Release Notes

BATS Chi-X Europe Integration Update From CEO Mark Hemsley

December 16, 2011 14:25:49

Dear Participants,

In the two weeks since my last update, the BATS Chi-X Europe team has been working hard on the plan for the integration of BATS Europe and Chi-X Europe. This plan, as set out below, has been developed with one goal in mind - to conduct the integration as efficiently as possible to ensure that participants can quickly realise the benefits BATS Chi-X Europe will provide. This includes cost rationalisation, flexibility, choice and continued price leadership.

As we begin the migration of the Chi-X Europe order books to BATS technology, I would like to give you an overview of what to expect during the upcoming months. This letter provides high-level information regarding key elements of the technology migration, including milestone dates, order book structure, connectivity, and regulatory and legal matters. More detail regarding each of these topics will be provided in due course.

In addition, the latest integration information and documents are available at http://www.batstrading.co.uk/integration, which will be updated regularly throughout the transition.

Key Technology Milestones

For your planning in 2012, please note the following key dates:

Date - Technology Milestones

16th December 2011 - BATS Chi-X Europe legal migration guides published

13th January 2012 - Connectivity migration guide, technical specifications, testing guide & connectivity pricing published

23rd January 2012 - New Chi-X Europe certification environment available

27th February 2012 - New Chi-X Europe production environment available for logon and testing

14th March 2012 - BATS Europe secondary data centre go-live in Equinix Park Royal (LD3)

24th March 2012 - Dress Rehearsal 1
Chi-X Europe onto BATS technology in Equinix Slough (LD4) & Equinix Park Royal (LD3)

21st April 2012 - Dress Rehearsal 2
Chi-X Europe onto BATS technology in Equinix Slough (LD4) & Equinix Park Royal (LD3)

30th April 2012 - Go-live
Chi-X Europe lit and dark books live on BATS technology at LD4 and LD3

14th May 2012 - Go-live contingency date

Regulatory and Legal Transition Guidelines

The BATS Chi-X Europe integration will create a single regulated platform. Thus, the integration includes a re-organisation of the service agreements currently used by Chi-X Europe and BATS Europe. We will also adopt a single Rulebook and Participant Manual as part of the legal and regulatory integration, effective on 30th April, which is the go-live date for the Chi-X Europe books on BATS technology.

We have prepared regulatory and legal guides to assist trading participants and market data recipients through the transition. The guides will be available to download from http://www.batstrading.co.uk/integration today.

If you have any questions regarding the regulatory and legal integration, please contact your usual compliance or sales contact at BATS Europe or Chi-X Europe with any queries.

Order Books, Cross-Book Routing and Market Data

The BATS Europe and Chi-X Europe lit books and dark books will continue to be available as separate order books. Via a single network interface, participants will have access to the multiple BATS Chi-X Europe lit and dark books representing over 20% of the pan-European market, as well as smart order routing to external venues.

Furthermore, we will provide cross-book routing strategies, which will enable participants to access multiple BATS Chi-X Europe lit and dark books via a single order entry. Cross-book routing specifications are currently in development and will be available in January.

If required, in order to minimise development effort for Chi-X Europe participants that have not previously connected to BATS Europe, a Chi-X Europe FIX compatibility mode will be made available on the BATS technology.

The market data products available after the migration will be BATS Europe TCP PITCH and BATS Europe Multicast PITCH.

All technical specifications, with the exception of cross-book order routing, will be made available on 13th January and published at http://www.batstrading.co.uk/integration.

Trading and Connectivity Pricing

Post-migration trading fees will be subject to discussion with participants in January and February, but we anticipate that trading fees for the Chi-X Europe lit book and Chi-Delta dark book will remain unchanged. Any changes to pricing for the BATS Europe lit and dark books will be announced in February 2012 and take effect following the completion of the technology migration from 1st May 2012.

One of the immediate benefits the BATS Chi-X Europe integration will provide to trading participants is the ability to rationalise connectivity. We are currently integrating connectivity pricing for BATS Chi-X Europe and will provide consolidated connectivity pricing on 13th January, which will take effect in May 2012.

Secondary Data Centre Expansion

We have finalised the design of a new BATS Europe secondary data centre facility at the Equinix Park Royal data centre (LD3) and the build out is underway. The expansion of this facility will provide a live backup site for all BATS Europe and Chi-X Europe order books to allow intra-day failover.

For the BATS Europe books, the secondary data centre environment will go live at LD3 in March 2012. The Chi-X Europe books will utilise the same live backup facility at LD3 when the migration to BATS technology is completed on 30th April.

More Efficient Clearing & Settlement

We plan to start the New Year with the launch of full four-way interoperable clearing on the BATS Europe and Chi-X Europe markets. From 6th January 2012, subject to regulatory approval, participants will have a choice of one or more of the following CCPs on a market by market basis: EMCF, EuroCCP, LCH.Clearnet and SIX x-clear.

We have been strongly supportive of CCP interoperability for the last three years, and we firmly believe that interoperability is critical to further reduce costs and encourage a competitive, more efficient post-trade infrastructure in Europe.

In addition, we are working with HMRC and EUI to allow netting of UK securities between BATS Europe and Chi-X Europe order books, thus providing the benefit of settlement efficiencies. More details will be available in due course.

Account Management

As announced this week, Jerry Avenell and Alex Dalley have been appointed co-heads of sales for BATS Chi-X Europe. We are currently evaluating account management allocations and Jerry or Alex will communicate any changes regarding the account manager for your organisation in due course. In the meantime, please continue to liaise with your respective BATS Europe and Chi-X Europe account managers.

******

No doubt you will have many questions, and rest assured that we will provide detailed information in a timely manner for each of the items discussed in this letter. We will also regularly update http://www.batstrading.co.uk/integration with relevant materials and information. We welcome your feedback so please call us should you have questions or comments.

We are excited about the opportunities that our new organisation will bring to European trading participants and look forward to a successful 2012.

Best Regards,

Mark Hemsley
CEO, BATS Chi-X Europe

BATS Chi-X Europe ... Making Markets Better
[email protected]
Bats Trading Limited is authorised and regulated by the Financial Services Authority. BATS Trading Limited is a wholly-owned subsidiary of BATS Global Markets, Inc. and is a company registered in England and Wales with Company Number 6547680 and registered office at 25 Copthall Avenue, London EC2R 7BP. Confidentiality Notice: This email, including attachments, may include non-public, proprietary, confidential or legally privileged information. If you are not an intended recipient or an authorized agent of an intended recipient, you are hereby notified that any dissemination, distribution or copying of the information contained in or transmitted with this e-mail is unauthorized and strictly prohibited. If you have received this email in error, please notify the sender by replying to this message and permanently delete this e-mail, its attachments, and any copies of it immediately - you should not retain, copy or use this e-mail or any attachment for any purpose, nor disclose all or any part of the contents to any other person. Thank you.

UPDATE: Timeline for four way Clearing Interoperability

December 02, 2011 11:28:52

Dear Participants

Further to previous notices, BATS Chi-X Europe confirms that subject to regulatory approval it will launch fully Interoperable Clearing on the BATS Europe market on Friday 6th January 2012.

Market Scope

* Due to the on-going regulatory review of Exchange Traded Products (ETFs / ETCs) within clearing, BATS Europe has taken the decision to exclude all ETFs and ETCs from the scope of interoperability until the conclusion of these reviews. BATS Europe continues to trade ETF / ETC securities, however all executions will be routed to the existing Central Counterparty (CCP), EMCF, irrespective of the Participant's choice of CCP for the underlying market segment. Please note: ETF / ETCs are traded in various market segments and are not in a segregated segment.

* Four way Interoperable Clearing will be available for all markets traded on BATS Europe excluding Spain which will continue to be cleared at EMCF until further notice.

Summary of Service
With four way Clearing Interoperability, Participants are able to choose to have one or more Central Counterparties (CCPs) clearing their business on the BATS Europe market. Participants are able to choose to use EMCF, EuroCCP, LCH.Clearnet and SIX x-Clear on a market by market basis. BATS Europe will enable clearing for Participants once required documentation is in place with the respective CCP(s). Participants will no longer be required to maintain a clearing relationship with EMCF for markets where they have chosen an alternative CCP.

How to setup a new CCP relationship
Trading Participants must have a clearing relationship with their chosen CCP(s), either as a Direct Clearing Participant (DCP) or through a General Clearing Participant (GCP).

* Trading Participants using a GCP should contact them to ensure the relevant CCP documentation is in place.

* DCPs should contact their CCP(s) to ensure the relevant documentation is in place.

Contact details for the four CCPs are listed below:
EMCF
EMCF Membership Team
[email protected]

EuroCCP
Account Administration [email protected]

LCH.Clearnet
LCH.Clearnet Membership Team
[email protected]

SIX x-clear
Customer Integration
[email protected]

Technical detail

* As an optional feature, BATS Europe can indicate in FIX tag 7772 or in a BOE field of the execution report which CCP has the trade. This tag is already available as an optional field on the FIX port, as indicated in the BATS Europe FIX spec. Participants requiring this should contact the BATS Europe Trade Desk to test.

Certification Testing
Four way Clearing Interoperability is already available to test in the BATS Europe Certification environment.

Any Participants wishing to conduct end to end testing should contact the BATS Europe Trade Desk.

Trade Desk, BATS Chi-X Europe
BATS ... Making Markets Better
P: +44.207.012.8901
E: [email protected]
www.batstrading.co.uk
* BATS Trading Limited is authorised and regulated by the Financial Services Authority.
Confidentiality Notice: This email, including attachments, may include non-public, proprietary, confidential or legally privileged information. If you are not an intended recipient or an authorized agent of an intended recipient, you are hereby notified that any dissemination, distribution or copying of the information contained in or transmitted with this e-mail is unauthorized and strictly prohibited. If you have received this email in error, please notify the sender by replying to this message and permanently delete this e-mail, its attachments, and any copies of it immediately - you should not retain, copy or use this e-mail or any attachment for any purpose, nor disclose all or any part of the contents to any other person. Thank you.

