Pan-European multilateral trading facility (MTF) BATS Europe has chosen technology firm QuantHouse to provide it with real-time market data feeds from other European trading venues.
BATS Europe uses the data from primary listing markets and other MTFs to support its trading operations and specific order types on its marketplace, as an input for market analytics and to support its new smart order routing service, launched in February.
“Demand for BATS Europe market data has been driven by the addition of new users, our new smart order routing service and our continued record trading volumes,” said BATS Europe’s chief operating officer Paul O’Donnell in a statement. “We are pleased to provide a dual-live system with a superior quality of service to our participants by leveraging market data software technologies developed by QuantHouse.”
BATS Europe, which launched on 31 October 2008, had a 4.4% market share of pan-European lit and dark trading turnover in February 2010, according to data vendor Thomson Reuters. The MTF also traded 7.5% of the UK’s FTSE 100 index, 4.8% of France’s CAC 40 and the same proportion of Germany’s DAX in February.
Participants on BATS Europe access the MTF’s smart order router using its CYCLE trading strategy, which cycles through displayed and non-displayed pan-European market centres, searching for liquidity at the best prices up to and including the limit price on the original order.
Nasdaq OMX Europe is the only other pan-European MTF that offers a smart order routing service to date.