BATS Options Exchange
Quality Market with Deep Liquidity
Driven by its mission of "Making Markets Better," BATS has become synonymous with great technology, aggressive pricing and outstanding customer service while catering to the needs of the broker-dealer and trading community.
Below is information about trading on our options exchange.
BATS Options is an equity options exchanges in the U.S. which currently accounts for approximately 3 - 4% of all U.S. equity options trading on a daily basis.
The Market Guide contains brief descriptions of each of our order types and routing instructions.
BATS offers routing strategies that provide access to multiple pools of liquidity. Descriptions are available by expanding each heading.
Parallel Routing Strategies – Route to Multiple Venues Simultaneously
Parallel D targets the best price by splitting a routable order and sending it to multiple market centers simultaneously at the same price level. Liquidity is exhausted at each price level to the limit price.
Parallel 2D provides a faster execution than Parallel D. It splits a routable order and sends it to multiple market centers and multiple price levels simultaneously.
CYCLE – Sequential Routing Strategy
CYCLE targets one protected market at a time and then sends the full remaining quantity on to the next market center. If the order can’t be filled completely at the National Best Bid and Offer (NBBO), the CYCLE strategy will, in an iterative manner, route to other markets at the limit price of the original order.
Re-Route – Aggressive Routing Strategy
Re-route is designed to aggressively re-route and fill orders. Orders come off the BATS order book and target a locking or crossing quote at another market center, matching or improving upon the limit price. This behavior occurs anytime BATS receives an updated quote from another market that locks OR crosses the order resting on the BATS order book, and may continue until the order is completely filled.
BATS+ (AMEX, ARCA, BOX, CBOE, ISE, PHLX, NOM) Order
Access BATS and one of the above market centers’ liquidity (ex. AMEX) by sending the order to BATS with BATS+ routing strategy. The order will first remove liquidity on BATS. If there is a remainder, an IOC will be sent to the corresponding market center.
BATS Default Order (BATS+ All)
Access liquidity at all market centers by sending order flow to BATS with the default, or ALL, routing strategy. This order makes use of routing strategies available within the BATS Smart Order Router.
BATS Only Order
Access BATS liquidity only. By default this order isn’t routed to away markets.
Ready to trade? View our Routing Strategies FIX Tags and Instructions document.
BATS is committed to developing the best online data and tools to make doing business with BATS easy. For straightforward order look-up capabilities, port monitoring, price improvement data, trading statistics and market share information, BATS has created the Online Member Portal—a comprehensive suite of value-added tools designed specifically to give customers easy, online access to the information they need.
View our Web Products document for screenshots and descriptions of these free tools.
The BATS Rapid Rebate Program allows active Members to receive their net liquidity rebates on a weekly basis.
Details on weekly net liquidity rebates are available on our Rapid Rebate document.