BATS Global Markets has unveiled BATS One Feed, a product that provides market participants real-time market data across all four equity exchanges operated by BATS.
BATS said in a press release that BATS One Feed would provide cost effective, high-quality quote and trade information for market participants looking for comprehensive data. It delivers a unified view of the aggregated quotes (best bid and offer), trades (last sale), and optional depth information (five levels), including size, for all four equity exchanges: BZX, BYX, EDGX, and EDGA.
"The BATS One Feed leverages the size and scale of the combined BATS and Direct Edge organizations and is our first product to showcase the value, competition and cost savings we will be bringing to the industry to benefit all users," Bryan Harkins, executive vice president and head of US markets at BATS, said in the release. "As the largest U.S. equities market operator excluding auctions, the BATS One Feed product provides a high-quality, robust view of the U.S. equities market and is ideal for those looking for comprehensive data at a cost-effective price."
Market participants will be able to receive real-time feeds from all four exchanges instead of subscribing to separate feeds. Recipients can choose from two versions of the product, depending on the data they want to receive.
- BATS One Summary Feed includes the aggregate top prices across all BATS' exchanges, along with last sale.
- BATS One Premium Feed includes top and last sale and five levels of aggregate depth.
Both versions will provide aggregated quote and trade updates for the four equities exchanges operated by BATS. The product will also include aggregate depth information going down five levels for all four exchanges.
To allow for easy user administration and a streamlined technology interface, BATS is offering one connection protocol and a simple license for all exchanges. The product will be "significantly less expensive than similar exchange products on the market," the company said in the release. "When compared to a similar competitor exchange product, the BATS One Summary Feed is 60% less expensive per professional user, more than 85% less expensive for an enterprise license for professional users, and 50% lower for an enterprise license for non-professional users."
For example, firms seeking to distribute the feed internally will pay $10,000 a month for the Summary feed and $15,000 a month for the Premium feed. The enterprise license will cost $50,000 for the summary feed and $100,000 for the premium feed, according to the product's fact sheet.
BATS One Feed will be available as of Aug. 1, 2014, pending a filing with the Securities and Exchange Commission. Firms can take advantage of a free evaluation period from Aug. 1 to Sept. 30 before the product becomes fee liable and operative on Oct. 1, 2014. Once the product becomes fee liable, external distributors that are first-time subscribers to the feed will receive up to three months free as they integrate the product into their systems and obtain new users, according to the fact sheet.Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio