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.
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
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.
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.
Bats Select Orders & Strategies
Choose Your Venues
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
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.
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.