Tradedesk Updates

Reminder: Bats Global Markets to Introduce Bats Summary Depth Feeds on January 3, 2017

October 03, 2016

As previously announced, Bats Global Markets will be introducing the Bats Summary Depth Feeds on January 3, 2017 to deliver aggregated depth and trade information for each of the four U.S. equity exchanges operated by Bats. Click the title for more details.

Bats U.S. Equities Tick Size Pilot Update – Final Testing Opportunity

September 28, 2016

In coordination with other exchanges and the SIPs, this weekend’s final testing opportunity for the Tick Size Pilot will be conducted from 9:00am-12:00pm (ET) on October 1, 2016. Systems will be available for order entry at 9:00am with a 9:30am opening and a 12:00pm close. Click the title for more details.

Final Reminder: Bats to Discontinue FIX Version 1 and BOE Version 1 Support Effective September 30, 2016

September 27, 2016

As previously announced, Bats BYX Exchange and BZX Exchange will discontinue support of the BOE v1 and FIX v1 order entry protocols effective at the conclusion of the trading session on Friday, September 30, 2016. Bats BZX Options Exchange and EDGX Options Exchange will also discontinue support for BOE v1 effective Friday, September 30, 2016. Additionally, BZX Options Exchange and EDGX Options Exchange will discontinue support for FIX v1 effective at the conclusion of the trading session on Friday, October 28, 2016. Click the title for more details.

Reminder: Bats to Discontinue FIX Version 1 and BOE Version 1 Support Effective September 30, 2016 and October 28, 2016

September 20, 2016

Bats BYX Exchange and BZX Exchange will discontinue support of the BOE v1 and FIX v1 order entry protocols effective Friday, September 30, 2016. Bats BZX Options Exchange and EDGX Options Exchange will discontinue support for BOE v1 effective Friday, September 30, 2016. BZX Options Exchange and EDGX Options Exchange will discontinue support for FIX v1 effective Friday, October 28, 2016. Click the title for more details.

Bats U.S. Equities Tick Size Pilot Testing Update

September 14, 2016

Bats BZX Exchange will support production testing for the Tick Size Pilot beginning Friday September 16, 2016 in test symbols ZAZZT, ZBZZT, ZCZZT, and ZVZZT. Note that for BZX Exchange these symbols along with ZXZZT will be temporarily moved from Multicast PITCH channel 31 to channel 34 effective on September 16, 2016. Click the title for more details.

Reminder: Bats to Discontinue FIX Version 1 and BOE Version 1 Support Effective September 30, 2016 and October 28, 2016

September 13, 2016

Bats BYX Exchange and BZX Exchange will discontinue support of the BOE v1 and FIX v1 order entry protocols effective Thursday, September 30, 2016. Bats BZX Options Exchange and EDGX Options Exchange will discontinue support for BOE v1 effective Thursday, September 30, 2016. BZX Options Exchange and EDGX Options Exchange will discontinue support for FIX v1 effective Friday, October 28, 2016. Click the title for details

Bats U.S. Equities Tick Size Pilot Program Update

September 06, 2016

In preparation for the Tick Size Pilot Program Bats has updated its Tick Size Pilot Program FAQ and has released a Rollout Schedule to aide Members in their planning. Click the title for more details.

Reminder: Bats to Discontinue FIX Version 1 and BOE Version 1 Support Effective September 30, 2016 and October 28, 2016

September 06, 2016

Bats BYX Exchange and BZX Exchange will discontinue support of the BOE v1 and FIX v1 order entry protocols effective Thursday, September 30, 2016. Bats BZX Options Exchange and EDGX Options Exchange will discontinue support for BOE v1 effective Thursday, September 30, 2016. BZX Options Exchange and EDGX Options Exchange will discontinue support for FIX v1 effective Friday, October 28, 2016. Click the title for details.

Bats BZX Exchange Official Closing Price Update

September 02, 2016

As previously announced, Bats BZX Exchange has implemented procedures for determining the Official Closing Price ("OCP") for one or more BZX-listed securities if the Exchange determines at or before 3:00 p.m. that it is unable to conduct a closing auction in such securities due to a systems or technical issue. Please click on the title for updated details related to determinations after 3PM ET.