Bats Chi-X Europe

December 01, 2011 11:36:19

Dear BATS Chi-X Europe Participants,

Today we are pleased to announce the successful close of our deal with Chi-X Europe which begins the combination of two nimble, fast-growing, innovative firms that have contributed significantly to the transformation of Europe's equity markets. Together, BATS Chi-X Europe will continue to provide customer choice, flexibility, advanced technology, competitive pricing and great service whilst offering a substantial pool of pan-European liquidity.

We also envision that BATS Chi-X Europe will play a larger role in the continued development and definition of the new European marketplace as participants are faced with industry consolidation and a changing regulatory and market structure landscape. As advocates for efficient and transparent markets, we remain committed to providing leadership in areas that impact our participants the most.

Understandably there are questions about how this deal will impact participation, technology, infrastructure and connectivity, pricing and support. We will engage with participants on these subjects over the coming weeks and will communicate the transition details, technical specifications and product information, in due course. The high-level integration timeline will be communicated before the Christmas break. In the near term, customers should continue to interact with their respective BATS Europe and Chi-X Europe contacts as before.

For those market participants whom BATS has not worked with before, we look forward to meeting you and learning about your companies. For all market participants, we look forward to delivering the immediate benefits that the deal will provide in terms of liquidity, infrastructure rationalisation and product diversity, and we will work diligently to make the transition a seamless one.

Thank you to our participants, investors and supporters. As always, your feedback is welcome.

Best Regards,

Mark Hemsley
CEO, BATS Chi-X Europe

BATS ... Making Markets Better
[email protected]

BATS Trading Limited is authorised and regulated by the Financial Services Authority. BATS Trading Limited is a wholly-owned subsidiary of BATS Global Markets, Inc. and is a company registered in England and Wales with Company Number 6547680 and registered office at 25 Copthall Avenue, London EC2R 7BP.

Confidentiality Notice: This email, including attachments, may include non-public, proprietary, confidential or legally privileged information. If you are not an intended recipient or an authorized agent of an intended recipient, you are hereby notified that any dissemination, distribution or copying of the information contained in or transmitted with this e-mail is unauthorized and strictly prohibited. If you have received this email in error, please notify the sender by replying to this message and permanently delete this e-mail, its attachments, and any copies of it immediately - you should not retain, copy or use this e-mail or any attachment for any purpose, nor disclose all or any part of the contents to any other person. Thank you.

BATS Europe: New Risk Management Features

November 25, 2011 08:15:50

Dear BATS Europe Participants,

Effective immediately, BATS Europe is pleased to introduce several new risk management features:

1. Net Exposure Enforcement for Daily Limits

All participants now have the option to enforce a cumulative daily notional limit on net notional exposure taking into account executed and open orders. This complements the existing gross notional limit feature. Sponsoring Participants can set this via the Sponsored Access GUI while direct Participants can set this via emailed request to the BATS Europe Trade Desk. The notional limits are set at the port level.

2. Market Orders and Daily Limits

All participants now have the option to set a total notional limit on Market Orders, up to the value of the overall cumulative daily limit. This complements the existing Limit Order feature. Sponsoring Participants can set this through the Sponsored Access GUI while individual Participants can set this via emailed request to the BATS Europe Trade Desk. The notional limits are set at the port level.

3. DROP port Risk Mitigation functionality

BATS Europe is also pleased to introduce new features for Sponsoring Participants and direct Participants who utilise DROP port functionality. In the event of a DROP port disconnection the following automated actions can now be triggered:

* Reject Orders on DROP Port Disconnect - This feature blocks order entry should a specified DROP port experience a disconnection. The BATS Europe Trade Desk should be provided with a list of order entry ports along with their associated DROP ports. Once the association has been established, at least one DROP port associated with the order entry port(s) must be connected for orders to be accepted by BATS Europe. Otherwise, any new orders will be rejected on the associated order entry port(s) until at least one of the DROP ports has reconnected.

* Cancel Open Orders on DROP Port Disconnect - Similar to the rejection option above, with Cancel Open Orders on DROP Port Disconnect enabled, Sponsoring Participants and Direct Participants may request that all open orders be cancelled, should all associated DROP ports disconnect.

* Reject/Cancel Orders on DROP Port Timeout - With Reject/Cancel Orders on DROP Port Timeout enabled, direct Participants and Sponsoring Participants may configure a time interval between when the last associated DROP port disconnects and when the reject/cancel actions take effect. The default interval is 30 seconds and the minimum setting allowed is 20 seconds. Once any associated DROP port reconnects, the timer is reset and reject actions will cease.

Please note that all of the above risk management features are available for both FIX and BOE (Binary Order Entry) port types. These options are also available for all forms of associated DROP (DROP, FIXDROP and ORDER DROP) port types.

Sponsoring Participants may refer to the Sponsored Access Specification for full detail on the Sponsored Access suite of risk management features.

All of the above options are available in both the BATS Europe Certification (UAT) environment and the Production environment with immediate effect.

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

REMINDER: BATS Europe Binary Order Entry (BOE) Protocol launches November, 4th 2011

October 28, 2011 09:50:12

Dear BATS Europe Participants,

Starting today, participants may request Production BOE (Binary Order Entry) ports via request to the BATS Europe Trade Desk. As a reminder, the BOE protocol will be made available in Production effective next Friday 4th November, 2011.

Any participants wishing to utilise the BOE protocol must have passed BOE certification in advance of going live. BOE is currently available for testing in the Certification environment.

For further detail, please refer to the BOE specification.

Overview
BOE has been designed to maximise speed, efficiency and implementation simplicity. The full suite of existing BATS Europe order types will be available using this new protocol.
In addition:

* Order by Order DROP and Real-time Latency Monitoring will be available for BOE ports.

* FIX order entry protocol will continue to be available.

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

BATS Europe BOE Specification Update

October 24, 2011 13:54:44

Dear BATS Europe Participants,

Please be advised that BATS Europe has implemented a minor update to the Binary Order Entry (BOE) protocol specification.

The reserved 8th byte of all bitfield sets has been converted to a byte reserved for BATS internal use. As the 8th byte of all existing bitfield sets was already reserved for future use, this change should require no action on the part of our Participants. Participants must continue to populate this byte for all existing request messages with a zero value as they are currently required. Participants should disregard any values in the 8th byte present on response messages going forward.

This change will be available in the BATS Europe Certification environment, effective Wednesday 26th October, 2011.

For further detail, please refer to the BOE specification.

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

Timeline for four way Clearing Interoperability

October 17, 2011 09:59:19

Dear BATS Europe Participants

BATS Europe is pleased to announce that subject to regulatory approval it intends to launch fully Interoperable Clearing on Friday 6th January 2012.

Summary

With four way Clearing Interoperability, participants are able to choose to have one or more Central Counterparties (CCPs) clearing their business on BATS Europe. Participants are able to choose to use EMCF, EuroCCP, LCH.Clearnet and SIX x-Clear on a market by market basis. BATS Europe will enable clearing for participants once required documentation is in place with the respective CCP(s). Participants will no longer be required to maintain a clearing relationship with EMCF for markets where they have chosen an alternative CCP.

Markets covered

Four way Interoperable Clearing will be available for all Markets traded on BATS Europe excluding Spain which will continue to be cleared at EMCF until further notice.

How to setup a new CCP relationship

Trading Participants must have a clearing relationship with their chosen CCP(s), either as a Direct Clearing Participant (DCP) or through a General Clearing Participant (GCP).

* Trading Participants using a GCP should contact them to ensure the relevant CCP documentation is in place.

* DCPs should contact their CCP(s) to ensure the relevant documentation is in place.

Contact details for the four CCPs are listed below:
EMCF
EMCF Membership Team
[email protected]

EuroCCP
Account Administration [email protected]

LCH.Clearnet
LCH.Clearnet Membership Team
[email protected]

SIX x-clear
Customer Integration
[email protected]

Technical detail

* As an optional feature, BATS Europe can indicate in FIX tag 7772 or in a BOE field of the execution report which CCP has the trade. This tag is already available as an optional field on the FIX port, as indicated in the BATS Europe FIX spec. Participants requiring this should contact the BATS Europe Trade Desk to test.

Certification Testing

Four way Clearing Interoperability will be available for testing in the BATS Europe Certification environment from Monday 14th November.

Any participants wishing to conduct end to end testing should contact the BATS Europe Trade Desk.

Thank you for trading on BATS.

Trade Desk, BATS Europe
BATS ... Making Markets Better
P: +44.207.012.8901
E: [email protected]

REMINDER: BATS Europe Binary Order Entry (BOE) Protocol launches November, 4th 2011

October 12, 2011 10:55:58

Dear BATS Europe Participants,

As a reminder, the BATS Europe Binary Order Entry (BOE) protocol will be made available in Production effective Friday 4th November, 2011. Participants will be able to request Production BOE ports from Friday 28th October, 2011, one week in advance of the go-live date.

Any participants wishing to utilise the BOE protocol must pass certification in advance of going live. BOE is already available for testing in the Certification environment.

For further detail, please refer to the BOE specification.

Overview
BOE has been designed to maximise speed, efficiency and implementation simplicity. The full suite of existing BATS Europe order types will be available using this new protocol.
In addition:

* Order by Order DROP and Real-time Latency Monitoring will also be available for BOE ports.

* FIX order entry protocol will continue to be available.

