BATS Chi-X (BATS) provides pan-European market data. BATS Market Data now covers more than 2,800 stocks across 15 European markets.
Market Data clients can take the data through a
vendor or subscribe to the direct reporting model. The direct model has a
tiered pricing structure. At the top end, firms have an unlimited number of end
users at a fixed fee.
BATS operates a market data feed for BXE lit and
dark order books and CXE lit and dark order books. For display users, BATS
charges a set fee for both sets of data. A display user can access a
pan-European dataset at a set £20 for Level 1 data or £45 for Level 2 data.
Non-display users can choose from a flexible approach allowing subscription to
a specific geographic subset, versus all markets. To cater for the needs of
regional members, BATS offers a unitised market data feed allowing members to
take a smaller data set.
BATS offers extensive, free web-based analytical
tools to market data clients including market share, price improvement and
liquidity opportunity reports.
Clients may receive data through a Market Data Vendor or directly via a
physical connection or the Internet. BATS provides data using industry standard
formats and message protocols. Customers may consume market data in either a
TCP or multicast mechanism
BATS is increasing its stock universe to include more mid- and small-cap stocks. By the end of October, BATS expects to have a stock universe of between 3,500 and 4,000 stocks.