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US exchange price war deepens as Bats cuts fees

01 May 2009  |  3417 views  |  0 Source: BATS Exchange

BATS Exchange, an innovative and technology leading U.S. securities exchange, expanded recent price cuts with a $.0001 per share REBATE for removing liquidity, that now include all securities, via its opt-in Dark Scan strategy.

BATS Exchange also cut its default routing rate to $.0025, the lowest rate among major market centers. With many other markets charging higher remove fees, often at $.0029 and $.0030 per share, BATS' high performance routing technology, combined with the ultra-low $.0025 routing fee, proves to be a powerful combination for BATS customers.

The new pricing will be effective May 1, pending filing with the Securities and Exchange Commission (SEC).

"BATS Exchange remains focused on offering a simple but aggressive fee structure so more market participants can enjoy the economic and performance benefits of our world-class matching engine and smart order router," said BATS Exchange CEO Joe Ratterman.

For stocks traded on BATS Exchange's displayed market, the firm is simplifying its fee schedule for Tape A, B and C securities with a tightened 1-mil spread, offering a rebate of $.0024 for adding liquidity and a charge of $.0025 for liquidity removal.

BATS is also keeping its "one-under" routing plan in place, charging reduced rates for customers to use its BATS + NASDAQ, BATS + NYSE Arca, and BATS + NYSE Floor order types at $.0029, $.0027 and $.0017, respectively.

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