BATS Europe Launches Depositary Receipts
Trading With Pricing Special
Rebates 0.28 Basis Points for Adding Liquidity, Charges 0.28 Basis Points for Removing Liquidity and
Onward Routing; Effective 24th September Pending Regulatory Approval
September 13, 2010 03:03 AM Eastern Daylight Time
LONDON & KANSAS CITY, Mo.--(EON: Enhanced Online News)--BATS Europe, the operator of an
innovative and technology-leading European Multilateral Trading Facility (MTF), announces the availability of
Depositary Receipts (DRs) trading beginning 24 September, subject to regulatory approval.
BATS Europe will initially offer trading in 50 DRs from 12 countries, including Russia, India and South Korea.
Participants receive a rebate of 0.28 basis points for adding DR liquidity to the BATS Europe Integrated Book and
are charged 0.28 basis points for removing DR liquidity.
The DR pricing special also extends to the BATS Europe Smart Order Routing service with DR orders routed to the
London Stock Exchange International Order Book (IOB) charged 0.28 basis points until the end of 2010.
“We’re pleased to expand our market segment offerings to Depositary Receipts with an aggressive pricing special as
we continuously strive to provide more choice and meet the diverse needs of our participants,” said Paul O’Donnell,
BATS Europe Chief Operating Officer.
The MTF is also extending its Dark Pool services to include DR instruments at the standard competitive rate of 0.15
“We are excited that BATS Europe will be offering Depositary Receipts on its Integrated Book and Dark Pool, with
an initial selection of 50 DRs,” said Michael Cole-Fontayn, Chief Executive Officer of BNY Mellon's Depositary
Receipts business. BNY Mellon, a world leader in Depositary Receipts, acts as a depositary for 29 of the 50 DRs
available at BATS Europe.
“BATS Europe’s decision to trade DRs shows the continued acceptance of DRs as preferred instruments for cross-
border trading,” Cole-Fontayn added. “BNY Mellon and BATS Europe are