Please contact the BATS Europe TradeDesk or your Account Manager with any questions.

Trade Desk, BATS Europe
BATS ... Making Markets Better
P: +44.207.012.8901
E: [email protected]
www.batstrading.co.uk
* BATS Trading Limited is authorised and regulated by the Financial Services Authority

Confidentiality Notice: This email, including attachments, may include non-public, proprietary, confidential or legally privileged information. If you are not an intended recipient or an authorized agent of an intended recipient, you are hereby notified that any dissemination, distribution or copying of the information contained in or transmitted with this e-mail is unauthorized and strictly prohibited. If you have received this email in error, please notify the sender by replying to this message and permanently delete this e-mail, its attachments, and any copies of it immediately - you should not retain, copy or use this e-mail or any attachment for any purpose, nor disclose all or any part of the contents to any other person. Thank you.

BATS Europe Equinix Slough LD4: LIVE

October 10, 2011 11:23:58

Dear BATS Europe Participants,

BATS Europe confirms it has completed its data centre migration and is operating from Equinix Slough (LD4).

Contacts
Connectivity: [email protected]+44.207.012.8905
Application or Trading Queries: [email protected] +44.207.012.8901

For any other questions, please contact your Account Manager.

BATS Europe Slough LD4: GO-LIVE CONFIRMED

October 08, 2011 10:10:42

BATS Europe Data Centre Migration from Docklands LHC to Equinix Slough LD4 on Monday 10th October, 2011

Dear BATS Europe Participants,

BATS Europe can confirm that all migration work is now complete and the data centre migration to Equinix Slough LD4 will proceed.

The BATS Europe Production environment will launch in LD4 on Monday, 10th October 2011, as per the following schedule:

Go-Live Schedule Monday, 10th October 2011

Time | Activity

Throughout this weekend | Telnet test capability and Multicast heart-beating available

On Monday 10th October

04:00 | Reference Data Files available

06:30 | Connectivity available to all BATS Europe FIX, PITCH and DROP ports

06:30 | NOC & TradeDesk available for any connectivity issues

08:00 | Start of Trading - Market Open

Contacts
Connectivity: [email protected]+44.207.012.8905
Application or Trading Queries: [email protected] +44.207.012.8901

For any other questions, please contact your Account Manager.

Trade Desk, BATS Europe
BATS ... Making Markets Better
P: +44.207.012.8901
E: [email protected]
www.batstrading.co.uk
* BATS Trading Limited is authorised and regulated by the Financial Services Authority.

BATS Europe: Data Centre Migration on Monday 10th October, 2011

October 03, 2011 14:14:58

BATS Europe Data Centre Migration from Docklands LHC to Equinix Slough LD4 on Monday 10th October, 2011

Dear BATS Europe Participants,

Following successful completion of both Dress Rehearsals, BATS Europe confirms that it will migrate its data centre to Equinix LD4 in Slough next Monday, 10th October 2011.

Go-Live Weekend Schedule (7th - 10th October 2011):
Note all times are UK

* Friday, 7th October at 17.30: BATS Europe production at Docklands LHC will be shut down.

* Throughout the migration weekend participants will be able to confirm connectivity by either telneting to their TCP ports or subscribing to multicast PITCH streams.

* For the avoidance of doubt, there will be no FIX, PITCH or DROP application logon and heart-beating over the weekend.

* Saturday, 8th October 2011 at 10.00: BATS Europe Go-Live Communication #1. If all migration work has been successfully completed, then this will be the final weekend communication.

* Saturday, 8th October 2011 at 18.00: BATS Europe Go-Live Communication #2. In the unlikely event that there are migration difficulties, then a notice will be issued to communicate either go or no-go for Monday, 10th October.

* In the event of any issues over the weekend, Participants will be kept informed via the normal email distribution channels as well as via the BATS Europe Alerts webpage: http://www.batstrading.co.uk/alerts/.

* Monday, 10th October 2011 at 06.30: Participants will be able to logon and establish application level connectivity to all BATS Europe ports.

* Wednesday, 12th October 2011 at 17.30: Certification (UAT) environment at Docklands LHC will be shut down.

Go-Live Schedule Monday, 10th October 2011

Time

Activity

04:00

Reference Data Files Available

06:30

Connectivity available to all BATS Europe FIX, PITCH and DROP ports

06:30

NOC & TradeDesk available for any connectivity issues

08:00

Start of Trading - Market Open

Contacts
Connectivity: [email protected]+44.207.012.8905
Application or Trading Queries: [email protected] +44.207.012.8901

For any other questions, please contact your Account Manager.

Trade Desk, BATS Europe
BATS ... Making Markets Better
P: +44.207.012.8901
E: [email protected]
www.batstrading.co.uk
* BATS Trading Limited is authorised and regulated by the Financial Services Authority.
Confidentiality Notice: This email, including attachments, may include non-public, proprietary, confidential or legally privileged information. If you are not an intended recipient or an authorized agent of an intended recipient, you are hereby notified that any dissemination, distribution or copying of the information contained in or transmitted with this e-mail is unauthorized and strictly prohibited. If you have received this email in error, please notify the sender by replying to this message and permanently delete this e-mail, its attachments, and any copies of it immediately - you should not retain, copy or use this e-mail or any attachment for any purpose, nor disclose all or any part of the contents to any other person. Thank you.

BATS Europe: Decommission of MOC and TAL After Hours Trading Services Effective 10th October, 2011

September 30, 2011 15:33:12

BATS Europe to Decommission MOC and TAL After Hours Trading Services Effective 10th October, 2011

Dear BATS Europe Participants,

Based on limited participant usage, effective Monday 10th October 2011, BATS Europe will cease offering the Market On Close(MOC) and Trading At Last(TAL) After Hours trading services.

The last After Hours trading session will occur on Friday 7th October. From Monday 10th October onward, no trading after 16:30 UK time will be possible on BATS Europe.

Participants who do not use these after hours services are not impacted and need not take any action.

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

All current and historical BATS Europe notices, including universe updates, are available online at www.batstrading.co.uk/alerts.

Trade Desk, BATS Europe
BATS ... Making Markets Better
P: +44.207.012.8901
E: [email protected]
www.batstrading.co.uk
* BATS Trading Limited is authorised and regulated by the Financial Services Authority.
Confidentiality Notice: This email, including attachments, may include non-public, proprietary, confidential or legally privileged information. If you are not an intended recipient or an authorized agent of an intended recipient, you are hereby notified that any dissemination, distribution or copying of the information contained in or transmitted with this e-mail is unauthorized and strictly prohibited. If you have received this email in error, please notify the sender by replying to this message and permanently delete this e-mail, its attachments, and any copies of it immediately - you should not retain, copy or use this e-mail or any attachment for any purpose, nor disclose all or any part of the contents to any other person. Thank you.

BATS Europe Data Centre Migration - FINAL Dress Rehearsal on Saturday 1st October 2011

September 28, 2011 15:44:46

Dear BATS Europe Participants,

This Saturday 1st October BATS Europe will conduct the final Production Dress Rehearsal for the BATS Europe Data Centre Migration from Savvis Docklands (LHC) to Equinix Slough (LD4) ahead of the go-live on Monday 10th October.

Key contacts on the day

* Any participants experiencing problems are advised to use the regular BATS Europe support contacts:

o Network Connectivity Queries: the BATS NOC (+44.207.012.8905, [email protected]).

o Application or Trading Queries: the BATS TradeDesk (+44.207.012.8901, [email protected]).

* These regular support numbers will be available from 0700 through 1630 UK time.

Conference Bridge

* There will be an open conference bridge used by BATS Europe staff to disseminate regular progress updates as regards the schedule of activities for each dress rehearsal.

* This Dress Rehearsal conference bridge will be open for participants to join from 07:30 UK time, and will shut down at 13:00 UK time:

o UK Call-in Number: 44-844-800-2845 or 0800-389-1681

o US Call-in Number: 1-866-563-6057 or 1-718-354-1291

o Participant Passcode: 97323527#

Dress Rehearsal Summary:
The purpose of the Dress Rehearsal is to provide participants the opportunity to test end-to-end connectivity into the new PRODUCTION BATS Europe platform located in LD4.

* Please refer to the Testing Guide for full details.

* Attendance is not mandatory but is highly recommended, as these activities provide participants the opportunity to test connectivity, submit orders and consume market data from BATS Europe's new data centre.

* All live symbols will be available for order submission.

* Both TCP and Multicast market data feeds will be active for the duration of the dress rehearsals. Participants should expect to receive market data on live ports and should make arrangements not to publish this data into systems that are not expecting to receive live data over a weekend.

* Viable amounts of load will be simulated for the purposes of market data consumption and throughput testing. Participants should clear down their applications at the end of each dress rehearsal to ensure unwanted data from these weekend tests is not retained in their trading systems on Monday morning.

* Simulated market data load will be distributed in the following symbols only:

Matching Unit

Symbols

Unit 1

BARCl

Unit 2

JDWl

Unit 3

SABl, RY4Bi

Unit 4

EDFp

Unit 5

HOp

Unit 6

SIPb, MTa, ZONu

Unit 7

BASd

Unit 8

LHAd

Unit 9

Fm, AMSe

Unit 10

PCm, OHLe

Unit 11

EFGNz

Unit 12

ZAGv, SEBAs, SYDBc, NOK1Vh, STLo

* Participants may also enter orders and conduct their own tests over the duration of the day.

* PITCH data files will be available upon request to the Trade Desk only.

* Participant Trade Reconciliation files (both intra- and EOD) will be available upon request to the Trade Desk only.

* Dress Rehearsals will not include Clearing to CCPs.