Reminder: Bats to Discontinue FIX Version 1 and BOE Version 1 Support Effective September 30, 2016 and October 28, 2016

August 29, 2016

Bats BYX Exchange and BZX Exchange will discontinue support of the BOE v1 and FIX v1 order entry protocols effective Thursday, September 30, 2016. Bats BZX Options Exchange and EDGX Options Exchange will discontinue support for BOE v1 effective Thursday, September 30, 2016. BZX Options Exchange and EDGX Options Exchange will discontinue support for FIX v1 effective Friday, October 28, 2016. Click the title for more details.

Reminder: Bats to Discontinue FIX Version 1 and BOE Version 1 Support Effective September 30, 2016 and October 28, 2016

August 17, 2016

Bats BYX Exchange and BZX Exchange will discontinue support of the BOE v1 and FIX v1 order entry protocols effective Thursday, September 30, 2016. Bats BZX Options Exchange and EDGX Options Exchange will discontinue support for BOE v1 effective Thursday, September 30, 2016. BZX Options Exchange and EDGX Options Exchange will discontinue support for FIX v1 effective Friday, October 28, 2016. Click the title for more details.

Bats Global Markets to Introduce Bats Summary Depth Feeds on January 3, 2017

August 17, 2016

Bats Global Markets is pleased to announce the introduction of the Bats Summary Depth Feeds, pending filing with the SEC, which will deliver aggregated depth and trade information for each of the four U.S. equity exchanges operated by Bats. Bats Summary Depth, which will be disseminated on a per-exchange basis, can be utilized by customers and vendors to quickly access and distribute aggregated depth data to employees within their own organization or provide externally as part of a product offering. Each feed will provide five price-levels of aggregated depth per security, including the bid, ask, and share quantity for orders received by each Bats exchange as well as the last trade including time of execution, price and share quantity. Please click on the title for complete details.

Reminder: Bats to Discontinue FIX Version 1 and BOE Version 1 Support Effective September 30, 2016 and October 28, 2016

August 03, 2016

Bats BYX Exchange and BZX Exchange will discontinue support of the BOE v1 and FIX v1 order entry protocols effective Thursday, September 30, 2016. Bats BZX Options Exchange and EDGX Options Exchange will discontinue support for BOE v1 effective Thursday, September 30, 2016. BZX Options Exchange and EDGX Options Exchange will discontinue support for FIX v1 effective Friday, October 28, 2016. Click the title for more details.

Bats BZX Exchange Official Closing Price

July 18, 2016

Pending SEC Approval, Bats BZX Exchange will be implementing procedures for determining the Official Closing Price ("OCP") for one or more BZX-listed securities if the Exchange determines at or before 3:00 p.m. that it is unable to conduct a closing auction in such securities due to a systems or technical issue. Please click on the title for complete details.

Update - Bats Announces Updates to Halt Resumption Behavior

July 15, 2016

In an effort to reduce volatility following halt resumptions, the Bats EDGX Exchange will not begin matching orders following a halt resumption until the receipt of Limit Up/Limit Down (LULD) bands from the SIP, effective July 18, 2016. Click the title for more details.

Reminder: Bats to Discontinue FIX Version 1 and BOE Version 1 Support Effective September 30, 2016 and October 28, 2016

July 15, 2016

Bats BYX Exchange and BZX Exchange will discontinue support of the BOE v1 and FIX v1 order entry protocols effective Thursday, September 30, 2016. Bats BZX Options Exchange and EDGX Options Exchange will discontinue support for BOE v1 effective Thursday, September 30, 2016. BZX Options Exchange and EDGX Options Exchange will discontinue support for FIX v1 effective Friday, October 28, 2016. Click the title for more details.

Bats U.S. Equities Tick Size Pilot Program Update

July 13, 2016

On May 6, 2015 the Securities and Exchange Commission (SEC) approved, on a pilot basis, a two-year program that would widen the minimum quoting and trading increments or tick sizes for small cap securities. The intent of the pilot is to determine if increasing the minimum tick size for small cap securities will increase market making and improve price discovery for these often lightly traded securities. The tick pilot is scheduled to begin on October 3, 2016 and run for a period of two years. For more information click the title.

Update: Bats Announces Enhancements to the Bats One Feed Effective August 15, 2016

June 22, 2016

Please be advised that based on customer feedback, Bats will be rescheduling the release of the following four feature updates to the Bats One equities feed to Monday, August 15, 2016 from Monday, August 1. Please click on the title for complete details.

Tick Size Pilot Program Trading and Quoting FAQs Available

June 15, 2016

In coordination with other exchanges and FINRA, the Tick Size Pilot Program Plan Participants have published the Trading and Quoting and Data Collection FAQs for the Tick Size Pilot on their respective websites. The FAQs and other resources for the Tick Size Pilot are available on Bats.com website. Click the title for more information.

