Bats Global Markets, an innovative global financial markets technology company, announced it will extend trading hours for Bats Exchange until 5 p.m. ET, effective Tuesday, May 26th.
The extended hour allows orders submitted to the Exchange to remain open on the BATS book until 5 p.m. The Exchange will continue to open for pre-market trading at 8 a.m. ET.
"In response to member demand, we are pleased to make the highly efficient, low latency BATS trading platform available after the core trading session," said Chris Isaacson, chief operating officer of BATS Exchange. "An extended trading session is a natural next step in expanding our service.
"We are also making significant technology upgrades to the BATS platform, which is already one of the world's most efficient and reliable, and we look forward to announcing enhancements in the coming weeks and months," he said.
To allow an open order to remain open on the BATS book until 5 p.m. ET, members should refer to the BATS Exchange FIX specification, which includes the following updates:
- FIX Tag 59=5 (TimeInForce) for GTX (Extended Day) for orders to expire at extended hours close, 5 p.m.
- FIX Tag 59=0 (Day) or 59=1 (GTC) for orders to expire at regular market close, 4 p.m.
- FIX Tag 59=3 (IOC) for orders to be accepted until 5 p.m.
- 59=6 (GTD) now allows for FIX Tag 126 (ExpireTime) setting to be specified up to 5 p.m.