Bats Exchange, an innovative and technology leading U.S. stock exchange, today announced technology upgrades to its ultra-fast trading platform resulting in average latency of 395 microseconds, with 80% of orders executed within 400 microseconds.
The latency figure of 395 microseconds represents a reduction of 50 microseconds from the previous average.
BATS Exchange also for the first time announced order-to-quote latency. Order-to-quote latency is the time to accept, process and deliver a visible order via BATS' Multicast PITCH data feed. Average order to quote latency for Multicast PITCH is 631 microseconds, with 80% of all orders within 662 microseconds.
"Low latency is a direct indication of service quality, in addition to reliability, deep liquidity, execution quality and price," said Chris Isaacson, chief operating officer of BATS Exchange. "One of the ways we are Making Markets Better at BATS is by continuously upgrading our technology to provide members a sustained low latency trading platform that excels during both normal and high volume days.
"We also make every effort to clearly define how latency is measured on the BATS system and encourage members and market participants to download the complete statistics from our Web site," he said.