Fee Schedule

BATS Europe Network Connectivity - Pricing

December 13, 2010 14:51:35

Dear BATS Europe Participants,

Following our previous Trade Desk notification announcing 10 Gigabits per second (10G) network connectivity, BATS Europe would like to confirm pricing commencing 1st January 2011.

* For 10G, there will be a one-time GBP5,000 installation charge per physical port (network interface).

* There will be no monthly charge for a firm's first four physical ports into BATS Europe, this can be any combination of 10G, 1G or 100M ports.

* Firms with five or more physical ports will be charged GBP500 per incremental physical port per month, this applies for any speed of port.

Summary table: Per Physical Port

Installation - 1G and below - Free
Installation - 10G - GBP5,000

Monthly Charge - Ports 1-4 (any speed) - No monthly charge
Monthly Charge - Ports 5 or more (any speed) - GBP500 per port / per month

BATS Europe 2011 pricing is detailed on the BATS Europe pricing flyer.

Please read the Connectivity Manual for full details of supported interface specifications. Participants continue to pay all other connectivity charges including cross connects.

The above charges apply to all entities connecting to BATS Europe, including extranets, service bureaus and sponsored participants.

Please contact your Account Manager, Trade Desk or NOCeurope at BATS Europe if you have any further questions.

Thank you for trading on BATS Europe.

BATS Europe Pricing Extensions

December 09, 2010 08:26:54

Dear BATS Europe Participants

BATS Europe is pleased to announce that all current trading tariffs will be extended past the year end, and until further notice. This includes:

Order Router

Routed executions in London Stock Exchange listed instruments will continue to be charged 0.28bps. Executions in instruments listed on other exchanges will continue to be charged 0.50bps for executions at Lit venues* and 0.30bps for executions at Liquidity Partners. This pricing applies for Parallel D, Parallel 2D, CYCLE and BATS+ Primary order types. The BATS+ Primary order type is available for London Stock Exchange, NYSE Euronext and Deutsche Borse listed instruments.

*except for Austrian instruments which remain at a fee of 5bps for executions at Lit venues.

Integrated Book

Depositary Receipts will continue to operate with an add rebate of 0.28bps and a remove charge of 0.28bps.

BATS Europe will continue to offer an add rebate of 0.18bps and remove charge of 0.28bps for all other instruments.

Dark Book

BATS Europe will continue a 0.15bps usage charge per side.

BATS Europe pricing is detailed on the BATS Europe pricing flyer available for download here: http://www.batstrading.co.uk/resources/participant_resources/BATSEuro_Pricing.pdf/

Please contact the Trade Desk or your Account Manager if you have any questions.

Thank you for trading on BATS Europe.

BATS Europe Introduces Parallel 2D Smart Order Routing Strategy

November 22, 2010 08:30:06

Dear BATS Europe Participants,

BATS Europe is pleased to announce the release of the new Parallel 2D routing strategy, effective Monday 22nd November, 2010. This new Parallel smart order routing strategy is an addition to the existing suite of BATS Europe Parallel routing products.

BATS Europe's Parallel routing strategies aim to help firms achieve best execution by aggressively routing to multiple pan-European market centres simultaneously, where the best price is available on multiple displayed market centres.

Parallel 2D - Fastest Execution

This strategy will simultaneously route to all price levels at all European displayed market centres up to the limit price. Enough size will be routed to each displayed market centre to fulfill the displayed quotes until the order size is exhausted up to the limit price. If the entire order cannot be fulfilled with the displayed quotes, the
remaining quantity will be split among the market centres using a BATS Europe over-allocation method.

IOC orders using any Parallel routing strategy will cancel after routing out to displayed market centres. Day orders will rest on the BATS Europe Integrated order book at their specified limit price after routing out to displayed market centres.

The default behaviour of the BATS Europe Smart Order Router (SOR) is to route away to Liquidity Partners (LPs) as well as to External Lit venues in order to provide Participants access to pan-European pools of hidden liquidity, in addition to displayed market centres.

Participants may choose to opt out of routing to LPs.

For more information on the Parallel strategies, please refer to the attached Smart Order Routing flyer.

Specifying a Routing Strategy

A character has been added to the 3rd position of FIX Tag 9303 (RoutingInst) to allow Participants to specify their preferred routing strategy:

3rd Character Routing Strategy

C CYCLE

D (default) Parallel-D

2 Parallel-2D

For more detail, please refer to the BATS Europe FIX specification .

