TRF Fee Schedule
November 24, 2014 08:33:14
Dear BATS Chi-X Europe customers
The purpose of this notice is to inform customers of changes to the Trading and Connectivity price lists effective Thursday 1st January 2015.
Trading Price List
Following the successful launch of tiered pricing in April 2014, BATS is pleased to introduce a new tiered pricing model for adders and removers of liquidity in all order book securities traded during continuous trading on the CXE Lit Order Book, effective Thursday 1st January 2015. This competitive new pricing model will replace all the existing tiered and subscription pricing on the CXE Lit Order Book including those for UK & Irish, French, Dutch, Belgian and Portuguese securities as well as the stand alone pricing for Spanish securities. All other order book pricing (CXE Dark and all BXE) remains unchanged.
A Participant's total notional value traded across all BXE and CXE Dark and Lit Order Books during continuous trading will be combined to determine the entry point into the new tiers. When calculating the rebate or charge, a Participant's notional value traded in the BXE Dark and Lit Order Books and the CXE Dark Order Book will be considered first. When the Participant's notional value traded reaches one or more tiers, their notional value traded in continuous trading in the CXE Lit Order Book will be rebated or charged at the corresponding tier rate. All other trades will continue to be charged or rebated at the prevailing tariff rates for those books. All notional value traded will be converted into Euros for the purpose of tier calculations. End of month invoices and credit notes will be issued in the Participant's preferred currency.
All Interbook Sweep orders will be subject to the standard trading remove fee of the order book on which the order is executed. Auction executions, once implemented (and subject to regulatory approval), will be subject to a specific tariff that will be independent of the continuous markets tariff and will be confirmed by separate announcement.
* The fee value contained in the FIX and BOE execution messages will continue to be calculated on the basis of the lowest rebate tier and standard remove charge. The FIX and BOE specifications are available to download at http://www.batstrading.co.uk/support/
* Trade Liquidity Indicator 9730 will detail whether the trade added or removed liquidity allowing Participant's to calculate their status against the respective tiers in real-time
* BATS will additionally supply a daily "month to date" tiered status report via email
The revised 2015 BATS Chi-X Europe Trading Price List is attached and available to download at http://cdn.batstrading.com/resources/participant_resources/BATSEuro_Pricing_Effective.pdf
Connectivity Price List
Following a series of operating cost changes BATS will be making some amendments to the monthly fees applied for connectivity services. The revised 2015 BATS Chi-X Europe Connectivity Price List is attached and available to download at http://cdn.batstrading.com/resources/participant_resources/BATSEuro_ConnPricing_Effective.pdf
If you have any questions, please contact your Account Manager for further information. All current and historical notices are available online at www.batstrading.co.uk/alerts
Thank you for your continued support.
BATS Chi-X Europe ... Making Markets Better
E: [email protected]
* BATS Trading Limited is a Recognised Investment Exchange regulated by the Financial Conduct Authority.