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BATS Announces Enhancements for US Equities Multicast Latency Feed Effective January 20, 2012

December 22, 2011

BATS is pleased to announce that the Latency Feed will be enhanced to include mode and percentile based metrics effective Friday, January 20, 2012. Percentiles to be included are 99.9%, 99%, 95%, 90%, 75%, 50%, and 25%. Please click on the title for complete details.

BATS to Add DRT Support for BATS+ Orders Effective December 16, 2011

December 07, 2011

Effective Friday, December 16, 2011, BATS BYX Exchange and BZX Exchange will allow Members using the BATS+ order types to optionally route to Dark Liquidity Partners (DLPs) participating in the DRT routing strategy. Please click on the title for complete details.

BATS Market Access Rule Credit Limits Implemented

November 30, 2011

In compliance with Rule 15c3-5 of the Securities Exchange Act of 1934 (the Market Access Rule or the Rule), on Wednesday, November 30, 2011, BATS Trading, Inc. (BATS) implemented checks designed to prevent the entry of orders that exceed pre-set credit thresholds prior to routing certain orders. Please click the title for more information.

BATS Introduces Aggregated Credit Limit Risk Management Support Effective Immediately

November 07, 2011

Effective immediately, BATS is pleased to introduce support for aggregated credit limit risk checks at the port level to BATS BZX Exchange, BATS BYX Exchange, and BATS Options. Please click on the title for complete details.

BATS to Enforce Capacity Marking in FIX and BOE Effective November 11, 2011

October 25, 2011

Effective Friday, November 11, 2011, the BATS BYX Exchange and BATS BZX Exchange will begin rejecting orders where the Capacity field in BOE and FIX (Tag 47) has not been submitted with a valid entry (A, P or R). For complete details, please click on the title.

BATS BOE Specification Update Effective November 4, 2011

October 21, 2011

Please be advised, that effective Friday, November 4, 2011, BATS will be implementing a minor update to the Binary Order Entry (BOE) protocol. This update will be implemented on the BATS BZX Exchange, BATS BYX Exchange and BATS Options. Please click the title for additional details.

BATS Test Symbol Auction Schedule Update

October 07, 2011

In response to Member feedback, BATS will postpone its next test of production auctions until Tuesday, October 11, 2011. Please click on the title for more information.

Reminder: BATS Announces Plans for 1st Auction of Test Symbol in Production and Related Changes to TCP and Multicast PITCH Specifications Effective October 7, 2011

October 04, 2011

Effective Friday, October 7, 2011, BATS will hold its first opening and closing auction within the BZX Exchange production environment for test symbol ZTEST. For more information, please click on the title.

BATS Display-Price Sliding Enhancement Release Schedule

September 27, 2011

After resolution of a sporadic quoting issue identified last Friday, BATS will release the Display-Price Sliding enhancement effective on the BATS BYX Exchange this Thursday, September 29, 2011. Click the title for more information.

BATS Display-Price Sliding Enhancement Disabled Until Further Notice

September 23, 2011

Due to a sporadic quoting issue identified this morning that was related to the Display-Price Sliding enhancement, the enhancement will be disabled on both the BATS BYX Exchange and the BATS BZX Exchange effective Monday, September 26, 2011. A new release schedule for this feature will be communicated early next week.

BATS Announces Plans for 1st Auction of Test Symbol in Production and Related Changes to TCP and Multicast PITCH Specifications Effective October 7, 2011

September 09, 2011

Effective Friday, October 7, 2011, BATS will hold its first opening and closing auction within the BZX Exchange production environment for test symbol ZTEST. Additionally, an IPO Auction will be held on the same date for test symbol ZBZX at 10:30AM ET and Halt events may be simulated throughout the day. Test symbol opening/closing auctions will continue to be held on market days daily after the effective date. BATS will also be introducing a new Auction Summary message to the PITCH market data feeds to go with previously announced Auction Update messages. Auction Summary messages will be used to disseminate the results of an auction for BATS listed securities and will be sent at the conclusion of all Opening, Closing, Halt and IPO auctions. For full details, please click on the title.

BATS to Introduce Display-Price Sliding Enhancement Effective September 16, 2011

September 01, 2011

Pursuant to an approved rule filing, in September BATS BYX Exchange and BATS BZX Exchange will be introducing an enhancement to the behavior of Display-Price Sliding that has been designed to allow for more efficient and tighter markets at BATS. The release schedule for this enhancement on each exchange and additional details regarding this change can be found by clicking on the title.

Reminder: BATS Releases Binary Order Entry (BOE) to Equities Effective September 2, 2011

September 01, 2011

BATS would like to remind Members that Binary Order Entry (BOE) will be made available on the BATS BYX Exchange and BATS BZX Exchange effective Friday, September 2, 2011. Please click on the title for more information.

BATS Introduces New Risk Management Features

August 26, 2011

Effective immediately, BATS is pleased to introduce new risk management features to BATS BZX Exchange, BATS BYX Exchange, and BATS Options. Please click on the title for more details.

Reminder: BATS Auction Process Support Available in BZX Exchange Certification Environment Effective Immediately

August 24, 2011

Support for Opening and Closing auctions as defined in the BATS US Equities Auction Process specification is available within the BZX Exchange Certification environment effective immediately. Please click on the title for more information.

