Tradedesk Updates

BATS Announces Hidden Order Enhancement

December 23, 2010

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 to Modify DROP Effective February 11, 2011

December 09, 2010

BATS will be adding the Account field effective Friday, February 11, 2011. BATS BYX Exchange and BZX Exchange Members using BATS DROP will be required to make a hard cut to the new format on Friday, February 11, 2011. For further details, please click on the title.

BATS Introduces Midpoint Peg Enhancement - Do Not Match in Locked Market

December 08, 2010

BATS is pleased to announce an optional enhancement to Midpoint Peg orders will be released on both BATS BYX Exchange and BATS BZX Exchange effective Friday, December 10, 2010. This enhancement will allow Members to specify an execution instruction (FIX tag 18=m) that indicates they do not wish to be filled in the event the NBBO is locked. For further details, please click on the title.

BATS to Cease Offering DarkScan Routing Strategy Effective January 3, 2011

December 07, 2010

Effective January 3, 2011 both BATS BYX Exchange and BATS BZX Exchange will cease offering the DarkScan routing strategy. Please click on the title for more information.

Final Reminder: Enhanced Market Maker Quotation Obligations Effective Monday, December 6, 2010

December 03, 2010

Under the new rules, BATS will require that Registered Market Makers maintain continuous two-sided quotes during regular trading hours within a defined price range. The effective date for the new rule is Monday, December 6, 2010. Please click on the title for further details.

BATS Reminder: Enhanced Market Maker Quotation Obligations Effective Monday, December 6, 2010

December 01, 2010

Under the new rules, BATS will require that Registered Market Makers maintain continuous two-sided quotes during regular trading hours within a defined price range. The effective date for the new rule is Monday, December 6, 2010. Please click on the title for further details.

BATS Market Maker Quoter Update

November 17, 2010

The BATS Stub Quoter will no longer be available in certification effective November 19, 2010 and a new link has been added to allow Registered Market Makers to populate symbol registrations that will be effective December 6, 2010 and will be managed by the new Market Maker Quoter. For additional details, please click on the title.

BATS BYX Exchange - Growing at BATS Speed

November 15, 2010

After a successful rollout completed on October 22, BATS BYX Exchange continues to rapidly capture market share less than a month into operation. Click on the title to learn more about the progress of the BYX Exchange.

BATS Market Maker Quoter to Replace Stub Quoter Effective December 6, 2010

November 10, 2010

Please be advised that the Securities and Exchange Commission has approved rules proposed by BATS BZX Exchange in conjunction with other exchanges and FINRA to strengthen minimum quoting standards for market makers and to prohibit stub quotes in the US equity markets. The effective date for the new rule is Monday, December 6, 2010. Please click title for more details.

BATS Introducing Parallel T and Parallel 2D Strategies Effective Monday, November 22, 2010

November 09, 2010

BATS will be making new Parallel 2D and Parallel T smart routing strategies available on BATS BYX Exchange and BATS BZX Exchange on Monday, November 22, 2010. For more information, please click on the title.

BATS Update Regarding SEC Extension of New Regulation SHO Compliance Date to February 28, 2011

November 05, 2010

SEC extends Reg SHO amendment compliance date to February 28, 2011. BATS BYX Exchange and BATS BZX Exchange will be postponing previously announced changes to hidden order behavior in crossed markets until Monday, February 28, 2011 to coincide with the updated Regulation SHO compliance date. For further details, please click on the title.

BATS Updating Hidden Order Behavior in Crossed Markets Effective November 10, 2010

October 28, 2010

The BATS BYX Exchange and the BATS BZX Exchange will be modifying the default behavior for resting hidden orders that are crossed by the market effective Wednesday, November 10, 2010 (subject to filing with the SEC). More more details, please click on the title.

BATS Reg SHO Update and Reminder of Related Technical Specification Changes Effective Saturday, October 23, 2010

October 14, 2010

BATS has released an update Reg SHO Amendment FAQ along with a Short Sale Circuit Breaker Order Handling Scenarios reference sheet. Reminder that various BATS technical specifications are being updated in production as early as Saturday, October 23, 2010. Click the title for more details.

BATS B2B, TRIM, SLIM Routing Strategies Launch Schedule

October 14, 2010

BATS Y-Exchange (BYX) will be activating the B2B, TRIM and SLIM effective Friday, October 15, 2010 and BATS Exchange (BZX) will launch the same strategies effective Monday, October 18, 2010. For more information, please click on the title.