Update - Bats Announces Opening Process Change for Non-Bats Listed Securities Effective June 13, 2016

June 10, 2016

Effective June 13 2016, Bats will update the Opening Price calculation methods used to perform the Opening Match and Halt Re-Opening Match on non-Bats listed securities on the Bats BYX Exchange, BZX Exchange, EDGA Exchange, and EDGX Exchange. This change will mandate a two-sided quote from the Primary Listing Market in order to perform the Opening or Re-Opening Price calculation. Please click the title for complete details.

Update to Opening Reference Price Calculation for Limit Up/Limit Down Effective July 18, 2016

June 06, 2016

In coordination with other Primary Listing Exchanges, effective Monday, July 18, 2016, Bats will be updating the Limit Up/Limit Down (LULD) reference price used for establishing bands in the case where a security does not trade in the opening auction on the Primary Listing Exchange. Currently, if a security opens on the Primary Exchange with a quotation because no trade is executed in the opening auction or if the opening auction results in an odd-lot print, the first reference price for that security would be the midpoint of the bid and ask quotation on the Primary Listing Exchange. On the effective date, the reference price will be modified to be the closing price of the security from the previous trading day.

Bats Announces Updates to Halt Resumption Behavior Effective July 15, 2016

June 02, 2016

In an effort to reduce volatility following halt resumptions, the Bats BYX Exchange, EDGA Exchange, and EDGX Exchange will not begin matching orders following a halt resumption until the receipt of Limit Up/Limit Down (LULD) bands from the SIP, effective July 15, 2016. For Bats BZX listed securities following a halt, the BZX Exchange will calculate and enforce an interim LULD band until the LULD bands are received from the SIP. For non-BZX listed securities, the BZX Exchange will not begin matching orders following a halt until the receipt of LULD bands from the SIP. Please click on the title for complete details.

Bats Announces Opening Process Change for Non-Bats Listed Securities Effective June 10, 2016

June 02, 2016

Effective June 10, 2016, Bats will update the Opening Price calculation methods used to perform the Opening Match and Halt Re-Opening Match on non-Bats listed securities on the Bats BYX Exchange, BZX Exchange, EDGA Exchange, and EDGX Exchange. This change will mandate a two-sided quote from the Primary Listing Market in order to perform the Opening or Re-Opening Price calculation. Please click on the title for complete details.

Bats Fat Finger Protection Update

May 24, 2016

Effective Friday, June 10, 2016, all Bats Exchanges will utilize the updated Fat Finger logic. Please click on the title for complete details.

Bats Announces Support for Hidden Post-to-Away Routed Orders

May 24, 2016

The Bats Exchanges are pleased to announce support for Hidden Post-to-Away orders, available starting Wednesday, June 1, 2016. Please click the title for more details.

Final Reminder: Bats EDGA Exchange and EDGX Exchange to Decommission Direct Edge Compatibility Mode FIX Protocol Effective May 31, 2016

May 23, 2016

Effective, Tuesday, May 31, 2016, Bats EDGA Exchange and EDGX Exchange will no longer support the Direct Edge (DE) Compatibility Mode FIX protocol. Click the title for more details.

Bats Announces Enhancements to the Bats One Feed Effective August 1, 2016

May 16, 2016

Please be advised that effective Monday, August 1, 2016, Bats will be adding four feature updates to the Bats One equities feed. Please click on the title for complete details.

Reminder: Bats EDGA Exchange and EDGX Exchange to Decommission Direct Edge Compatibility Mode FIX Protocol Effective May 31, 2016

May 09, 2016

Effective, Tuesday, May 31, 2016, Bats EDGA Exchange and EDGX Exchange will no longer support the Direct Edge (DE) Compatibility Mode FIX protocol. Click the title for more details.

Bats Announces Automated Threshold Alerts for Credit Limit Risk Management

May 06, 2016

The Bats Exchanges are pleased to announce Automated Threshold Alerts for Aggregated Credit Limit Risk Management effective Friday, May 13, 2016. Aggregated Credit Limit Risk checks allow Members to specify a maximum notional exposure limit. The new Automated Threshold Alerts will allow Members to specify percentages of the notional limit that when breached will send an email notification to a user created list of recipients. Click the title for more information.

Bats to Decommission ICMT, IOCM and TRIM3 Routing Strategies

April 18, 2016

Please be advised that Bats will be eliminating the ICMT, IOCM and TRIM routing strategies as follows (pending SEC approval). Please click on the title for complete details.