* The schedule of activities planned for the dress rehearsal is as follows:

Time (UK time)

Activity

04:00

Reference Data files available

06:15

Connectivity available to all BATS Europe FIX, PITCH and DROP ports

07:00

NOC & TradeDesk available for any connectivity issues

07:30

Conference Bridge opens

08:00

Start of trading

08:30 - 09:00

Light simulated load - 4800 events/second

09:00 - 09:30

Medium simulated load - 9600 events/second

09:30 - 09:45

Heavy simulated load - 57600 events/second

09:45 - 10:00

Self-directed testing

10:00 - 10:30

Light simulated load - 4800 events/second

10:30 - 11:00

Medium simulated load - 9600 events/second

11:00 - 11:15

Heavy simulated load - 57600 events/second

11:15 - 13:00

Self-directed testing

13:00

Conference Bridge closes

13:00 - 16:30

Self-directed testing

16:30

End of trading

Contact Details
Connectivity: [email protected]
LD4 Port access: [email protected]

For any other questions, please contact your Account Manager

Trade Desk, BATS Europe
BATS ... Making Markets Better
P: +44.207.012.8901
E: [email protected]
www.batstrading.co.uk
* BATS Trading Limited is authorised and regulated by the Financial Services Authority
Confidentiality Notice: This email, including attachments, may include non-public, proprietary, confidential or legally privileged information. If you are not an intended recipient or an authorized agent of an intended recipient, you are hereby notified that any dissemination, distribution or copying of the information contained in or transmitted with this e-mail is unauthorized and strictly prohibited. If you have received this email in error, please notify the sender by replying to this message and permanently delete this e-mail, its attachments, and any copies of it immediately - you should not retain, copy or use this e-mail or any attachment for any purpose, nor disclose all or any part of the contents to any other person. Thank you.

BATS Europe Market Update

September 15, 2011 15:09:15

BATS Europe Market Update

Dear BATS Europe Participants,

We are a couple of days away from the first dress rehearsal for the BATS Europe data centre migration to Equinix Slough (LD4), and we would like to take this opportunity to share the latest BATS Europe news and technology updates, including:

* Data centre migration proceeding on schedule - establish your connectivity now!

* Latency reductions for FIX order entry

* Binary order entry coming in November

* Full CCP interoperability on the way for 2012

Data Centre Migration Update

The first dress rehearsal for the BATS Europe data centre move to Equinix Slough (LD4) will take place this Saturday 17th September. By migrating our data centre to LD4, we aim to provide a premier one-stop access to liquidity with the highest levels of resilience and the lowest available latency. The LD4 facility offers the most advanced design and environment, best-in-class connectivity and collocation capabilities, with an ideal location at a telecommunications hub. The migration will also allow BATS Europe's participants to take advantage of LD4's significant scale to optimise infrastructure and leverage cross connect access.

We encourage any participants who have not yet done so to establish and validate connectivity as soon as possible. In addition, most participants are implementing system upgrades in conjunction with the data centre migration and additional participants have elected to collocate in LD4.

We will hold a second dress rehearsal on Saturday 1st October. BATS Europe is scheduled to go live in LD4 on Monday 10th October.

More information regarding the migration is available at: http://www.batstrading.co.uk/data_centre_migration/

Further Latency Improvements

We continuously enhance the BATS Europe technology to ensure our platform offers the lowest latency possible, especially during periods of heavy volumes that the markets have recently experienced. Once again we are pleased to unveil latency reductions for order entry via FIX. Average latency for order acknowledgement is now 120 microseconds for 10G connections, compared to 138 previously. A complete list of updated latency statistics is available in our System Performance document and participants are welcome to track their own performance via the BATS real-time latency monitoring Web tool.

Binary Order Entry Release Scheduled for 4th November

Furthermore, we plan to release Binary Order Entry (BOE) protocol on 4th November, following the migration of the BATS Europe data centre to Equinix Slough (LD4). BOE offers a new optional order entry method for participants to interact with the BATS Europe platform that further reduces latency. The full suite of BATS Europe order types will be available using this new protocol format. BOE is currently available in the BATS Europe certification environment and we plan to publish separate BOE latency statistics in due course. Please note that BOE will only be available via the new BATS Europe data centre, Equinix Slough (LD4).

Full CCP Interoperability on the way in 2012

Just a few weeks after launching Preferred Interoperable Clearing, we were pleased to announce plans to offer fully interoperable clearing, which has been more than three years in the making.

Pending regulatory approval, EMCF will join the current interoperating CCP group (EuroCCP, LCH.Clearnet and SIX x-clear) and from January 2012, BATS Europe participants will have full choice of the CCP services provider that best suits their needs. Furthermore, participants could realise cost savings when using a single CCP across multiple trading venues. We continue to encourage our participants to demand clearing choice from all trading venues so that the full benefits of competition can be realised.

In the meantime, we will continue offering our exclusive Preferred Interoperable Clearing service, which provides the choice of a preferred clearer from three current interoperating CCPs: EuroCCP, LCH.Clearnet and SIX x-clear. We are also delighted that BATS Europe has been recognised for its role in the interoperability initiative with two key nominations for Preferred Interoperable Clearing, the Editor's Choice Award and Best New Clearing Service or Initiative, from the Financial News Awards for Excellence in Trading & Technology.

In Closing

Lastly, the Competition Commission review of the Chi-X Europe transaction is progressing and several market participants have responded to the CC's call for evidence. We anticipate the CC's provisional findings in mid-October.

We look forward to continuing to service our members, grow our markets and hear your feedback on everything that we're doing. Thank you to our participants, investors and supporters. We remain committed to Making Markets Better, and your comments are always welcome.

Best Regards,
Paul O'Donnell
Chief Operating Officer, BATS Europe

BATS ... Making Markets Better
[email protected]

Confidentiality Notice: This email, including attachments, may include non-public, proprietary, confidential or legally privileged information. If you are not an intended recipient or an authorized agent of an intended recipient, you are hereby notified that any dissemination, distribution or copying of the information contained in or transmitted with this e-mail is unauthorized and strictly prohibited. If you have received this email in error, please notify the sender by replying to this message and permanently delete this e-mail, its attachments, and any copies of it immediately - you should not retain, copy or use this e-mail or any attachment for any purpose, nor disclose all or any part of the contents to any other person. Thank you.

BATS Europe Data Centre Migration - Dress Rehearsal on Saturday 17th September 2011

September 14, 2011 12:29:50

Dear BATS Europe Participants,

This Saturday 17th September BATS Europe will conduct its first Production Dress Rehearsal for the BATS Europe Data Centre Migration from Savvis Docklands (LHC) to Equinix Slough (LD4). There will be one further Dress Rehearsal on Saturday 1st October ahead of the go-live on Monday 10th October.

Key contacts on the day

* Any participants experiencing problems are advised to use the regular BATS Europe support contacts:

o Network Connectivity Queries: the BATS NOC (+44.207.012.8905, [email protected]).

o Application or Trading Queries: the BATS TradeDesk (+44.207.012.8901, [email protected]).

* These regular support numbers will be available from 0700 through 1630 UK time.

Conference Bridge

* There will be an open conference bridge used by BATS Europe staff to disseminate regular progress updates as regards the schedule of activities for each dress rehearsal.

* This Dress Rehearsal conference bridge will be open for participants to join from 07:30 UK time, and will shut down at 13:00 UK time:

o UK Call-in Number: 44-844-800-2845 or 0800-389-1681

o US Call-in Number: 1-866-563-6057 or 1-718-354-1291

o Participant Passcode: 97323527#

Dress Rehearsal Summary:
The purpose of the Dress Rehearsal is to provide participants the opportunity to test end-to-end connectivity into the new PRODUCTION BATS Europe platform located in LD4.

* There will be two Dress Rehearsals in advance of the BATS Europe migration to LD4, the first will occur on Saturday 17th September and the second on Saturday 1st October 2011. Please refer to the Testing Guide for full details.

* Attendance is not mandatory but is highly recommended, as these activities provide participants the opportunity to test connectivity, submit orders and consume market data from BATS Europe's new data centre.

* All live symbols will be available for order submission.

* Both TCP and Multicast market data feeds will be active for the duration of the dress rehearsals. Participants should expect to receive market data on live ports and should make arrangements not to publish this data into systems that are not expecting to receive live data over a weekend.

* Viable amounts of load will be simulated for the purposes of market data consumption and throughput testing. Participants should clear down their applications at the end of each dress rehearsal to ensure unwanted data from these weekend tests is not retained in their trading systems on Monday morning.

* Simulated market data load will be distributed in the following symbols only:

Matching Unit

Symbols

Unit 1

BARCl

Unit 2

JDWl

Unit 3

SABl, RY4Bi

Unit 4

EDFp

Unit 5

HOp

Unit 6

SIPb, MTa, ZONu

Unit 7

BASd

Unit 8

LHAd

Unit 9

Fm, AMSe

Unit 10

PCm, OHLe

Unit 11

EFGNz

Unit 12

ZAGv, SEBAs, SYDBc, NOK1Vh, STLo

* Participants may also enter orders and conduct their own tests over the duration of the day.

* PITCH data files will be available upon request to the [email protected] only.

* Participant Trade Reconciliation files (both intra- and EOD) will be available upon request to the [email protected] only.

* Dress Rehearsals will not include Clearing to CCPs.