BATS Market Maker Quoter to Replace Stub Quoter

October 08, 2010

Pending SEC approval, the BATS Stub Quoter could be replaced with the Market Maker Quoter as early as Monday, October 18, 2010. Please click title for more details.

Reminder: BATS Exchange (BZX) Implementing New Default Routing Strategy Effective October 1, 2010

September 28, 2010

BATS is pleased to announce that effective October 1, 2010, the Parallel-D routing strategy will replace CYCLE as the default Routing Strategy for BATS orders. For more information, please click on the title.

BATS Exchange (BZX) Announces New Default Routing Strategy Effective Friday, October 1, 2010

September 22, 2010

BATS is pleased to announce that effective October 1, 2010, the Parallel-D routing strategy will replace CYCLE as the default Routing Strategy for BATS orders. Click on the title for more information.

BATS Exchange (BYX/BZX) TCP FAST PITCH Technical Specification Update

September 07, 2010

TCP FAST PITCH decoder link updated. Please click title for more details.

BATS Exchange (BZX) Introduces Parallel Smart Order Routing Strategies

September 07, 2010

BATS is pleased to announce the release of new parallel smart order routing strategies. The Parallel D (Depth) strategy is available effective immediately. Parallel 2D and Parallel T strategies will be released soon. For more details, please click on the title.

BATS Exchange (BYX/BZX) Technical Specification Changes Effective Saturday, October 23, 2010

September 03, 2010

BATS will be implementing various changes to both its order entry and proprietary data feed specifications in support of the upcoming changes to Regulation SHO. In conjunction with these updates, additional market data message types have been introduced to support dissemination of additional messages of interest (i.e. halt messages). Click the title for the complete release notes.

BATS Y-Exchange (BYX) Approved by SEC as National Securities Exchange

August 13, 2010

BATS is extremely pleased to announce that BYX has received approval from the SEC to operate as a national securities exchange. BYX will be identified on the consolidated tapes (SIPs) with the Y identifier. Please click the title for more details.

BATS Exchange Regulation SHO FAQ

August 13, 2010

The Securities and Exchange Commission (SEC) adopted amendments to Regulation SHO effective May 10, 2010 with a compliance date of November 10, 2010. Click the title to review the FAQ regarding how this amendment will impact trading on the BATS platform.

BATS Exchange Modifies Handling of Reserve Orders on Equities and Options PITCH Feeds

August 12, 2010

BATS Exchange will modify the representation of reserve orders in both equities and options PITCH feeds. This change follows BATS' obfuscation of OrderIDs, with member ability to opt-out, for all trade messages generated from non-displayed liquidity on the BATS Exchange (BZX) book which took effect June 18th, 2010. For more details, click on the title.

BATS Exchange (BZX) Renames DART Routing Strategy to DRT - Related FIX Contra Tag Update

August 09, 2010

BATS Exchange has renamed the DART routing strategy to DRT and the FIX ContraBroker tag will be undergoing an update related to this change effective September 3, 2010. For complete release notes, click here.

BATS Exchange Revises Obfuscated Order IDs

June 15, 2010

Revised BATS Equities and Options PITCH feeds offer obfuscated order IDs. For complete release notes, click here.

BATS Exchange Offers Obfuscated Order ID Option on Equities and Options PITCH Feeds

June 09, 2010

BATS Equities and Options PITCH feeds offer obfuscated order IDs.. For complete release notes, click here.

BATS Modification to Trade Resumption Plans for Security Based Circuit Breakers

June 03, 2010

BATS to resume trading after a trading pause in an individual security after it receives a trading resumption message from the SIPs.. For complete release notes, click here.

BATS Exchange (BZX) Security Based Circuit Breaker FAQ

May 24, 2010

An FAQ for common questions related to stock-by-stock circuit breakers that are expected to go into effect for all market centers prior to June 14, 2010. Click here for the FAQ.

BATS Files Individual Securities Circuit Breaker Functionality Proposal with the SEC

May 19, 2010

BATS announces rule filing proposal for 10% security based circuit breaker to be used by all Exchanges. For complete release notes, click here.

BATS Exchange (BZX) Announces Enhanced MMTP Functionality Available Effective Immediately

May 14, 2010

BATS announces new MMTP features available for opt-in effective immediately. For complete release notes, click here.

FINAL NOTICE: BATS Clearly Erroneous Execution Web Form Usage Required Effective May 1, 2010

April 28, 2010

Clearly Erroneous Execution (CEE) Form usage required effective May 1st, 2010. For complete release notes, click here.