Please note that BATS Europe offers Participants the option of having their FIX port(s) defaulted to exhibit a specified Parallel behaviour.

The new strategies are available in the BATS Europe Certification Environment effective immediately.

Pricing

Like CYCLE, Parallel routing is offered at the extremely low rate of 0.5bps* usage charge for routing to displayed market centres (Lit Venues), and 0.3bps* usage charge for routing to non-displayed market centres (LPs).

*For UK securities, the usage charge is 0.28bps for both Lit Venues and Liquidity Partners. For further detail on Pricing, please refer to the BATS Europe Pricing Schedule .

Usage

The BATS Europe SOR is only available to clients who are Participants of BATS Europe and who are classified as Eligible Counterparties. Participants who have not already signed the Client Order Routing Addendum and completed the SOR certification, will be required to do so.

Parallel routing is the latest enhancement to the BATS Europe SOR. Parallel complements BATS Europe's existing offering for accessing LPs and displayed market centres via the CYCLE and RECYCLE strategies. BATS Europe is committed to delivering advanced smart order routing solutions to participants in conjunction with our world-class matching engine. We welcome your feedback on this new routing strategy and any future strategies you would like to see from BATS Europe.

Please contact the Trade Desk or your Account Manager with any questions, to schedule your formal certification, or to complete the required Client Order Routing Addendum.

BATS Europe Extends BATS+ SOR Order Type to Euronext and Deutsche Boerse Markets

November 01, 2010 08:03:09

Dear BATS Europe Participants

BATS Europe is pleased to announce the extension of the BATS+ Primary order type to include the NYSE Euronext markets (Paris, Amsterdam, Brussels & Lisbon) and the Deutsche Borse market, effective today Monday 1st November 2010.

Overview

The BATS+ Primary order type is available via the BATS Europe Smart Order Router (SOR). It is designed to give participants an alternative way to route orders destined for the Primary Exchange. Participants who flag orders for BATS+ Primary will access the BATS Europe Dark Pool and Integrated Book up to and including the limit price before aggressively routing to the relevant Primary Market. After routing, any remainder will post on the BATS Europe Integrated Book unless the order is marked immediate or cancel (IOC).

Pricing

Any quantity executed on NYSE Euronext or Deutsche Borse markets will be charged 0.50bps in line with the BATS Europe Parallel and Cycle routing Strategies. Any quantity executed on the BATS Europe markets will be charged or rebated in line with the standard BATS Europe price list linked below.

Details

Orders marked with RoutingInst(9303) = PP will be eligible for routing to the relevant Primary Market after accessing the BATS Europe Dark Pool and Integrated book.

BATS Europe also offers participants, upon request to the Trade Desk, the option of defaulting their FIX port(s) to the required RoutingInst (9303) behaviour.

The BATS Europe SOR is only available to clients who are Participants of the BATS Europe MTF and who are classified as Eligible Counterparties. Participants who have not already signed a Client Order Routing Addendum and completed the SOR certification, will be required to do so.

Please contact the Trade Desk or your Account Manager with questions regarding BATS+ (or other SOR products), to schedule your formal certification, or to complete the required Client Order Routing Addendum.

Documentation

* Pricing Flyer:
http://www.batstrading.co.uk/resources/participant_resources/BATSEuro_Pricing.pdf

* Market Guide:
http://www.batstrading.co.uk/resources/participant_resources/BATSEuro_MarketGuide.pdf

* FIX spec:
http://www.batstrading.co.uk/resources/participant_resources/BATS_Europe_FIX_Specification.pdf

BATS Europe Introduces Parallel Smart Order Routing Strategies

October 22, 2010 08:06:53

Dear BATS Europe Participants

BATS Europe is excited to announce the release of two new Parallel routing strategies. BATS Europe's Parallel routing strategies aim to help firms achieve best execution by aggressively routing to multiple pan-European venues simultaneously, where the best price is available on multiple venues.

Parallel-D (Depth) - Best Price (effective immediately)

This strategy will simultaneously route to all European market centres with a quote at each price level up to the limit price. Each price level will be exhausted at all market centres before moving onto the next price level. Where required, the BATS Europe Smart Order Router (SOR) will make multiple passes at a price level. If the order size is larger than the sum of displayed quotes at a price level then the remaining quantity will be split among the market centres using a BATS Europe over-allocation method.

