BATS Europe, the operator of European Multilateral Trading Facility (MTF) and subsidiary of BATS Global Markets, has added Recycle functionality to its pan-European smart order routing service, effective immediately.
Recycle complements the current Cycle routing strategy. With Cycle, the remainder of an unfilled routed order rests on the BATS Europe integrated book until matched with another incoming order. With Recycle, as well as being able to match against BATS Europe incoming orders, quotes from other market centers are monitored for liquidity and unfilled orders can be re-routed to other venues until either completed or canceled.
Routing is available in all securities for all markets traded on the BATS Europe order books with the exception of Spain and Ireland.
Paul O’Donnell, COO of BATS Europe, said: “Following the successful launch of smart order routing only four weeks ago, we are pleased to announce the addition of Recycle. Recycle offers BATS Europe participants another option to execute their trading strategies using our high performance technology and to benefit from a simple, cost-effective method to access liquidity across Europe from one connection.”