Update: Bats to Begin Equity Order Matching and Routing at 7 am ET

April 18, 2016

Currently, Bats BZX Exchange, BYX Exchange, EDGA Exchange, and EDGX Exchange begin accepting orders at 6 am ET and matching and routing orders at 8 am ET. Per the updated schedule below, Bats equity exchanges will continue to accept orders at 6 am ET but will begin matching and routing orders 1 hour earlier, at 7 am ET.

Final Reminder: Bats BZX Exchange IPO Certification Requirement

April 12, 2016

As previously announced, all Members on BZX Exchange are required to certify their order entry systems before being allowed to submit orders during the first day of trading on a Corporate IPO. An uncertified Members orders will be rejected for both the IPO Auction and the trading sessions that follow that day. Members that wish to enter orders on BZX Exchange in symbol BATS on the day of the IPO auction must complete the necessary Certification Requirement. Please click on the title for complete details.

Reminder: Bats EDGA Exchange and EDGX Exchange to Decommission Direct Edge Compatibility Mode FIX Protocol Effective May 31, 2016

April 11, 2016

Effective, Tuesday, May 31, 2016, Bats EDGA Exchange and EDGX Exchange will no longer support the Direct Edge (DE) Compatibility Mode FIX protocol. Click the title for more details

Bats BZX Exchange to Add Symbol BATS to Multicast PITCH Unit 35

April 07, 2016

Bats BZX Exchange will add symbol BATS to unit 35 on Multicast PITCH effective the day of the BATS IPO. On that same date, symbol ZTEST will be temporarily deactivated so that unit 35 supports only symbol BATS on the IPO day. All prior Saturday IPO tests using symbol BATS have occurred with the symbol on unit 35.

Reminder: Bats US Equities/Options Multicast Depth of Book (PITCH) Specification Update Effective Tuesday, March 29, 2016

March 28, 2016

Bats will be extending the Add Order (expanded) message in the Multicast Depth of Book (PITCH) specification to include a new Customer Indicator field effective Tuesday, March 29, 2016. On the effective date, the new field will be present on Multicast PITCH on BYX Exchange, BZX Exchange, EDGA Exchange, EDGX Exchange, BZX Options and EDGX Options. Please click on the title for complete details.

Reminder: Bats EDGA Exchange and EDGX Exchange to Decommission Direct Edge Compatibility Mode FIX Protocol Effective May 31, 2016

March 21, 2016

Effective, Tuesday, May 31, 2016, Bats EDGA Exchange and EDGX Exchange will no longer support the Direct Edge (DE) Compatibility Mode FIX protocol. On the effective date all Member FIX ports that are in DE Compatibility Mode will be disabled until the Member has successfully certified for FIX V2 and requests that the ports be switched to the Bats V2 protocol. Members may determine if their firm has any EDGA or EDGX FIX ports set for DE Compatibility Mode by viewing their current ports and associated port attributes through the Ports Dashboard or by contacting the Bats Trade Desk.

Bats US Equities/Options Multicast Depth of Book (PITCH) Specification Update Schedule Modified for Release Effective Tuesday, March 29, 2016

March 11, 2016

Bats will be extending the Add Order (expanded) message in the Multicast Depth of Book (PITCH) specification to include a new Customer Indicator field effective Tuesday, March 29, 2016. On the effective date, the new field will be present on Multicast PITCH on BYX Exchange, BZX Exchange, EDGA Exchange, EDGX Exchange, BZX Options and EDGX Options.

Reminder: Bats BZX Exchange to Lengthen Auction Information Dissemination Periods for Opening and Closing Auctions

February 25, 2016

As previously announced, Bats will lengthen the time periods during which Bats BZX Auction information is disseminated. Currently, Opening Auction information is disseminated for Bats-Listed Securities from 9:28 to 9:30 a.m. ET, and Closing Auction information is disseminated from 3:55 to 4:00 p.m. ET. On Friday, February 26, 2016, Bats BZX Exchange will disseminate Opening Auction information from 8:00 to 9:30 a.m. ET and Closing Auction information from 3:00 to 4:00 p.m. ET in Production. The Opening and Closing order cutoff times will remain 9:28 a.m. ET and 3:55 p.m., respectively. Please click the title for complete details.