Parallel-2D - Fastest Execution (coming soon)

This strategy will simultaneously route to all price levels at all European market centres up to the limit price. This strategy will route enough size to each market centre to fulfill the displayed quotes until the order size is exhausted up to the limit price. If the entire order cannot be fulfilled with the displayed quotes, the remaining quantity will be split among the market centres using a BATS Europe over-allocation method.

Standard Parallel Routing Behaviour

IOC orders using any of the new parallel routing strategies will cancel after routing out to away European venues. Day orders will rest on the BATS Europe Integrated order book at their specified limit price after routing out to away European market centres.

The default behaviour of the BATS Europe SOR is to route away to Liquidity Partners (LPs) as well as to External Lit venues in order to provide Participants access to pan-European pools of hidden liquidity, in addition to displayed European market centres.

Participants may opt out of routing to LPs.

For more information on the Parallel strategies, please refer to the attached Smart Order Routing flyer.

Specifying a Routing Strategy

A character has been added to the 3rd position of FIX Tag 9303 (RoutingInst) to allow Participants to specify their preferred routing strategy.

3rd Character Routing Strategy

C (default) CYCLE

D Parallel-D

2 Parallel-2D

For more detail, please refer to the BATS Europe FIX specification .

Please note that BATS Europe offers participants the option of having their FIX port(s) defaulted to exhibit a specified Parallel behaviour.

The new strategies are available in the BATS Europe Certification Environment effective immediately.

Pricing

Like CYCLE & RECYCLE, Parallel will be offered at the extremely low rate of 0.5bps* usage charge for routing to displayed market centres (Lit Venues), and 0.3bps* usage charge for routing to non-displayed market centres (LPs).

*For UK securities, the usage charge is 0.28bps for both Lit Venues and Liquidity Partners. For further detail on Pricing, please refer to the BATS Europe Pricing Schedule .

Usage

The BATS Europe SOR is only available to clients who are Participants of the BATS Europe MTF and who are classified as Eligible Counterparties. Participants utilising the BATS Europe SOR will be required to sign a Client Order Routing Addendum as well as completing a formal certification.

Parallel is the latest enhancement to the BATS Europe SOR. Parallel complements BATS Europe's existing offering for accessing LPs and displayed market centres via the CYCLE and RECYCLE strategies. BATS Europe is committed to delivering advanced smart order routing solutions to participants in conjunction with our world-class matching engine. We welcome your feedback on this new routing strategy and any future strategies you would like to see from BATS Europe.

Please contact the Trade Desk or your Account Manager with any further questions, to schedule your formal certification, or to complete the required Client Order Routing Addendum.

BATS Europe Introduces Parallel Smart Order Routing Strategies

September 07, 2010 13:36:39

Dear BATS Europe Participants

BATS Europe is excited to announce the release of two new Parallel routing strategies. BATS Europe's Parallel routing strategies aim to help firms achieve best execution by aggressively routing to multiple pan-European venues simultaneously, where the best price is available on multiple venues.

Parallel-D (Depth) - Best Price (effective immediately)

This strategy will simultaneously route to all European market centres with a quote at each price level up to the limit price. Each price level will be exhausted at all market centres before moving onto the next price level. Where required, the BATS Europe Smart Order Router (SOR) will make multiple passes at a price level. If the order size is larger than the sum of displayed quotes at a price level then the remaining quantity will be split among the market centres using a BATS Europe over-allocation method.

Parallel-2D - Fastest Execution (coming soon)

This strategy will simultaneously route to all price levels at all European market centres up to the limit price. This strategy will route enough size to each market centre to fulfill the displayed quotes until the order size is exhausted up to the limit price. If the entire order cannot be fulfilled with the displayed quotes, the remaining quantity will be split among the market centres using a BATS Europe over-allocation method.

Standard Parallel Routing Behaviour

IOC orders using any of the new parallel routing strategies will cancel after routing out to away European venues. Day orders will rest on the BATS Europe Integrated order book at their specified limit price after routing out to away European market centres.

The default behaviour of the BATS Europe SOR is to route away to Liquidity Partners (LPs) as well as to External Lit venues in order to provide Participants access to pan-European pools of hidden liquidity, in addition to displayed European market centres.