BATS Announces Early Release of Binary Order Entry (BOE) to Equities Certification Environment August 10, 2011

August 03, 2011

BATS is pleased to announce that the Binary Order Entry (BOE) protocol will be made available in the BATS US Equities Certification environment effective Wednesday, August 10, 2011. This release has been moved up to provide Members additional testing time prior to the release in the BATS BYX Exchange and BZX Exchange production environments. Please click on the title for more information.

Reminder: BATS to Decommission TCP FAST PITCH Effective August 1, 2011

July 20, 2011

All active TCP FAST PITCH ports will have FAST compression disabled effective August 1, 2011. This will convert existing FAST PITCH ports to standard PITCH. Members that would prefer to have their existing TCP FAST PITCH ports deleted must contact the BATS Trade Desk. Click on the title for more information.

BATS Adds Fat Finger Protection to Sponsored Access Controls

July 12, 2011

BATS is pleased to announce that Sponsoring Members of the BATS BYX Exchange and BZX Exchange will have the ability to add a control for Fat Finger Protection. This new control will allow Sponsoring Members to set a limit price tolerance such that any orders entered by their Sponsored Participants with a limit price that is through the NBBO by an amount greater than or equal to the defined percentage will be rejected. Please click the title for more information.

BATS Introduces Support for FIX Microsecond Timestamp Granularity

July 08, 2011

BATS is pleased to announce that Members of the BATS BYX Exchange, BZX Exchange and BATS Options now have the option to receive microsecond level timestamps on their FIX sessions. This option is configurable at the port or firm level and can be enabled by contacting the BATS Trade Desk. Click on the title for more information.

BATS Announces Release of Binary Order Entry (BOE) and Bulk Order Updates

July 08, 2011

BATS is pleased to announce the release of the Binary Order Entry (BOE) protocol on BATS BYX Exchange, BZX Exchange and BATS Options as well as support for Bulk Order Updates on BATS Options. For full details, please click the title.

BATS Market Access Order Behavior Update

July 07, 2011

Review of expected order behavior for non-exempt (ISO and DRT) routable orders effective July 14, 2011. Please click on the title for full details.

BATS Announces Hidden Order Enhancement Effective July 8, 2011

June 29, 2011

This enhancement will allow Members with hidden orders on the BATS book that are locking BATS displayed liquidity at the NBBO to be executed at a less aggressive price providing for an execution and price improvement for both sides. For further details, please click on the title.

BATS Publishes Official Listings Auction Process

June 07, 2011

BATS is pleased to announce that the official US Equities Auction Process specification has been posted to the BATS public web site. BATS would like to thank its Members for all feedback provided since the release of the draft specification. Click on the title for more information.

BATS Announces Release of US Equities Multicast Latency Feed Effective May 20, 2011

May 16, 2011

BATS is pleased to announce the release of its US Equities Multicast Latency Feed specification. This new product allows Members to monitor Matching Engine unit level performance statistics. The Latency Feed supports a single message type that is used to present a variety of metrics for noted key measurements. For additional details, please click on the title.

BATS to Decommission TCP FAST PITCH Effective July 1, 2011

April 01, 2011

Effective Friday, July 1st, 2011, BATS will cease offering depth of book market data via the TCP FAST PITCH protocol. Click the title for more information.

BATS BZX Exchange SLIM+ Routing Strategy Release Rescheduled to March 1, 2011

February 24, 2011

Please be advised that the previously announced release of the SLIM+ routing strategy on BATS BZX Exchange originally scheduled for Friday, February 25, 2011 has been rescheduled to Tuesday, March 1, 2011. Click on the title for more information.

BATS BZX Exchange Introduces SLIM+ Routing Strategy Effective February 25, 2011

February 15, 2011

BATS BZX Exchange is pleased to announce that the SLIM+ routing strategy will be made available effective Friday, February 25, 2011. SLIM+ offers BZX Exchange Members the opportunity to first route orders to the BYX Exchange prior to accessing the BZX book. Next, standard SLIM processing will take place, which seeks to minimize the cost of routing to away markets. Please click on the title for further details.

BATS Announces New Real-time Latency Monitoring Service Effective Tuesday, February 1, 2011

January 31, 2011

BATS is pleased to announce the release of a Real-time Latency Monitoring Service. This new service enables BZX and BYX members to monitor order latency at a microsecond level in real-time via the BATS Ports Dashboard on the BATS website and allows users to analyze order and quote latency and address issues immediately. Click on the title for more information.

Reminder: BATS to Modify DROP Effective February 11, 2011

January 27, 2011

Based on Member feedback, BATS will be adding the Account field to DROP messages effective Friday, February 11, 2011. Members will be required to make a hard cut to the new DROP format on this date. Click on the title for more information.

DELAYED: BATS Deactivating Hidden Order Price Improvement Enhancement Effective Thursday, January 6, 2011

January 04, 2011

A previously announced Hidden Order Price Improvement enhancement will be deactivated effective Thursday, January 6, 2011. BATS intends to reactivate this functionality pending SEC approval of a rule filing. For more information, please click on the title.