* The schedule of activities planned for the dress rehearsal dates is identical for both days, and participants & vendors may opt to participate in either one or both days:

Time (UK time)

Activity

04:00

Reference Data Files Available

06:15

Connectivity available to all BATS Europe FIX, PITCH and DROP ports

07:00

NOC & TradeDesk available for any connectivity issues

07:30

Conference Bridge opens

08:00

Start of Trading

08:30 - 09:00

Light simulated load - 4800 events/second

09:00 - 09:30

Medium simulated load - 9600 events/second

09:30 - 09:45

Heavy simulated load - 57600 events/second

09:45 - 10:00

Self-directed testing

10:00 - 10:30

Light simulated load - 4800 events/second

10:30 - 11:00

Medium simulated load - 9600 events/second

11:00 - 11:15

Heavy simulated load - 57600 events/second

11:15 - 13:00

Self-directed testing

13:00

Conference Bridge closes

13:00 - 16:30

Self-directed testing

16:30

End of Trading

Contact Details
Connectivity: [email protected]
LD4 Port access: [email protected]

For any other questions, please contact your Account Manager.

Trade Desk, BATS Europe
BATS ... Making Markets Better
P: +44.207.012.8901
E: [email protected]
www.batstrading.co.uk
* BATS Trading Limited is authorised and regulated by the Financial Services Authority
Confidentiality Notice: This email, including attachments, may include non-public, proprietary, confidential or legally privileged information. If you are not an intended recipient or an authorized agent of an intended recipient, you are hereby notified that any dissemination, distribution or copying of the information contained in or transmitted with this e-mail is unauthorized and strictly prohibited. If you have received this email in error, please notify the sender by replying to this message and permanently delete this e-mail, its attachments, and any copies of it immediately - you should not retain, copy or use this e-mail or any attachment for any purpose, nor disclose all or any part of the contents to any other person. Thank you.

REMINDER - BATS Europe Data Centre Migration Testing & Go-Live Confirmation

September 06, 2011 08:29:53

Dear BATS Europe Participants,

Summary
The BATS Europe Data Centre Migration from Savvis Docklands (LHC) to Equinix Slough (LD4) will go ahead on 10th October 2011.

With less than 2 weeks remaining until the first Production Dress Rehearsal on Saturday 17th September, participants are strongly encouraged to continue establishing and validating connectivity to the new Production BATS Europe environment at LD4. Further details are provided below:

Equinix Slough (LD4) Connectivity & Availability

* The new Production BATS Europe environment at LD4 is currently accessible to all participants, offering the following testing capabilities:

o Network connectivity

o FIX logon and heart beating

o Order submission on test symbols only

o Market data (both TCP and multicast PITCH) on test symbols only

o DROP port access

* The new Certification BATS Europe environment at LD4 is also available for daily testing, including full end-to-end clearing test facilities.

* End-to-end clearing test facilities are no longer available via the old Certification environment at LHC. Any participants requiring end-to-end clearing testing must utilise the new Certification environment at LD4.

* As a reminder, BATS Europe will decommission the TCP FAST PITCH market data protocol on 10th October 2011. Any participants actively using TCP FAST PITCH must migrate to either Multicast PITCH or TCP PITCH by 10th October 2011.

* As a reminder, BATS Europe will not offer connectivity from LHC after December 2011.

Production Dress Rehearsals

* Dress Rehearsals will occur on Saturday 17th September and Saturday 1st October 2011. Please refer to the Testing Guide for full details.

* The schedule of activities for the Dress Rehearsals has been published on the Data Centre Migration webpage: http://www.batstrading.co.uk/data_centre_migration/.

Contact Details
Connectivity: [email protected]
LD4 Port access: [email protected]

For any other questions, please contact your Account Manager.

Trade Desk, BATS Europe
BATS ... Making Markets Better
P: +44.207.012.8901
E: [email protected]
www.batstrading.co.uk
* BATS Trading Limited is authorised and regulated by the Financial Services Authority

BATS Europe: Data Centre Migration Testing & Go-Live Confirmations

August 17, 2011 14:23:32

Dear BATS Europe Participants,

Summary
BATS Europe is pleased to confirm that the BATS Europe Data Centre Migration from Savvis Docklands (LHC) to Equinix Slough (LD4) will go ahead on 10th October 2011.

With 4 weeks remaining until the first Production Dress Rehearsal on Saturday 17th September, participants are strongly encouraged to establish and validate connectivity to the new Production BATS Europe environment at LD4. Further details are provided below:

Equinix Slough (LD4) Connectivity & Availability

* The new Production BATS Europe environment at LD4 is currently accessible to all participants, offering the following testing capabilities:

o Network connectivity

o FIX logon and heart beating

o Order submission on test symbols only

o Market data (both TCP and multicast PITCH) on test symbols only

o DROP port access

* The new Certification BATS Europe environment at LD4 is also available for daily testing. The old Certification environment at LHC will cease to be available post-migration.

* As a reminder, end-to-end clearing test facilities via the old Certification environment at LHC will be cut over to LD4 on 1st September 2011. Any participants requiring continued end-to-end clearing test facilities must ensure that their LD4 connectivity is in place.

* As a reminder, BATS Europe will decommission the TCP FAST PITCH market data protocol on 10th October 2011. Any participants actively using TCP FAST PITCH must have migrated to either Multicast PITCH or TCP PITCH by 10th October 2011.

* As a reminder, BATS Europe will not offer connectivity from LHC after December 2011.

Production Dress Rehearsals

* The schedule of activities for the Dress Rehearsals has been published on the Data Centre Migration webpage: http://www.batstrading.co.uk/data_centre_migration/.

* Dress Rehearsals will occur on Saturday 17th September and Saturday 1st October 2011. Please refer to the Testing Guide for full details.

Contact Details
Connectivity: [email protected]
LD4 Port access: [email protected]

For any other questions, please contact your Account Manager.

Trade Desk, BATS Europe
BATS ... Making Markets Better
P: +44.207.012.8901
E: [email protected]
www.batstrading.co.uk
* BATS Trading Limited is authorised and regulated by the Financial Services Authority

BATS Europe Announces Launch of Binary Order Entry (BOE) protocol

August 08, 2011 14:26:16

Dear BATS Europe Participants,

Overview
BATS Europe is pleased to announce the launch of the Binary Order Entry (BOE) protocol. BOE is the proprietary BATS order entry protocol and has been designed to maximise speed, efficiency and implementation simplicity.

* Order by Order DROP and Real-time Latency Monitoring will also be available for BOE ports.

* BOE will only be available via the new BATS Europe data centre, Equinix Slough (LD4).

* FIX order entry protocol will continue to be available via both the current BATS Europe data centre, Savvis Docklands (LHC) and from the new data centre, Equinix Slough (LD4).

Release Schedule
BATS Europe will make BOE available in certification and production as follows:

Certification: Friday, 2nd September, 2011
Production: Friday, 4th November, 2011

For further detail, please refer to the BOE specification.

Please contact the BATS Europe TradeDesk or your Account Manager with any questions. We appreciate your continued support of BATS Europe and look forward to earning more of your business.

Trade Desk, BATS Europe
BATS ... Making Markets Better
P: +44.207.012.8901
E: [email protected]
www.batstrading.co.uk
* BATS Trading Limited is authorised and regulated by the Financial Services Authority

Confidentiality Notice: This email, including attachments, may include non-public, proprietary, confidential or legally privileged information. If you are not an intended recipient or an authorized agent of an intended recipient, you are hereby notified that any dissemination, distribution or copying of the information contained in or transmitted with this e-mail is unauthorized and strictly prohibited. If you have received this email in error, please notify the sender by replying to this message and permanently delete this e-mail, its attachments, and any copies of it immediately - you should not retain, copy or use this e-mail or any attachment for any purpose, nor disclose all or any part of the contents to any other person. Thank you.

UPDATE: BATS Europe To Offer Preferred Interoperable Clearing Service effective 29th July 2011

July 28, 2011 11:04:55

Dear BATS Europe Participants,

BATS Europe is pleased to confirm that the Preferred Interoperable Clearing service has now received all necessary regulatory approvals. As such, BATS Europe will launch the service as planned tomorrow, Friday 29th July 2011.

Summary
With Preferred Interoperable Clearing, a Participant can elect a Preferred CCP for clearing of all trades in a specific market segment on BATS Europe. The Preferred CCP can be elected on a per Listing Market basis and may be one of LCH.Clearnet, SIX x-clear or EuroCCP. However, EMCF will remain the mandatory CCP and all Participants will be required to maintain a clearing relationship with EMCF (either directly or through a General Clearing Participant). Participants who wish to utilise the Preferred Interoperable Clearing Service will need to first ensure a clearing relationship is in place with their Preferred CCP, and secondly inform BATS Europe of their election.

How to elect a Preferred CCP
* Trading Participants must have a clearing relationship with their Preferred CCP, either as a Direct Clearing Participant (DCP) or through a General Clearing Participant (GCP).

* Trading Participants using a GCP should contact their GCP to ensure the relevant CCP documentation is in place.

* DCPs should contact their Preferred CCP to ensure the relevant documentation is in place.

Contact details for the three CCPs are listed below:

LCH.Clearnet
LCH.Clearnet Membership Team
[email protected]

EuroCCP
Account Administration [email protected]

SIX x-clear
Customer Integration
[email protected]

* In order to elect a preferred CCP, Participants should complete the attached Preferred Interoperable Clearing Service Election Form and return it to Participant Services at BATS Europe. The CCP preference will be synchronised with the information provided to BATS Europe by the CCP, and then confirmed back to the participant before enablement.
* Trading and Clearing firms must continue to maintain clearing arrangements with EMCF.
* Trading Participants can use different GCPs for each CCP, or can be self-clearing for one CCP and use a GCP for the other.
* At time of match, BATS Europe will indicate in FIX tag 7772 of the execution report which CCP has the trade. This tag is already available as an optional field on the FIX port, as indicated in the BATS Europe FIX spec.
* All executions for Irish securities will always be sent to the Participant's Preferred CCP, as EMCF is not an option for Irish securities on BATS Europe and there is no mandatory CCP for Irish securities.
* The service will not be offered for trading in Spanish securities until further notice.
* The service will not be offered for trading on any Exchange Traded products until further notice.

