Bats Europe, an innovative, wholly-owned subsidiary of Bats Global Markets, today announced the rollout of its Market On Close and Trading At Last service, set for Friday, the 2nd of October, initially for FTSE 100 stocks.
The fast-growing multilateral trading facility (MTF) will charge an aggressive rate of 0.1 basis points, significantly less than primary exchanges charge for comparable services.
BATS Europe plans to extend the Market On Close offering to include other major European indices and will publish a complete rollout schedule at a later date.
"We are extremely pleased to move ahead with our innovative Market On Close service. With the new service, BATS Europe is making markets better by offering market participants an alternative to primary exchange closing auctions and at a significantly lower rate," said BATS Europe CEO Mark Hemsley.
The new service enables BATS Europe participants to enter orders throughout the trading day that are not executed until the official closing price of the primary exchange is published. Following the publication of the primary exchange's closing price, participants can continue entering orders that are immediately executed at the official closing price where liquidity is available.
On the 1st of September, BATS Europe kicked off a month-long inverted pricing special, with a free liquidity removal incentive, for UK stocks and recorded 5.96% market share in the FTSE 100.