With four exchanges to choose from – BZX, BYX, EDGX, EDGA — Bats allows Members to focus on what they value most when executing their trading strategies. Each exchange has a unique order book and offers trading in all NMS securities, but have independent fee schedules and attract different types of order flow.
|Key Differentiators||Hidden Price Improvement||Retail, Attribution||Retail Price Improvement||Routing, Low Cost|
|Pricing Model||Traditional “Maker-Taker” model||Traditional “Maker-Taker” model||“Taker-Maker” with low fee and rebates||“Taker-Maker” with low fee and rebates|
Refer to the Bats Order Type Guide for detailed information about order type characteristics, order type priority and the behavior of various different order types, order instructions and re-pricing options.
Bats offers a vast selection of routing strategies designed to provide Members with fast, efficient access to multiple pools of liquidity.
View our Routing Strategies document for a full list of our routing strategies.