Certification Testing
Preferred Interoperable Clearing is currently available for testing in the BATS Europe Certification environment. A test plan is available upon request to the Trade Desk.

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

Trade Desk, BATS Europe
BATS ... Making Markets Better
P: +44.207.012.8901
E: [email protected]
www.batstrading.co.uk

BATS Europe Data Centre Migration Update

July 25, 2011 12:01:04

Dear BATS Europe Participants,

Summary
The purpose of this announcement is to provide participants with an update with regards to the BATS Europe Data Centre Migration.

BATS Europe confirms that the migration of its primary data centre from Savvis Docklands (LHC) to Equinix Slough (LD4) will occur on 10th October 2011.

Key Points:

* Participants should by now have advanced plans for connectivity into LD4.

* The new BATS Europe Certification environment at LD4 is already available for daily testing, the existing environment at LHC will cease to be available post-migration.

* End-to-end clearing test facilities via the existing certification environment at LHC will be cut over to LD4 on 1st September 2011. Participants requiring continued end-to-end clearing testing should ensure LD4 connectivity plans are in place as soon as possible.

* VPN internet access to the new BATS Europe Certification environment is now available at LD4. Participants requiring VPN access to LD4 should contact the BATS NOC team, as LHC VPN access will be ceased on migration.

* All BATS Europe environments at LD4 will have completely new IP addresses & TCP ports.

* FIX, PITCH and DROP ports will be allocated a specific TCP port range per participant and will include sufficient space for future growth, thereby simplifying firewall provisioning.

* Production CompIDs, SubIDs and all other application-level port configuration detail as regards FIX ports, market data ports and DROP ports will be mirrored over to LD4 from existing participant ports in LHC.

* From Friday 29th July 2011, the Production BATS Europe platform at LD4 will become available for network connectivity testing, FIX logon and heartbeating, order submission on test symbols only, market data (both TCP and multicast PITCH), & DROP port access.

* Dress Rehearsals for the BATS Europe migration to LD4 will occur on Saturday 17th September and 1st October 2011. The detailed schedule of activities for these dates will be published shortly via the Testing Guide

* As a reminder, BATS Europe will decommission the TCP FAST PITCH market data protocol on 10th October 2011. Participants actively using FAST PITCH must have migrated to either Multicast PITCH or TCP PITCH by 10th October 2011.

* As a reminder, BATS Europe does not plan to offer connectivity from LHC after December 2011. If any participant requires connectivity from LHC after this date they must contact BATS Europe no later than 29th July 2011.

Next steps:

* Participants should confirm connectivity plans to LD4 as soon as possible.

* Participants should begin ordering physical ports using the Switch Port Order Form

* Participants should contact the BATS Europe TradeDesk to confirm port requirements.

* Participants should confirm they have no connectivity requirements from LHC post the BATS Europe migration to LD4.

* Participants should plan to cease circuits at LHC post-migration otherwise the telco is likely to relocate the circuit unnecessarily.

All materials concerning the Data Centre Migration are available via http://www.batstrading.co.uk/data_centre_migration/

Please contact your Account Manager if you have any questions.

Trade Desk, BATS Europe
BATS ... Making Markets Better
P: +44.207.012.8901
E: [email protected]
www.batstrading.co.uk
* BATS Trading Limited is authorised and regulated by the Financial Services Authority
Confidentiality Notice: This email, including attachments, may include non-public, proprietary, confidential or legally privileged information. If you are not an intended recipient or an authorized agent of an intended recipient, you are hereby notified that any dissemination, distribution or copying of the information contained in or transmitted with this e-mail is unauthorized and strictly prohibited. If you have received this email in error, please notify the sender by replying to this message and permanently delete this e-mail, its attachments, and any copies of it immediately - you should not retain, copy or use this e-mail or any attachment for any purpose, nor disclose all or any part of the contents to any other person. Thank you.

BATS Europe To Offer Preferred Interoperable Clearing Service effective 29th July 2011

July 22, 2011 16:40:29

Dear BATS Europe Participants,

BATS Europe is pleased to announce that our proposal to implement a Preferred Interoperable Clearing service has received approval from the FSA. Pending the remaining regulatory approval, which is anticipated next week, BATS Europe intends to launch the service as planned on Friday 29th July 2011. Confirmation will be provided to Participants once this regulatory approval has been received.

Summary
With Preferred Interoperable Clearing, a Participant can elect a Preferred CCP for clearing of all trades in a specific market segment on BATS Europe. The Preferred CCP can be elected on a per Listing Market basis and may be one of LCH.Clearnet, SIX x-clear or EuroCCP. However, EMCF will remain the mandatory CCP and all Participants will be required to maintain a clearing relationship with EMCF (either directly or through a General Clearing Participant). Participants who wish to utilise the Preferred Interoperable Clearing Service will need to first ensure a clearing relationship is in place with their Preferred CCP, and secondly inform BATS Europe of their election.

How to elect a Preferred CCP
* Trading Participants must have a clearing relationship with their Preferred CCP, either as a Direct Clearing Participant (DCP) or through a General Clearing Participant (GCP).

* Trading Participants using a GCP should contact their GCP to ensure the relevant CCP documentation is in place.

* DCPs should contact their Preferred CCP to ensure the relevant documentation is in place.

Contact details for the three CCPs are listed below:

LCH.Clearnet
LCH.Clearnet Membership Team
[email protected]

EuroCCP
Account Administration [email protected]

SIX x-clear
Customer Integration
[email protected]

* In order to elect a preferred CCP, Participants should complete the attached Preferred Interoperable Clearing Service Election Form and return it to Participant Services at BATS Europe. The CCP preference will be synchronised with the information provided to BATS Europe by the CCP, and then confirmed back to the participant before enablement.
* Trading and Clearing firms must continue to maintain clearing arrangements with EMCF.
* Trading Participants can use different GCPs for each CCP, or can be self-clearing for one CCP and use a GCP for the other.
* At time of match, BATS Europe will indicate in FIX tag 7772 of the execution report which CCP has the trade. This tag is already available as an optional field on the FIX port, as indicated in the BATS Europe FIX spec.
* All executions for Irish securities will always be sent to the Participant's Preferred CCP, as EMCF is not an option for Irish securities on BATS Europe and there is no mandatory CCP for Irish securities.
* The service will not be offered for trading in Spanish securities until further notice.
* The service will not be offered for trading on any Exchange Traded products until further notice.

Certification Testing
Preferred Interoperable Clearing is currently available for testing in the BATS Europe Certification environment. A test plan is available upon request to the Trade Desk.

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

Trade Desk, BATS Europe
BATS ... Making Markets Better
P: +44.207.012.8901
E: [email protected]
www.batstrading.co.uk
* BATS Trading Limited is authorised and regulated by the Financial Services Authority.
Confidentiality Notice: This email, including attachments, may include non-public, proprietary, confidential or legally privileged information. If you are not an intended recipient or an authorized agent of an intended recipient, you are hereby notified that any dissemination, distribution or copying of the information contained in or transmitted with this e-mail is unauthorized and strictly prohibited. If you have received this email in error, please notify the sender by replying to this message and permanently delete this e-mail, its attachments, and any copies of it immediately - you should not retain, copy or use this e-mail or any attachment for any purpose, nor disclose all or any part of the contents to any other person. Thank you.

BATS Europe Announces Microsecond Timestamp Granularity Feature

July 08, 2011 14:14:51

Dear BATS Europe Participants

BATS Europe is pleased to announce that Participants now have the option to receive microsecond level timestamps on their FIX order entry sessions.
This option is configurable at the port or firm level and can be enabled by contacting the BATS Europe Trade Desk.

Detail
Enabling this new feature will result in the display of microsecond level timestamp granularity in FIX TAG 52 (SendingTime) and FIX Tag 60 (TransactTime). The current default, without this feature enabled, is millisecond granularity.

For More Information
Please refer to the BATS Europe FIX specification

Availability
This optional service is available to all participants with FIX ports on BATS Europe, as of today Friday, 8th July, 2011.

Certification Testing
Microsecond Timestamp granularity is available immediately for testing in the BATS Europe Certification environment.

We appreciate your continued support of BATS Europe and look forward to earning your business.

BATS Europe Data Centre Migration

July 06, 2011 09:36:36

Dear BATS Europe Participants,

As indicated last week, BATS Europe will proceed with the transition of its primary data centre from Docklands (LHC) to Slough (LD4) on 10th October 2011.

Please be aware that revised connectivity specifications are now available via the Data Centre Migration webpage: http://www.batstrading.co.uk/data_centre_migration/

All future materials concerning the migration will also be made available via http://www.batstrading.co.uk/data_centre_migration/

Please contact your Account Manager if you have any questions.

BATS Europe Market Update From CEO Mark Hemsley

June 28, 2011 15:31:05

Dear BATS Europe Participants,

I wanted to take this opportunity to update you on key BATS Europe information and logistics. As announced last week, the Office of Fair Trading has referred the proposed acquisition of Chi-X Europe by BATS Global Markets to the Competition Commission (CC). We are engaged with the CC staff and are moving forward with the CC acquisition review process.

With the CC review anticipated to continue throughout the duration of this year, we have delayed the technology integration of Chi-X Europe with BATS Europe until early 2012, subject to the final CC decision. Please note that during the CC review process, BATS Europe and Chi-X Europe will continue to operate as independent businesses.

