BATS Chi-X Europe Introduces New Interbook Order Types

-- Largest European Equities Exchange Offers Innovative Solution For Access To Both Lit Or Both Dark Order Books From A Single Order

LONDON and KANSAS CITY, Missouri, Nov. 2, 2012 /PRNewswire/ -- BATS Chi-X Europe, the largest pan-European equities market operator by market share and notional value traded[1], today introduced 'Lit Sweep' and 'Dark Sweep', its new interbook order types. Lit Sweep and Dark Sweep order types are currently available for testing by BATS Chi-X Europe participants. The order types are scheduled to go live on Monday, 12th November.

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The new order types are designed to offer trading participants a more efficient way to access liquidity from both BATS Chi-X Europe's lit order books, or both dark order books, via a single order.

Participants submit an order using the Lit Sweep or Dark Sweep order type. Lit Sweep orders may be entered into either the BXE or CXE lit order books. The best price across both order books is then assessed and the order is executed on the order book with the best price. The order will continue to search both order books until either the order is filled, its limit price is reached, or it is cancelled. Dark Sweep orders are first sent to the selected dark order book before moving on to the other dark order book for any part of the order still requiring execution.

"We are constantly seeking new ways to help our trading participants improve their likelihood and quality of execution. Introducing these new order types offers a seamless approach to access the best available price across the order books and to help trading firms fulfill their best execution requirements," said Mark Hemsley, CEO of BATS Chi-X Europe. 

Hemsley continued, "Our philosophy is to continue to innovate and introduce new products and services that enable customers to take advantage of available price improvement opportunities, with minimum effort on their part. These new order types represent a very effective way for trading participants to access liquidity whilst maximising order execution efficiency."

All orders are cleared and settled under the trading participants' existing post-trade arrangements.

Interested parties should contact their BATS Chi-X Europe account manager or saleseurope@bats.com for additional information. For further information please refer to the link below:

• Interbook Order Types Overview

[1]Based on BATS Global Markets European market share data from October 2011-September 2012.

 About BATS Global Markets, Inc.

BATS Global Markets, Inc. (BATS) is a leading operator of securities markets in the U.S. and Europe. BATS develops and operates electronic markets for the trading of listed cash equity securities in the U.S. and Europe and listed equity options in the U.S. BATS operates two stock exchanges in the U.S., the BATS BZX Exchange and BYX Exchange; BATS Options, a U.S. equity options market; and BATS Chi-X Europe, which operates a FSA-authorized multilateral trading facility. BATS' innovative and proprietary technology was developed by a dedicated core team of market and technology professionals, catering to the needs of the broker-dealer and trading community. The company is headquartered in the Kansas City, Mo., area with additional offices in New York and London. For more information, visit www.bats.com.

BATS ... Making Markets Better.

SOURCE BATS Global Markets

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