BATS Europe to Launch Dark Pool, First to Offer Rebate for Dark Pool Trading
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Effective August 2009 LONDON & KANSAS CITY, Mo.--(Business Wire)-- BATS Europe, an innovative, wholly-owned subsidiary of BATS Global Markets, plans to launch a dark pool in August and will rebate participants that add liquidity whilst charging to remove liquidity in the dark. The fast-growing Multilateral Trading Facility (MTF), which has set market share records in numerous indices this month, will announce its specific maker/taker pricing at a later date. BATS Europe participants will be able to send orders to the dark pool using existing FIX handlers with orders hidden and executed at a midpoint reference price. Advanced features for orders, such as setting a minimum execution quantity, will be included in the dark pool offering. "BATS Europe is pleased to offer a dark pool coupled with efficient, low latency technology. Our dark pool will complement our current order book, which combines visible and hidden order types, whilst providing participants an additional means to reduce information leakage and minimize market impact," said BATS Europe CEO Mark Hemsley. "We believe the costs for participants to send orders to other dark pools are unnecessarily high and offering dark pool access at aggressive fee levels is another example of BATS Europe leading the way forward in providing first class execution at competitive prices. We will reward participants that add liquidity to our dark pool via a rebate pricing structure since they create the opportunity for liquidity removers to benefit from price improvement," he said. The company is currently reviewing the provision of the dark pool with the Financial Services Authority and anticipates availability for testing in July. BATS Europe has reported market share records in June for the FTSE 100 (6.40%), CAC 40 (7.55%), DAX (5.65%), AEX (5.37%) and the BEL20 (4.60%). For more information, participants can contact the BATS Europe Trade Desk (+44 207 012 8901, TradeDeskEurope@batstrading.com) or their account manager. About BATS BATS Global Markets (BATS) is an innovative global financial markets technology company headquartered in the Kansas City, Mo., area with additional offices in New York and London. The BATS platform was launched in January 2006 and, operating as BATS Exchange, Inc., is one of the fastest growing, top tier equity markets in the United States. BATS serves the European market through its London based, FSA-authorized subsidiary, BATS Europe, which operates a fast growing Multilateral Trading Facility for European securities. The BATS platform is internally developed by a dedicated core team of market and technology professionals, catering to the needs of the broker-dealer and trading community. BATS … Making Markets Better. BATS: MEDIA/ANALYSTS: Randy Williams, +1-212-378-8522 rwilliams@batstrading.com or TO TRADE IN EUROPE: Alex Dalley, +44-207-012-8920 adalley@batstrading.com or TO TRADE IN US: +1-212-378-8522 sales@batstrading.com Copyright Business Wire 2009
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