Bats Europe, the operator of an innovative and technology-leading European Multilateral Trading Facility (MTF), today announced the addition of Recycle functionality to its pan-European smart order routing service, effective immediately.
RECYCLE complements the current CYCLE routing strategy. With CYCLE, the remainder of an unfilled routed order rests on the BATS Europe Integrated book until matched with another incoming order. With RECYCLE, as well as being able to match against BATS Europe incoming orders, quotes from other market centres are monitored for liquidity and unfilled orders can be re-routed to other venues until either completed or cancelled.
"Following the successful launch of smart order routing only four weeks ago, we are pleased to announce the addition of RECYCLE," said Paul O'Donnell, COO of BATS Europe. "RECYCLE offers BATS Europe participants another option to execute their trading strategies using our high performance technology and to benefit from a simple, cost-effective method to access liquidity across Europe from one connection."
Routing is available in all securities for all markets traded on the BATS Europe order books with the exception of Spain and Ireland.
Pricing for BATS Europe smart order routing remains unchanged at a highly competitive 0.50 basis points for orders routed to lit market centres and 0.30 basis points for orders routed to Liquidity Partners. Fees for accessing the BATS Europe order books also remain unchanged.
BATS Europe is on pace for record market share for the month and has earned 9.1% of the FTSE 100, 6.3% of the FTSE 250, 6.2% of the SMI and 5.3% of the overall European market as of the 17th of March.