Bats Announces Restatement Support for Price Sliding

February 25, 2016

The Bats Exchanges are pleased to announce restatement messaging support for price sliding that will be available starting March 10th, 2016. Restatement messages are sent for certain defined changes to the state of an order at Bats. Starting on the effective date, restatement messages will be sent in response to price sliding events. Please click on the title for complete details including a roll-out schedule.

Bats US Equities/Options Multicast Depth of Book (PITCH) Specification Update Postponed to Tuesday, March 15, 2016

February 24, 2016

BATS will be extending the Add Order (expanded) message in the Multicast Depth of Book (PITCH) specification to include a new Customer Indicator field effective Tuesday, March 15, 2016 (UPDATED) for all US Exchanges. Additionally, the Customer Capacity identifier is moving to the new field on the effective date for EDGX Options and will be introduced to BZX Options (pending filing with the SEC). Please click on the title for complete details.

Update: Bats to Introduce Enhanced Limit Up Limit Down Protection for IPO and New Issue Auctions Effective Monday, February 29, 2016

February 23, 2016

Bats is pleased to announce plans to enhance Limit Up Limit Down (LULD) functionality around IPO (Corporate listings) and New Issue (ETP listings) Auctions that will prevent excess volatility before the LULD bands are calculated and received from the SIP following an auction. The change will be effective on Monday, February 29, 2016. Please click the title for complete details.

Update from Bats Global Markets: New Logo and Naming Conventions

February 19, 2016

Dear Bats Customers and Members of the Trading Community, Today we are announcing a new logo, as well as updates to our company and market center naming conventions. We believe the changes reflect the company we are today. Please click on the title for complete details.

BATS BZX Exchange Announces Auction Order Persistence and Auction Contingency Plans

February 16, 2016

BATS is pleased to announce a new feature that allows for orders to be persisted, or kept live, in the event of a BATS order handler or matching engine failure during a New Issue (ETPs) Auction or an IPO (corporate securities) Auction. Previously, all orders were cancelled by default in the event of an order handler or matching engine failure. In addition, BATS has refined and published Auction Contingency Plans that will be executed in the event of a BATS systems issue during auctions for BATS-listed securities. Please click the title for more details.

BATS BZX Exchange to Lengthen Auction Information Dissemination Periods for Opening and Closing Auctions

January 26, 2016

BATS is pleased to announce plans to lengthen the time periods during which BATS BZX Auction information is disseminated. Currently, Opening Auction information is disseminated for BATS-Listed Securities from 9:28 to 9:30 a.m. ET, and Closing Auction information is disseminated from 3:55 to 4:00 p.m. ET. On Friday, February 26, 2016, BATS BZX Exchange will disseminate Opening Auction information from 8:00 to 9:30 a.m. ET and Closing Auction information from 3:00 to 4:00 p.m. ET in Production (pending SEC approval). The Opening and Closing order cutoff times will remain 9:28 a.m. ET and 3:55 p.m., respectively. Please click the title for complete details.

BATS US Equities/Options Multicast Depth of Book (PITCH) Specification Update Effective Tuesday, March 1, 2016

January 22, 2016

BATS will be extending the Add Order (expanded) message in the Multicast Depth of Book (PITCH) specification to include a new Customer Indicator field effective Tuesday, March 1, 2016 for all US Exchanges. Additionally, the Customer Capacity identifier is moving to the new field on the effective date for EDGX Options and will be introduced to BZX Options (pending filing with the SEC). Please click on the title for complete details.

Reminder: BATS Announces ALL BATS Routing Strategy

January 06, 2016

As previously announced, BATS is pleased to announce the introduction of a new ALL BATS routing strategy on the BATS BYX Exchange, BZX Exchange, EDGA Exchange, and EDGX Exchange. Orders sent with this routing strategy will seek to remove liquidity on the local book and will then route to the other three BATS Exchanges allowing users to remove liquidity from all four markets with a single order. The order will then post to the local book or cancel back depending on the Time In Force that is specified. Please click the title for complete details.

BATS to Discontinue FIX Version 1 and BOE Version 1 Support Effective September 30, 2016

January 06, 2016

BATS BYX Exchange and BZX Exchange will discontinue support of the BOE v1 and FIX v1 order entry protocols effective Thursday, September 30, 2016. BZX Options Exchange will also discontinue support for BOE v1 effective Thursday, September 30, 2016. Please click the title for more details

BATS Announces Update to the Aggressive Routing Instruction

January 06, 2016

BATS is pleased to announce a behavior update to the Aggressive routing instruction, BOE routingInst=X, (FIX Tag 9303=X), effective January 29, 2016. Please click the title for more details