Headlines

The Q2 2017 Exchange Release

22nd February 2017

Bats announced the Q2 2017 Exchange Release effective 9th June 2017. This release represents the third major release related to MiFID II compliance. The changes constitute the main functional changes to real-time protocols for 2017, which are considered mandatory for MiFIR and MiFID II (collectively "MiFID II") compliance and MMT v3 adherence.

Bats’ MiFID II implementation milestones can be found here. Participants are advised to check this resource regularly for Bats’ upcoming MiFID II milestones.

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The Q4 2016 Exchange Release

29th October 2016

Bats announced the Q4 2016 Exchange Release in August 2016. In addition to optional drop copy changes in support of the Bats LIS service, this release represents the second major functionality change related to MiFID II compliance. Along with the key changes listed below, a Q4 Guidance Note has been published with detailed changes.

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Order Record Keeping Available for Testing

22nd August 2016

Article 25 of MiFIR requires trading venues to maintain records of all orders advertised through their systems. RTS 24 significantly expands this obligation to capture considerable amounts of new data relating to orders so that a trading venue can store this data for submission to their NCA when requested.

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Algo Testing

1st June 2016

MiFID II enacts a range of organisational requirements on trading venues that will also impact Participants. Bats must require Participants to test algorithms. Bats intends to implement the requirement on Participants through its rules, but will seek to facilitate Participant testing.

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Time Sync

20th May 2016

Bats will fall under the RTS 25 of MiFID II synchronisation requirement, which means we must record reportable events with at least one microsecond granularity. Additionally, our maximum divergence from UTC can be no more than one hundred microseconds.

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Record Keeping

23rd February 2016

Article 25 of MiFIR requires trading venues to maintain records of all orders advertised through their systems. RTS 24 significantly expands this obligation to require venues to capture new data relating to orders in order for a trading venue to carry out its core activities. That information includes:

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The Q2 2016 Release

20th January 2016

Bats announced the Q2 2016 Exchange Release in January 2016. Alongside the decommissioning of unrelated order types and services, this release represents the first major functionality change related to MiFID II compliance. In addition to the key changes listed below, a Guidance Note contains fuller details to help guide participants with the transition.

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Milestones

1st January 2016

MiFID II is expected to become effective in January 2018 and will impact a wide range of industry participants and reshape overall market structure. Early on in the legislative process, Bats began dedicating resources to better understand the size, complexity and impact of the proposed legislation, so that we, and in turn you, can plan ahead with confidence.

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