Fee Schedule

BATS Europe Onward Routing Pricing Update

September 27, 2011 16:29:30

Dear BATS Europe Participants

BATS Europe would like to highlight some upcoming changes to the current Onward Routing Pricing Schedule. Starting Monday 3rd October the Onward Routing Pricing Schedule will be updated as shown below. All other pricing schedules remain unchanged:

Smart Routing Strategies (CYCLE, Parallel D, Parallel 2D)

Lit venue executions

UK Securities and Depositary Receipts

0.28 bps usage charge

NYSE Euronext Securities (Index Stocks* and ETFs)

0.50 bps usage charge

NYSE Euronext Securities (Other Stocks)

4.00 bps usage charge

Austrian Securities

7.00 bps usage charge

All Other Securities

0.50 bps usage charge

Liquidity Partner executions

UK Securities

0.28 bps usage charge

All Other Securities

0.30 bps usage charge

BATS+ Primary

London Stock Exchange

0.28 bps usage charge

Deutsche Borse

0.50 bps usage charge

NYSE Euronext (Index Stocks* and ETFs)

0.65 bps usage charge

NYSE Euronext (Other Stocks)

4.00 bps usage charge

BATS Select

UK Securities

0.28 bps usage charge

All Other Securities

0.30 bps usage charge

*Index Stocks are defined as constituents of the CAC40, AEX, AMX, BEL20, PSI20 and SBF120 indices.

The updated BATS Europe pricing schedule is available for download here: http://www.batstrading.co.uk/resources/participant_resources/BATSEuro_Pricing_Effective.pdf

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

Thank you for trading on BATS Europe.

BATS Europe: New Low Latency Route to NYSE Euronext in under 3ms

June 15, 2011 11:24:10

Dear BATS Europe Participants,

BATS Europe is pleased to announce a new low-latency route to the NYSE Euronext markets, effective immediately for Participants utilising any of the BATS Europe onward routing order types.

BATS+ Primary
Participants utilising the BATS+ Primary order type for NYSE Euronext listed securities are now able to capture liquidity in the BATS Europe Dark Pool, the BATS Europe Integrated Book and the NYSE Euronext markets in fewer than 3ms measured as an average full roundtrip latency from outside the BATS Europe firewall.

This complements our existing BATS+ LSE low-latency route. Participants who flag orders for BATS+ Primary will access the BATS Europe Dark Pool and BATS Europe Integrated Book up to and including the order's limit price before aggressively routing any remaining shares to the relevant Primary Market at the limit price. After routing, any remainder will post on the BATS Europe Integrated Book unless the order is marked immediate or cancel (IOC).

BATS Europe Parallel & CYCLE Routing Strategies
Participants utilising the BATS Europe Parallel or CYCLE routing strategies for NYSE Euronext-listed securities will also benefit from the latency reductions. For more detail and analysis, please contact your Account Manager with any questions.

Pricing
Any quantity executed on the NYSE Euronext markets will be charged 0.50bps whilst any quantity executed on the London Stock Exchange will be charged 0.28bps. Any quantity executed on the BATS Europe markets will be charged or rebated in line with the standard BATS Europe pricing schedule 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 exhibit the required RoutingInst (9303) behaviour.

The BATS Europe routing services are only available to firms that 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 relevant certification, will be required to do so.

Please contact the Trade Desk or your Account Manager with any questions.

Documentation
* Pricing Schedule: 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

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