issuers, regardless of size, will benefit from BATS’ world-class customer support and technology.”
With its unique flat approach to both initial and annual fees, the BATS Listings fee schedule provides a competitive offering for issuers of all sizes. Breaking the mold when compared to traditional pricing models, BATS’ listing fees are not based on a company’s shares outstanding and BATS does not charge for the listing of additional shares.
For companies and ETPs listed on another exchange and interested in transferring their listing to BATS, the initial fee will be waived. Issuers whose stock or ETP trades more than 2 million shares per day will not be charged an annual fee.
BATS Listings Fee Schedule Highlights:
|
|
Corporate – Tier I |
Corporate – Tier II |
ETP |
|
|
Initial Fee (waived for transfers) |
$100,000 |
$50,000 |
$10,000 |
|
|
Annual Fee – CADV* Less than 2M shares |
$35,000 |
$20,000 |
$35,000 |
|
|
Annual Fee – CADV Greater than 2M shares |
No charge |
No charge |
No charge |
|
*CADV = Consolidated Average Daily Volume
The complete BATS Listings Standards and Fee Schedule is available on the BATS Listings website.
Following are links to additional information on the BATS Listings program available on the BATS Listings website.
