BATS Exchange has released BOLT (BATS Optional Liquidity Technology) pre-routing display strategy, effective 5 June 2009.
BOLT is for use with both BATS Only orders and with certain routing strategies. When specified, BOLT will display unfilled portions of marketable orders through the BATS proprietary data feeds for a limited period of time. This will provide opportunity for additional executions on marketable orders before either cancelling those orders or routing to other markets.
BATS Only BOLT orders allow up to 500 milliseconds of additional order exposure on the BATS data feeds while routable BOLT orders expose an order to BATS members for up to 25 milliseconds before routing to away markets.
BATS Only BOLT orders earn a full liquidity rebate of USD.0024 a share if executed during the exposure period while routable BOLT orders receive a rebate of USD.0015 if executed during the exposure period, providing BATS customers the opportunity to fill and collect a rebate on a routable order. The standard low BATS routing fee of USD0.0025 will apply for any fills at away markets after the exposure period.
L.D.