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Bats Europe: Pricing changes, effective 1st January 2017

October 31, 2016 10:09:05

Dear Bats Europe Participants,

Bats Europe (Bats) would like to inform Participants, Data Recipients and subscribers to Connectivity services of the following changes to trading, connectivity and product fees effective 1st January 2017:
Summary by fee type:

1. Trading

* Changes to Lit Order Book Non-Displayed Add Charge and Dark Order Book Non-IOC fee

* No changes to lit order book displayed pricing

The revised 2017 Trading Price List is available on the Bats Support page and for download at the link below:

http://cdn.batstrading.com/resources/participant_resources/BATSEuro_Pricing_Effective.pdf

2. Physical Connectivity

* A change to the fee for 1Gbps access in LD4 for Participants

* Removal of installation fees for all Participants and non-Participants

* All other fees remain unchanged

3. Logical Connectivity

* FIX, BOE, Drop and GRP/SPIN & TCP PITCH logical ports in the Bats TRF environment (which cover the TDM, SI and MTF services) will be charged independently

* CXE and BXE to remain as a connectivity port set with a single charge

* Participants will no longer receive their first set of ports free

* All other fees remain unchanged

The revised 2017 Connectivity Price List (addressing points 2 and 3 above) is available on the Bats Support page and for download at the link below:

http://cdn.batstrading.com/resources/participant_resources/BATSEuro_ConnPricing_Effective.pdf

4. Market Data - Further to the changes announced on 30th September 2016, Bats is making the following changes:

* Removing the "Trading Application for Non Professional Users Level 1 and Level 2" licence

* Modifying the Non-Display Licence to introduce a model that charges a fee per market. A fee cap is in place when a client uses data in a Non-Display capacity in 11 or more Bats market segments

* Changes to Direct Model - Per End User Fees and Other Licence Fees

The revised 2017 Market Data Price List is available on the Bats Subscribe page and for download at the link below:

http://cdn.batstrading.com/resources/participant_resources/BATSEuro_MDPricing_Effective.pdf

All Market Data Policies and Documentation are available on the Bats Subscribe page
http://www.batstrading.co.uk/subscribe/

5. BXTR Trade Reporting Services

* A change to the fee for on-exchange single party Exchange Trade Reports (ETRs)

* Changes to daily rates for on-exchange Multiparty ETRs

* Changes to the pricing grid for on-exchange Multiparty ETRs

* Changes to the monthly fees for the SI, TDM and MTF services

The revised 2017 BXTR Data Price List is available on the Bats Support page and for download at the link below:

http://cdn.batstrading.com/resources/participant_resources/BATSEuro_BXTRPricing_Effective.pdf

Please contact your Account Manager if you have any questions at saleseurope@bats.com. All current and historical Bats Europe notices are available at www.batstrading.co.uk/alerts.

Thank you for your continued support.

Trade Desk
Bats Europe ... Making Markets Better
P: +44.207.012.8901
E: TradeDeskEU@bats.com
www.batstrading.co.uk