In a move to take business from the Nasdaq Stock Market, the BATS Trading electronic communications network (ECN) has launched order routing algorithms it says give members faster access to other platforms at a wider variety of execution points, as well as the ability to receive price improvement by accessing dark liquidity.
Since it opened in January 2006, Kansas City-based BATS has set its sights on Nasdaq, instituting an aggressive fee and rebate pricing schedule that is credited with bringing down trading costs across the equities market. Nasdaq has been an order routing powerhouse, routinely routing the largest percentage of orders to the New York Stock Exchange. Now, BATS is seeking to capture a portion of that market by applying features that have fuelled its own rapid growth.
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