Meanwhile, BATS Europe will proceed with the transition of our primary data centre from Docklands (LHC) to Slough (LD4). Revised connectivity specifications will be published this week and I would also draw your attention to the following key dates:

* Available Now: BATS Europe Slough (LD4) Certification Environment
* 17th September 2011: Dress Rehearsal #1 BATS Europe Migration to Slough (LD4)
* 1st October 2011: Dress Rehearsal #2 BATS Europe Migration to Slough (LD4)
* 10th October 2011: BATS Europe Go Live at Slough (LD4)
* 24th October 2011: BATS Europe contingency date for Go Live at Slough (LD4)

We will also provide a new Point of Presence at the Interxion data centre in central London, which is available now. After the move of the data centre to LD4, BATS Europe will maintain a Point of Presence in LHC until 16th December 2011. If you will need to maintain connectivity from LHC after this date, please contact your Account Manager or the Network team no later than 29th July 2011.

Furthermore, we will proceed with the launch of Preferred Interoperable Clearing on 29th July 2011, subject to regulatory approval. We are pleased to be the first MTF to provide clearing choice, enabling post-trade competition whilst increasing collateral efficiencies.

Should you have any questions about the data centre migration or Preferred Interoperable Clearing, please feel free to contact me or your Account Manager.

Best Regards,
Mark Hemsley
CEO, BATS Europe

BATS ... Making Markets Better

BATS Europe & Chi-X Europe Integration Update

June 21, 2011 10:17:42

Dear BATS Europe Participants,

Summary
The purpose of this announcement is to update market participants on the timelines for the two previously announced key technology milestones:

Chi-X Europe migration onto BATS Europe technology - On Hold

* As a result of yesterday's OFT decision to refer the proposed acquisition by BATS Europe of Chi-X Europe to the UK Competition Commission, the migration of Chi-X Europe onto BATS Europe's technology is on hold until further notice.

BATS Europe move from Docklands (LHC) to Equinix Slough (LD4) - Going Ahead

* The move of the BATS Europe platform from Docklands (LHC) to Equinix Slough (LD4) will go ahead as previously scheduled on 10th October 2011, with a contingency date of 24th October 2011.

* There will be two Dress Rehearsals in advance of the move, the first on Saturday 17th September 2011 and the second on Saturday 1st October 2011.

* As part of this move, all connectivity from LHC should be migrated away by 31st December 2011. Any requirements to maintain connectivity from LHC after this date should be communicated to BATS Europe no later than 29th July 2011.

* BATS Europe will continue to offer the BATS One network for access to BATS Europe production and certification environments from Docklands (LHC), Interxion and Equinix Slough (LD4). This connectivity is available immediately, the ordering process and charges for this connectivity will be communicated shortly. LHC connectivity will be subject to the conditions previously stated above.

* There will be no changes to the existing BATS Europe Disaster Recovery arrangements until further notice.

Please contact your Account Manager if you have any questions.

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.

BATS Europe: Election of Preferred CCP for Preferred Interoperable Clearing

June 10, 2011 15:49:25

Dear BATS Europe Participants,

Following the previous BATS Europe announcement on 27th May detailing the upcoming launch of the optional Preferred Interoperable Clearing service, we are now pleased to give further guidance for participants wishing to progress their Preferred central counterparty (CCP) elections. The new service will launch late July 2011, pending regulatory approval and in conjunction with LCH.Clearnet, x-clear and EuroCCP.

Trading Participants who wish to utilise the service will need to first ensure a clearing relationship is in place with their Preferred CCP, and secondly inform BATS Europe of their preferred election of CCP.

Relationship with a Preferred CCP
Trading Participants must have a clearing relationship with their Preferred CCP, either as a Direct Clearing Participant(DCP) or through a General Clearing Participant(GCP). DCPs should contact their Preferred CCP to ensure the relevant documentation is in place. Contact details for the three CCPs are listed below:

LCH.Clearnet
LCH.Clearnet Membership Team
[email protected]

EuroCCP
Account Administration
[email protected]

x-clear
Customer Integration
[email protected]

Trading Participants using a GCP should contact their GCP to ensure the relevant CCP documentation is in place.

Informing BATS Europe of a Preferred CCP
In order to elect a preferred CCP, Participants will need to complete the attached Preferred Interoperable Clearing Service Election Form and return it to Participant Services at BATS Europe. The CCP preference will be synchronised with the information provided to BATS Europe by the CCP, and then confirmed back to the participant before enablement.

Please contact BATS Europe Participant Services with any questions regarding the election process.

Summary
With Preferred Interoperable Clearing, a Participant can elect a preferred CCP for clearing of all trades in a specific market segment on BATS Europe. The preferred CCP may be one of LCH.Clearnet, x-clear or EuroCCP, pending regulatory approval and implementation of interoperability arrangements between these three CCPs.

Key Highlights

* Trading and Clearing firms must continue to maintain clearing arrangements with EMCF.
* To enable the service, Participants must have a clearing relationship with their Preferred CCP (either as DCP or through a GCP) and must inform BATS Europe of their preferred CCP per market segment in advance.
* Participants should work with their GCP or directly with their preferred CCP to ensure the appropriate paperwork is in place.
* The preferred CCP may only be chosen from a group of interoperating CCPs.
* The service is available to both DCPs as well as to trading Participants using a GCP.
* Trading Participants can use different GCPs for each CCP, or can be self-clearing for one CCP and use a GCP for the other.
* At time of match, BATS Europe will indicate in FIX tag 7772 of the execution report which CCP has the trade. This tag is already available as an optional field on the FIX port, as indicated in the BATS Europe FIX spec.
* All executions for Irish securities will be sent to the Participant's Preferred CCP.
* The service will not be offered for trading in Spanish securities until further notice.

Markets Included
Preferred Interoperable Clearing will be available on all markets tradable on BATS Europe other than Spain.

Certification Testing
Preferred Interoperable Clearing is currently available for testing in the BATS Europe Certification environment. A test plan is available upon request to the Trade Desk.

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

BATS Europe & Chi-X Europe Integration - Testing Facilities & Availability

June 01, 2011 16:33:08

Dear BATS Europe Participants,

This is the third in a series of communications to highlight key integration information surrounding the upcoming Chi-X Europe acquisition, which is currently pending regulatory approvals.

Summary
The purpose of this announcement is to clarify testing requirements, facilities and availability.

All testing and development questions should be directed to the BATS Europe Trade Desk at [email protected] or +44.20.7012.8901.

Certification/UAT Environments:

* The new BATS Europe and Chi-X Europe Certification environments in Equinix Slough (LD4) will be available on 27th June 2011, two weeks earlier than the previously published date.

* Participants can request ports in the new certification environments as of 20th June 2011.

* The existing BATS Europe certification environment in Docklands will continue to be available until BATS Europe has migrated to Equinix Slough (LD4) on 10th October 2011.

Market Data

* There is no requirement to certify market data connections.

* Historical production PITCH files (both multicast and TCP) are available via download from the secure Participant login section of the BATS Europe website. These files can also be made available on a hard drive or memory stick upon request.

* The certification TCP & multicast PITCH streams are also accessible via VPN.

* A test program useful for testing and debugging multicast infrastructure is available at: http://www.batstrading.com/resources/membership/mcast_pitch.zip

FIX Order Entry

* Certification requirements will depend on membership status as detailed in the table below:

FIX Order Entry option

Membership Status

Certification required?

Native BATS Europe FIX mode

Existing BATS Europe Participants

No

Chi-X Europe compatibility mode

All Participants

Yes

Either

Chi-X Europe only or new BATS Europe Participants

Yes

* Certification scripts are available upon request from the BATS Europe Trade Desk.

* The existing BATS Europe Certification environment in Docklands has both native BATS Europe FIX and Chi-X Europe FIX compatibility modes available immediately for daily testing.

* The new certification environments at Equinix Slough (LD4) will be available on 27th June 2011, with both native BATS Europe FIX and Chi-X Europe FIX compatibility modes available.

Production Environments:

* The new BATS Europe and Chi-X Europe Production platforms in Equinix Slough (LD4) will be available for test access from 29th July 2011, offering:

o Network connectivity

o FIX login and heart beating

o Order submission on test symbols only

o Market data (both TCP and multicast PITCH)

o DROP port access

* Please refer to the BATS Europe Symbol Reference csv file for available test symbols.

* Participants can request ports in the new production environments as of 15th July 2011.

Production Dress Rehearsals:

* Dress rehearsals for both BATS Europe and Chi-X Europe will occur on Saturdays 20th August and 3rd September 2011.

* Attendance will not be mandatory but is highly recommended.

* There will be simulated high volume during part of each dress rehearsal.

* Real instruments will be used

* There will be no submission of trading activity to CCPs for clearing.

* There will be a failover of the Chi-X Europe production environment from LD4 to the disaster recovery site at LD3 during each dress rehearsal.

* The BATS Europe disaster recovery environment will not be available at LD3 until December 2011 and is not included in these dress rehearsals.

The full schedule of activities planned for the dress rehearsal dates will be published in due course.

Documentation:
All integration documentation is published at http://www.batstrading.co.uk/integrationmaterials/

Next steps
Participants and Vendors should contact the BATS Europe Trade Desk with any additional questions and to progress technical setup.

BATS Europe To Offer Preferred Interoperable Clearing Service

May 27, 2011 07:59:47

Dear BATS Europe Participants,

BATS Europe is pleased to announce enhanced choice of central counterparty (CCP) for trades executed on BATS Europe.

Summary
Effective late July 2011, BATS Europe will offer participants further choice of CCP for trades executed on BATS Europe, pending regulatory approval and in conjunction with LCH.Clearnet, x-clear and EuroCCP. This initiative is known as Preferred Interoperable Clearing.

Preferred Interoperable Clearing
Using this facility, a Participant can elect a preferred CCP for clearing of all trades in a specific market segment on BATS Europe. The preferred CCP may be one of LCH.Clearnet, x-clear or EuroCCP, pending regulatory approval and implementation of interoperability arrangements between these three CCPs.

