Off-Exchange Services

Trade Data Monitor (TDM) Service

The TDM Service enables firms to meet trade reporting obligations under MiFID in a flexible, cost-effective manner.

The Bats Europe (Bats) TDM service covers the more than 10,000 reportable securities and ETFs including the ESMA MiFID list of securities and a large number of additional instruments and Depositary Receipts.

Firms can utilise existing Bats connectivity to submit trade reports to BXTR, which are then subject to validation checks. Trade reports are then published to the market on Bats’ market data feeds. Late and delayed trade reporting is supported in accordance with MiFID trade reporting rules.

As part of the TDM Service, firms are able to monitor and perform specific administrative functions via a web-based tool provided by Bats.

Key Service Features

  • Support for the full MIFID reportable universe of securities.
  • Support for outbound flagging of late trades.
  • Support for deferred trade reporting as per MIFID ADT rules.
  • Bats will provide web-based GUI for administrative and backup purposes.
  • Entry is made via standard FIX interfaces. Firms who are Participants of Bats can utilise their existing physical infrastructure.
  • Master data file provided to aid processing and mapping of static and reference data.

Firms wishing to use the TDM service are not required to be Trading Participants of Bats, but will need to enter into appropriate contractual arrangements.

Please note: Swiss securities are not covered by the FCA’s TDM regime and are reported to Bats as on-Exchange trade reports using the Single Party ETR service.

MTF Reporting

The MTF Reporting service provides MTF operators a facility to disseminate trade reports to the major market data vendors via Bats’ outbound market data feeds. The underlying venue is identified on the trade reports enabling vendors to correctly attribute market share to the venues.

MTF trade reports can be submitted through existing connectivity to Bats.

Please note: Subscribers do not need to be Participants of Bats, but will need to enter into appropriate contractual arrangements.

Key Service Features

  • Trades are attributed to the dark venue on market data feeds.
  • Entry is made via standard FIX interfaces. Firms who are Participants of Bats can utilise their existing infrastructure.
  • A user of the MTF Service does not need to be a Participant of Bats, but will need to enter into appropriate contractual arrangements.

Systematic Internaliser Quote Service

The SI Quote Service provides a mechanism for registered SIs to meet their MiFID OTC pre-trade transparency requirements. All trade reports associated with the SI regime are required to be reported in accordance with MiFID reporting rules and flagged as SI trade reports.

SI quote data will be subject to automatic price checks to ensure data quality.

The SI quote data is disseminated on the Bats market data feeds and is available via major market data vendors.

Please note: Subscribers do not need to be Participants of Bats, but will need to enter into appropriate contractual arrangements.

Key Service Features

  • Operates as a standalone quote service separate from the order book, and requires the firm to make at least a one-sided indicative and attributed quote.
  • All trades entered into as a result of the SI Quote Service will be reported under the TDM service and flagged as SI.
  • Such trades will be reported in real-time, subject to any large in scale deferred reporting waiver, but will remain off-exchange, un-cleared and subject to bilateral settlement.
  • Trades do not need to be validated but Bats will perform automatic price checks to ensure data quality.
  • A user of the SI Quote Service does not need to be a Participant of Bats, but will need to enter into appropriate contractual arrangements.