will be decommissioned on 9th December 2016.
Bats Europe information can now be found at
URLs for data/reporting tools will continue to be supported.

Bats Europe

One Connection

A Single Connection for Pan-European Trading

The four pieces of the ONE Connection solution provide access to Bats Europe order books, other pan-European market centre order books, clearing and settlement, and pan-European market data.

Order Books

Integrated Order Books

Bats Europe has two Integrated (Lit) order books that provide advanced visible and non-displayed order types to Participants with aggressive maker-taker pricing, anonymity and price-time priority.

Dark Order Books

Bats Europe offers two anonymous midpoint dark order books with time-priority matching designed to minimise information leakage. They are separate dedicated order books with the same securities, clearing, markets traded and core trading hours as the Integrated order books.

View current market share on each of our order books by clicking the names above.

Periodic Auctions Book

The Periodic Auctions book is a separate lit book that independently operates intra-day auctions throughout the day. This book has no impact on continuous trading in the other Bats order books.


  • Price / size / time priority allocation of executions to encourage larger order sizes
  • Orders only executed at or within a Bats EBBO collar to ensure orderly markets and provide certainty around the execution price range
  • Bats EBBO midpoint peg order type
  • Available for all securities and markets traded on BXE

Auction Phase Overview

Click here for details on the Periodic Auctions book

Interbook Orders

Dark Lit Sweep, Lit Sweep & Dark Sweep
The interbook order types - Dark Lit Sweep, Lit Sweep and Dark Sweep - offer Participants an efficient way to access liquidity in both dark and/or both lit order books with a single order. These orders offer the most execution opportunities in the specified type of liquidity (lit, dark or both) with a single order without routing to external venues.

Click here for details on these order types.

Bats+ PRIMARY (Euronext, Deutsche Börse, LSE)

Access dark and Integrated order book liquidity up to the order's limit price then route to the chosen market centre for any remaining shares up to the limit price. Any final remainders will rest on the Integrated order book or the dark order book.

Market Data

View our Market Data Products page for descriptions of the feeds available. Market Data specifications are available on the Support tab.

Bats Select Orders & Strategies

Choose Your Venues

Liquidity Pools

Group 1: Bats Europe

Start with the deep liquidity of Bats Europe’s dark and lit order books.

Group 2: Liquidity Partner (LP)

Add this group to access dark pool liquidity.


Group 3: Exchanges and MTFs

Choose to access additional Exchanges and MTFs across Europe.

London Stock Exchange, Borsa Italiana, Deutsche Börse, Euronext, SIX Swiss Exchange, Nasdaq OMX, Turquoise and Wiener Börse.

Choose Your Approach

Routing Strategies

Parallel D: Best Price
Splits a routable order and sends it to multiple market centres simultaneously at the same price level. Liquidity is exhausted at each price level to the limit price.

Parallel 2D: Faster Execution
Splits a routable order and sends it to multiple market centres and multiple price levels simultaneously.

Dark Routing Technique
Dark Routing Technique (DRT) provides less market impact by executing against non-displayed liquidity at multiple dark pools.

Re-Route applies to orders that have completed the routing process and are resting on the Integrated Book. It monitors quotes from other market centres and proactively searches for more liquidity when marketable liquidity becomes available elsewhere.

Click here for diagrams of each strategy.

Click here for detailed descriptions of each routing strategy.

Clearing & Settlement

Bats Europe Participants have the choice of a clearer from the following CCPs: EuroCCP NV, LCH.Clearnet and SIX x-clear.

LCH.Clearnet and SIX x-clear cover all pan-European markets with the exceptions of the Spanish market and ETFs.

EuroCCP NV covers all pan-European markets and provides clearing for the Spanish market and ETFs.

CCP elections may be made independently for different trading firms and for different listing markets.

View our Trade Clearing Process document for more information on clearing and settlement.

© 2016 Bats Trading Limited – All Rights Reserved

Bats Trading Limited is a Recognised Investment Exchange regulated by the Financial Conduct Authority. Bats Trading Limited is an indirect wholly-owned subsidiary of Bats Global Markets, Inc. and is a company registered in England and Wales with Company Number 6547680 and registered office at 10 Lower Thames Street, London EC3R 6AF. This Website has been established for information purposes only. None of the information concerning the services or products described on this Website constitutes advice or a recommendation of any product or service. To the extent that the information provided on this Website constitutes a financial promotion as defined by section 21 of the Financial Services and Markets Act 2000, it is only directed at persons who qualify as a Professional Client or Eligible Counterparty. Persons who do not qualify should not act on or rely upon it.