BATS Exchange, a US equities trading venue, has launched BATS Optional Liquidity Technology (BOLT), a tool allowing members to see unfilled portions of marketable orders before the orders are either cancelled or routed elsewhere.
BOLT will be made available both for orders using the BATS Only order type and those using certain routing strategies offered by the platform. Unfilled portions
of marketable orders are displayed through BATS’ proprietary data feeds for a limited period of time, allowing the opportunity for additional executions before cancellation or onward routing.
BATS Only BOLT orders are given up to 500 milliseconds of additional exposure on the data feeds, while routable BATS orders are exposed to members for up to 25 milliseconds before being sent to other markets.
BATS Only BOLT orders earn a full liquidity rebate of $.0024 a share if executed during the exposure period while routable BOLT orders will receive a rebate of $.0015.
The standard BATS routing fee of $0.0025 will apply to any orders filled at external markets after the exposure period.