SYS-CON MEDIA Authors: Pat Romanski, Sean Houghton, Glenn Rossman, Ignacio M. Llorente, Xenia von Wedel

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BATS Exchange Unveils New Pricing for Listings Business; Announces Lead Market Maker Program

BATS Exchange, a leading U.S. equities exchange operated by BATS Global Markets, today announced new pricing for its U.S. listings business.

With the new pricing, exchange-traded products (ETPs) that trade more than 400,000 shares per day will be eligible for a free listing on BATS Exchange. BATS had previously offered free listings to any ETP that traded more than 2 million shares per day. Under the new pricing, 223 ETPs market-wide will currently be eligible for a free listing on BATS.

BATS Exchange will also be introducing a Lead Market Maker (LMM) program for its listings business beginning June 2. The LMM program, which has been approved by the Securities and Exchange Commission (SEC), is a new rewards-based program designed to incent market makers based on the amount of executed added liquidity they provide in BATS-listed securities for which they are an LMM. The new LMM program is designed to provide even greater incentive to market makers to provide liquidity in less actively traded products, which can strengthen their appeal as an investment alternative for retail and institutional investors.

The LMM program will complement the existing Competitive Liquidity Provider (CLP) program, which rewards market makers for tighter quoted spreads with increased liquidity in BATS-listed securities, and is currently slated to become an optional issuer-sponsored, add-on program later this summer.

“Multiple market model offerings is an important strategy in making BATS’ listings platform more attractive to the broader issuer community,” said William O’Brien, President of BATS Global Markets. “Just as our trading customers have diverse needs, ETP issuers can have differing needs from their listing venue. With free listings to more ETPs, combined with the flexibility of both an LMM and CLP market model, issuers now have greater control to determine how best to maximize the value of a BATS listing.”

“As we grow our listings business, we’re continually looking for new ways to bring value and help make markets better for today’s issuer,” said Brian King, Director of Listings at BATS Exchange. “We’ve listened closely to the unique needs of today’s ETP issuers, both large and small, and our LMM program is designed to help improve market quality for issuers, while the new pricing structure will help issuers save on listing fees.”

More than 26%1 of all ETP trading in the U.S. markets happens on the BATS exchanges, making BATS the #1 exchange operator in ETP trading. BATS launched its U.S. listings business in December 2011. The BATS Exchange is also known as the BZX Exchange.

BATS Exchange Listings Fee Schedule Highlights:

     
         

Annual Average Daily Volume (ADV)*
(shares traded per day)

      Annual Fee
Initial Listing Fee (one-time fee, waived for transfers)       $5,000
Up to 10,000       $5,000
10,000 – 40,000       $8,000
40,000 – 80,000       $12,000
80,000 – 150,000       $15,000
150,000 – 400,000       $18,000
More than 400,000       Free

* Based on three-month ADV

________________________________________

1 Based on ArcaVision.com data (April 2014) for all four BATS exchanges.

For ETPs listed on another exchange and interested in transferring their listing to BATS, the initial fee will be waived. Issuers whose ETP trades more than 400,000 shares per day will not be charged an annual fee.

Following are links to additional information on the BATS U.S. Listings program available on the BATS U.S. Listings website.

About BATS Global Markets, Inc.

BATS Global Markets, Inc. is a leading global operator of securities markets, committed to Making Markets Better for traders, investors and issuers. In the U.S., BATS operates four stock exchanges – BZX, BYX, EDGX and EDGA – and regularly ranks as the top market for ETF and retail-driven liquidity. The company is an important listing venue for ETFs and other structured products and also operates BATS Options, a U.S. equity options market. In Europe, BATS operates the largest pan-European equities exchange, offering trading and listing services across 15 major European markets. With its world-class proprietary technology and relentless customer focus, BATS strives to bring efficiency, transparency and fairness to market participants. The company is headquartered in Kansas City with offices in the New York area and London. Further information on BATS can be found at www.bats.com and by following us on Twitter @BATSGlobal.

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