BATS Exchange, an innovative and technology leading U.S. securities exchange, announces the release of its DART smart routing strategy effective Friday, Dec. 12, changing the BATS’ default strategy for routable orders to DART+CYCLE.
Dark Anonymous Routing Technique (DART) will route member orders to participating dark liquidity partners (DLPs) after hitting the BATS book and before routing to protected markets using CYCLE.
DART is separate and distinct from BATS’ existing Dark Scan order type, which accesses publicly disclosed DLPs before accessing the BATS book. For further information on Dark Scan please see http://www.batstrading.com/subscriber_resources/Fee_Information_Exchange.pdf .
To opt out of the DART routing strategy, routing members can contact BATS’ Trade Desk (913.815.7001, tradedesk@batstrading.com ) or their account manager.
BATS unveiled its CYCLE smart routing strategy in May 2008. For further information, please see http://www.batstrading.com/press_release_pdf/SmartOrderRouter-2008-04-28.pdf.
