The BATS Europe smart order router features a strategy called CYCLE that cycles through pan-European non-displayed and displayed market centres, aggressively executing at the best price points up to, and including, the limit price on the original order.

Separate, non-displayed midpoint order book with anti-gaming features and low cost trading.

BATS Europe's innovative Market on Close (MOC) offering, which includes Trading at Last (TAL), provides a lower cost alternative for traders seeking executions at the primary exchange's closing price.

01/02/10 Fast-growing MTF’s average daily turnover surpasses €1.57 billion for the month; BATS Exchange exceeds 10% US market share.

25/01/10 New SOR to go live on 15th February with 0.5 basis point pricing.

22/01/10 Fast-growing MTF surpasses record set the previous day.

21/12/09 Op-ed calls for "unblocking the pipes of European clearing" and is available on the Financial Times Web site (subscription required).