BATS Enhances Smart Order Routing for Exchanges in Europe, U.S.

BATS Global Markets has enhanced the smart order routing services for its exchanges in Europe and the U.S. with Parallel routing strategies, a system it said is a more cost effective way to access multiple market venues.

The exchange operator said the Parallel D platform, will simultaneously route orders to all market centers with a quote at each price level. Meanwhile each price level will be exhausted before moving onto the next.

Parallel D, as in “depth of book” is available as an optional strategy to BATS Exchange members and BATS Europe participants, the company said in a statement.

“Parallel routing dramatically enhances our smart order routing capabilities, ensuring our participants have access to more choice when executing their trading strategies in the marketplace,” BATS Exchange chief operating officer Chris Isaacson said in the statement. “By simultaneously targeting multiple market centers, our participants will have the opportunity for faster order execution and increased fill rates, minimizing implementation shortfall.”

The firm added that it will introduce two additional parallel smart order routing strategies later this year, Parallel 2D and Parallel T. Both will route orders to all market centers in parallel, with Parallel 2D focusing on ensuring the fastest execution for an order.

As the Senior Editor of Advanced Trading, Justin Grant plays a key role in steering the magazine's coverage of the latest issues affecting the buy-side trading community. Since joining Advanced Trading in 2010, Grant's news analysis has touched on everything from the latest ... View Full Bio