BATS, a market maker that provides pricing, processes and technology. is releasing a new "Dark Match" pricing which will go into effect on June 2nd. The new dark order pricing, based on execution size, is designed to encourage larger trade sizes against dark liquidity on the BATS book. Access fees and liquidity rebates for displayed orders remain unchanged. The complete new pricing schedule is available at https://www.batstrading.com/FeeSchedule.
Dark Match represents a substantial liquidity pool of entirely dark order types on the BATS book and is a way to lower the liquidity access fee for subscribers at a time when other market centers are raising prices for a majority of their users, according to the firm. On average, 8% - 12% of BATS' executed volume matches against hidden liquidity.
Dark Match involves scaling the liquidity rebate based on execution size on a trade-by-trade basis. As the rebate lowers with larger execution sizes, BATS will pass the savings along to our subscribers in the form of reduced access fees. BATS also offers a comprehensive minimum quantity (FIX Tag 110) implementation, allowing both liquidity providers and removers the ability to target their level of rebate or fee, according to the firm.