At the time of trade match, if both Participants have elected a preferred CCP, that preference will be honoured and the trade will be cleared by the elected preferred CCP(s). Where one or both parties to a trade have not selected a preferred CCP, EMCF will continue to act as the single CCP for all markets, with the exception of Ireland.

BATS Europe will indicate which CCP is being used on the execution report response sent back to the Participant and also in the end of day reconciliation file.

Key Highlights
* Trading and Clearing firms must continue to maintain clearing arrangements with EMCF.
* To enable the service, Participants must have a clearing relationship with their Preferred CCP (either as a Direct Clearing Participant (DCP) or through a General Clearing Participant (GCP)) and must inform BATS Europe of their preferred CCP per market segment in advance.
* The preferred CCP may only be chosen from a group of interoperating CCPs.
* The service is available to both DCPs as well as to trading Participants using a GCP.
* Trading Participants can use different GCPs for each CCP, or can be self-clearing for one CCP and use a GCP for the other.
* At time of match, BATS Europe will indicate in FIX tag 7772 of the execution report which CCP has the trade. This tag is already available as an optional field on the FIX port, as indicated in the BATS Europe FIX spec.
* All executions for Irish securities will be sent to the Participant's Preferred CCP.
* The service will not be offered for trading in Spanish securities until further notice.

Markets Included
Preferred Interoperable Clearing will be available on all markets tradable on BATS Europe other than Spain.

Certification Testing
Preferred Interoperable Clearing will be made available for testing in the BATS Europe Certification environment effective 1st June, 2011. A test plan is available upon request to the TradeDesk.

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

BATS Europe & Chi-X Europe Integration Guides - Connectivity & Specifications

May 06, 2011 07:58:01

Dear BATS Europe Participants,

This is the second in a series of communications to highlight key integration materials surrounding the upcoming Chi-X Europe acquisition, which is currently pending regulatory approvals. We are dedicated to making this a smooth integration for all the parties involved. Please watch for future notices regarding the integration process.

Summary
The purpose of this announcement is to communicate Integration Network Connectivity information along with Market Data and FIX Order Entry technical specification documentation. Please be aware that the following documents are versioned living documents and may experience minor updates in future revisions.

Network Connectivity
Connectivity Manual Integration Supplement
This document provides transition connectivity information as Chi-X Europe migrates to BATS Europe technology, and BATS Europe migrates to the Chi-X Europe data centre at Equinix Slough (LD4). Please be aware that this document is a supplement to the existing BATS Europe Connectivity Manual and should be utilised as such. Here is the existing Connectivity Manual.

Market Data Consumption
BATS Europe & Chi-X Europe Market Data Migration Guide
This document describes the differences between the market data delivery capabilities of the current Chi-X Europe and BATS Europe platforms detailing the specific changes Participants and Vendors will be required to make once the existing Chi-X Europe Integrated and Dark books migrate onto BATS Europe technology.

FIX Order Entry
BATS Europe & Chi-X Europe FIX Migration Guide
This document describes the differences between the FIX implementation of the current Chi-X Europe and BATS Europe platforms. After the migration of the Chi-X Europe order books onto BATS Europe technology, the FIX implementation used will be the same as that currently operating on BATS Europe.

BATS Europe & Chi-X Europe FIX Compatibility Mode Guide
This document provides detail about the optional Chi-X Europe FIX compatibility mode. The purpose of this FIX compatibility mode is to help minimise development effort for Chi-X Europe Participants and Vendors migrating onto the BATS Europe technology platform.
It is strongly recommended that Participants and Vendors elect to use the native BATS Europe FIX protocol over the FIX compatibility mode, as the FIX compatibility mode will be decommissioned at some future date. The native BATS Europe FIX protocol will allow full use of all features currently present on the BATS Europe platform which are not present on the current Chi-X Europe platform. Lastly, any Participants or Vendors who elect to use the FIX compatibility mode will be required to pass a certification test.

Next steps
Participants and Vendors should contact their Account Manager in the first instance to discuss their transition connectivity options in more detail.

BATS Europe Extends Self-Match Clearing Suppression to UK instruments

April 27, 2011 17:27:54

Dear BATS Europe Participants

BATS Europe is pleased to announce the extension of its Self-Match Clearing Suppression facility to include UK instruments. Previously, the Self-Match Clearing Suppression facility was available for all markets on BATS Europe with the exception of the UK and Ireland. As of Wednesday 4th May 2011, this facility will be extended to include UK instruments as well. Irish instruments are not included.

The Self-Match Clearing Suppression facility provides BATS Europe Participants the option to suppress the reporting of transactions to the CCP where there is no net settlement; that is, where the Trading Participant, the ClearingID (either Direct Clearing Participant or General Clearing Participant) and the Account type (either House or Client) are all the same. These transactions will not be centrally cleared by the CCP.

Participants can suppress the reporting of qualifying transactions to the CCP on an opt-in basis for specified Listing Markets on the BATS Europe Integrated Book and Dark Pool. Trade reports, however, will continue to be published via the market data feed.

Participants are reminded that where they have opted to use the Self-Match Clearing Suppression facility, where those transactions are in securities which are subject to UK SDRT, Participants are required to have in place appropriate arrangements so that each and every qualifying transaction which is suppressed is appropriately notified to HMRC or Euroclear UK and Ireland.

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

BATS Europe: Introduction of Title V Settlement Procedures for Spanish trades on 3 May 2011.

April 19, 2011 10:21:33

Dear BATS Europe Participants,

BATS Europe is pleased to announce important changes to the clearing and settlement arrangements for its Spanish market segment. Effective Tuesday 3rd May 2011, BATS Europe and the European Multilateral Clearing Facility (EMCF) will support the introduction of Title V for the settlement of trades undertaken on the BATS Europe Spanish market segment.

Following changes to Spanish legislation permitting the modification of regulations at the Spanish CSD (Iberclear) allowing the settlement of OTC and MTF trades, referred to as Title V, and following operational changes at Iberclear to support this, trades in Spanish securities executed on BATS Europe will no longer be "Put through" the BME via a local broker and will now enter the settlement system directly via our CCP, EMCF.

As a result of these changes Trading Participants will benefit from a more efficient model with significantly reduced post-trade costs.

Impact for Trading Participants
There is no impact on participants trading Spanish securities on the BATS Europe order books, however trading participants active in this market should ensure that their local settlement agent has made the required changes to support Title V.

Effective Tuesday 3rd May 2011, all trades in Spanish instruments executed on BATS Europe will be processed under the new procedures.

For participants who would like more information on the operational procedures, EMCF will be a holding conference call on Wednesday 27th April at 10am London time.

Telephone: +44 (0)20 7153 9906
Conference code: *804975*

Prior to the above conference call, EMCF will distribute additional information. Any participants wishing to take part in the conference call should use the above dial-in details and email [email protected] for a copy of the presentation.

BATS Europe Announces Availability of Historical Multicast Pitch

April 12, 2011 11:36:42

Dear BATS Europe Participants,

BATS Europe is pleased to announce the availability of historical multicast pitch data files now downloadable via the BATS Europe website. An archived file is available for each multicast stream of data (1 -12), totalling 12 files per day. The previous 90 days of Multicast PITCH history is available for download.

To access this data, please log into the secure member area of the BATS Europe website and navigate to the "Historical Pitch" web-link on the left hand side menu.

Any participants requiring login access to the secure member area of the BATS Europe website can contact the BATS Europe Trade Desk or their Account Manager for assistance.

All current and historical BATS Europe notices, including universe updates, are available online at www.batstrading.co.uk/alerts

BATS Europe Announces New Real-time Latency Monitoring Service Effective today, Tuesday 1st March, 2011

March 01, 2011 08:01:34

Dear BATS Europe Participants,

BATS Europe is pleased to announce the launch of the Real-time Latency Monitoring Service. This new service enables participants to monitor order latency at a microsecond level in real-time, upon logging into the BATS Europe website. Using this tool, authorised users can analyse order and quote latency for their ports on BATS Europe. BATS Europe's Real-time Latency Monitoring Service was developed in-house by the BATS Europe technology team and does not require participants to purchase additional hardware or third-party software.

Features

The BATS Europe Real-time Latency Monitoring Service allows monitoring of various latency statistics at the order entry session level. All measurements start and end at the aggregation point of the outside edge of the BATS Europe network.

Featured measurements include:

* Order to Ack

* Cancel to Out

* Order to Quote

* TCP Ack from Participant

Latency statistics include, amongst other metrics, order count, minimum latency, average latency, and standard deviation. Statistics are displayed for both 1-gigabit (1G) and 10-gigabit (10G) connections along with any perceived sub-optimal network routing.

Availability

This service is available to all participants with direct FIX ports on BATS Europe, as of today Tuesday, 1st March, 2011.

Pricing

The BATS Europe Real-time Latency Monitoring Service is offered at no charge on all BATS Europe FIX ports to existing BATS Europe participants.

Access

Any participants with access to the BATS Europe Ports Dashboard will automatically gain access to the new Real-time Latency Monitoring tool. These participants may access the tool via the new "Latency" link in the secure member area of the BATS Europe website, using their web portal login ID and password. The BATS Europe Ports Dashboard provides participants with information about their port settings and statistics for both 1G and 10G physical port connections.

Any participants requiring access to the BATS Europe Ports Dashboard, the Real-time Latency Monitoring tool or a web portal account can contact the BATS Europe Trade Desk or their Account Manager for assistance.

We appreciate your continued support of BATS Europe and look forward to earning your business by offering industry leading tools like the BATS Europe Ports Dashboard with Real-time Latency Monitoring.