Participants may opt out of routing to LPs.

For more information on the Parallel strategies, please refer to the attached Smart Order Routing flyer.

Specifying a Routing Strategy

A character has been added to the 3rd position of FIX Tag 9303 (RoutingInst) to allow Participants to specify their preferred routing strategy.

3rd Character Routing Strategy

C (default) CYCLE

D Parallel-D

2 Parallel-2D

For more detail, please refer to the BATS Europe FIX specification .

Please note that BATS Europe offers participants the option of having their FIX port(s) defaulted to exhibit a specified Parallel behaviour.

The new strategies are available in the BATS Europe Certification Environment effective immediately.

Pricing

Like CYCLE & RECYCLE, Parallel will be offered at the extremely low rate of 0.5bps* usage charge for routing to displayed market centres (Lit Venues), and 0.3bps* usage charge for routing to non-displayed market centres (LPs).

*For UK securities, the usage charge is 0.28bps for both Lit Venues and Liquidity Partners. For further detail on Pricing, please refer to the BATS Europe Pricing Schedule .

Usage

The BATS Europe SOR is only available to clients who are Participants of the BATS Europe MTF and who are classified as Eligible Counterparties. Participants utilising the BATS Europe SOR will be required to sign a Client Order Routing Addendum as well as completing a formal certification.

Parallel is the latest enhancement to the BATS Europe SOR. Parallel complements BATS Europe's existing offering for accessing LPs and displayed market centres via the CYCLE and RECYCLE strategies. BATS Europe is committed to delivering advanced smart order routing solutions to participants in conjunction with our world-class matching engine. We welcome your feedback on this new routing strategy and any future strategies you would like to see from BATS Europe.

Please contact the Trade Desk or your Account Manager with any further questions, to schedule your formal certification, or to complete the required Client Order Routing Addendum.

BATS Europe Introduces BATS+ SOR Order Type

June 01, 2010 07:33:19

Dear BATS Europe Participants

BATS Europe is excited to announce the release of the BATS+ Primary order type which is available via the BATS Europe Smart Order Router (SOR) effective today Tuesday 1st June 2010.

Overview

The BATS+ Primary order type is designed to access the BATS Europe Dark Pool and Integrated Book up to and including the limit price before aggressively routing to the relevant Primary Market. After routing, any remainder will post on the BATS Europe Integrated Book unless the order is marked immediate or cancel (IOC). BATS+ Primary will initially be made available for BATS+ LSE (UK listed securities only).

Details

Orders marked with RoutingInst(9303) = PP, will be eligible for routing to the relevant Primary Market after accessing the BATS Europe Dark Pool and Integrated book.

BATS+ LSE orders will first access the BATS Europe Dark Pool at the midpoint of the PBBO at a low 0.15 bps usage charge, before accessing the BATS Europe Integrated Book up to and including the limit price at a low 0.28 bps remove rate. The BATS Europe SOR will then aggressively route to the LSE up to and including the limit price with a low routing fee of 0.28 bps for UK listed securities. Any remainder after routing
will post on the BATS Europe Integrated Book unless the order is marked IOC.

In line with the above BATS+ LSE pricing, BATS Europe will also reduce to 0.28 bps the fee to trade all externally routed UK-listed securities via the existing BATS Europe CYCLE and RECYCLE routing strategies.

BATS Europe offers participants, via request to the Trade Desk, the option of defaulting their FIX port(s) to exhibit the required RoutingInst (9303) behaviour.

The BATS Europe SOR is only available to clients who are Participants of the BATS Europe MTF and who are classified as Eligible Counterparties. Participants utilising the BATS Europe SOR will be required to sign a Client Order Routing Addendum as well as completing a formal certification.

Testing

The new order types will be available for testing in the BATS Europe UAT environment effective immediately.

Documentation

* Pricing Flyer:
http://www.batstrading.co.uk/resources/participant_resources/BATSEuro_Pricing.pdf

* SOR Product spec:
http://www.batstrading.co.uk/resources/participant_resources/BATSEuro_SOR.pdf

* FIX spec:
http://www.batstrading.co.uk/resources/participant_resources/BATS_Europe_FIX_Specification.pdf

Please contact the Trade Desk or your Account Manager with questions regarding BATS+ (or other SOR products), to schedule your formal certification, or to complete the required Client Order Routing Addendum.