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Bats Europe plans depositary receipts trading

13 September 2010  |  1860 views  |  0 Source: Bats Europe

Bats Europe, the operator of an innovative and technology-leading European Multilateral Trading Facility (MTF), announces the availability of Depositary Receipts (DRs) trading beginning 24 September, subject to regulatory approval.

BATS Europe will initially offer trading in 50 DRs from 12 countries, including Russia, India and South Korea. Participants receive a rebate of 0.28 basis points for adding DR liquidity to the BATS Europe Integrated Book and are charged 0.28 basis points for removing DR liquidity.

The DR pricing special also extends to the BATS Europe Smart Order Routing service with DR orders routed to the London Stock Exchange International Order Book (IOB) charged 0.28 basis points until the end of 2010.

"We're pleased to expand our market segment offerings to Depositary Receipts with an aggressive pricing special as we continuously strive to provide more choice and meet the diverse needs of our participants," said Paul O'Donnell, BATS Europe Chief Operating Officer.

The MTF is also extending its Dark Pool services to include DR instruments at the standard competitive rate of 0.15 basis points.

"We are excited that BATS Europe will be offering Depositary Receipts on its Integrated Book and Dark Pool, with an initial selection of 50 DRs," said Michael Cole-Fontayn, Chief Executive Officer of BNY Mellon's Depositary Receipts business. BNY Mellon, a world leader in Depositary Receipts, acts as a depositary for 29 of the 50 DRs available at BATS Europe.

"BATS Europe's decision to trade DRs shows the continued acceptance of DRs as preferred instruments for cross-border trading," Cole-Fontayn added. "BNY Mellon and BATS Europe are both keen believers in offering international investors choice, and we look forward to working with BATS Europe to help investors discover exciting new growth opportunities."

European Multilateral Clearing Facility (EMCF) will clear DR trades executed on BATS Europe. DR trades will be netted for settlement at Euroclear Bank.

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