BATS Europe, the European multilateral trading facility (MTF) owned by US exchange group BATS Global Markets, will drop maker-taker pricing for its dark pool platform next week following client feedback.
BATS was the first market operator in Europe to introduce maker-taker pricing for its dark pool, which rebated 0.1 basis points for adding liquidity and charged 0.25 bps for removing it.
From 12 October, BATS will charge 0.15 bps for both sides of a transaction, mirroring the model used by many of its competitors.
However, BATS’s dark pool will still be the cheapest of its peer group. Chi-Delta, the dark pool from rival MTF Chi-X Europe, charges 0.3 bps per execution and NEURO Dark, operated by Nasdaq OMX Europe, charges 0.2 bps per trade side. Turquoise has cut its non-displayed trading fee to 0.30 bps from 0.50 bps until the end of this year.
“Dating back to our roots as an ECN in the US, we have long prided ourselves on remaining nimble and listening to our participants on key issues such as pricing,” said a BATS Europe spokesman. “Their feedback was that while they appreciated the innovative approach of utilising maker-taker pricing in the dark pool, they found a single trading fee much simpler to explain to their own customers. The single trading fee of 0.15 basis points is set at a level reflecting our continuing approach of offering high quality markets at aggressive prices.”