BATS Y-Exchange (BYX) Update - Certification Environment Available Effective Immediately

April 19, 2010

BATS Y-Exchange certification ports are available for testing effective immediately. For other updates and complete release notes, click here.

Reminder: BATS Clearly Erroneous Execution Web Form Usage Required Effective May 1, 2010

April 13, 2010

Clearly Erroneous Execution (CEE) Form usage required effective May 1st, 2010. For complete release notes, click here.

Reminder - BATS Exchange Specification Updates to Handle Eight (8) Character Tickers

March 26, 2010

As listing exchanges are making preparations to begin using 5 character root symbology, BATS will be updating technical specifications for various protocols including TCP PITCH, TCP FASTPITCH, Multicast PITCH, TOP and DROP. Expanded messages (Multicast/TCP/FAST PITCH and TOP) may be sent in production starting Monday, April 5, 2010. The hard cut of DROP to the long format will be effective April 5, 2010. For complete release notes, click here.

Reminder: BATS Clearly Erroneous Execution Web Form Usage Required Effective May 1, 2010

March 23, 2010

Clearly Erroneous Execution (CEE) Form usage required effective May 1st, 2010. For complete release notes, click here.

Reminder: BATS Exchange Specification Updates to Handle Eight (8) Character Tickers Effective April 5, 2010

March 12, 2010

As listing exchanges are making preparations to begin using 5 character root symbology, BATS will be updating technical specifications for various protocols including TCP PITCH, TCP FASTPITCH, Multicast PITCH, TOP and DROP. Expanded messages (Multicast/TCP/FAST PITCH and TOP) may be sent in production starting Monday, April 5, 2010. The hard cut of DROP to the long format will be effective April 5, 2010. For complete release notes, click here.

BATS Exchange Releases Clearly Erroneous Execution Web Form

March 03, 2010

Clearly Erroneous Execution (CEE) Form within the BATS Member Web Portal. BATS intends to require this form be used for ALL Clearly Erroneous review submissions as of May 1st, 2010. For complete release notes, click here.

Reminder: BATS Exchange Specification Updates to Handle Eight (8) Character Tickers Effective April 5, 2010

March 02, 2010

As listing exchanges are making preparations to begin using 5 character root symbology, BATS will be updating technical specifications for various protocols including TCP PITCH, TCP FASTPITCH, Multicast PITCH, TOP and DROP. Expanded messages (Multicast/TCP/FAST PITCH and TOP) may be sent in production starting Monday, April 5, 2010. The hard cut of DROP to the long format will be effective April 5, 2010. For complete release notes, click here.

BATS Multicast PITCH to Support Microsecond Timestamps

February 25, 2010

BATS Multicast PITCH feeds will be distributed with microsecond level granularity. For complete release notes, click here.

BATS Hidden Liquidity Behavior Modification AND Pegging Functionality Reminder

February 18, 2010

To comply with BATS Exchange Rule 11.12 Priority of Orders, resting hidden orders (pegs or limit orders) which lock or cross the BATS Book will remain on the BATS Book yet will not be executable until they no longer lock or cross the BATS Book and can execute at or between the NBBO.

To comply with BATS Exchange Rules 11.9.(c)(8) Pegged Order and 11.9.(c)(9) Mid-Point Peg Order, the BATS Exchange BBO will be included in the NBBO calculation used to price all peg orders.

For the complete release notes, click here.

BATS Pegging Functionality Change

February 08, 2010

To comply with BATS Exchange Rules 11.9.(c)(8) Pegged Order and 11.9.(c)(9) Mid-Point Peg Order, the BATS Exchange BBO will be included in the NBBO calculation used to price all peg orders. For the complete release notes, click here.

Market Order Collar Issue

January 20, 2010

Rare issue discovered with market order collar functionality. Behavior modified to complete Within Rule 11.9(a). For complete release notes, click here.

BATS Exchange Specification Updates to Handle Eight (8) Character Tickers

January 12, 2010

As listing exchanges are making preparations to begin using 5 character root symbology, BATS will be updating technical specifications for various protocols including TCP PITCH, TCP FASTPITCH, Multicast PITCH, TOP and DROP. Expanded messages (Multicast/TCP/FAST PITCH and TOP) may be sent in production starting Monday, April 5, 2010. The hard cut of DROP to the long format will be effective April 5, 2010. For complete release notes, click here.

BATS Exchange Performance Improvements

January 07, 2010

Thanks to Member feedback and statistics we've gathered internally, we believe BATS remains the fastest, most consistent and most efficient exchange platform on the planet. For complete release notes, click here.