Milestones

This table contains key milestones related to MiFID II implementation (please note there may be other releases that are not related to MiFID II during this timeframe and dates are subject to change). Please note that we will update this schedule periodically.

Target Date Milestone Description
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1-Jan-16 Use of ECB FX Rates Given the Double Volume Cap requirements, Bats will, on a "best efforts" basis, limit trading that might breach the stipulated caps. We will align our internal exchange rates with those used by the regulator.
31-Mar-16 New Data Feeds As a part of Bats' ongoing commitment to Data Disaggregation and meeting the prescribed format for Transparency, we are introducing two new data feeds:
  • Bats Auction Feed provides detail related to scheduled and periodic auctions.
  • Last Sale Feed is our post-trade only feed, provided in the MiFID II prescribed format.
29-Apr-16 Q2 2016 Exchange Release This release incorporated a series of enhancements to our market data feeds to incorporate MiFID II Transparency requirements, and lays the groundwork for future Unexecuted Order to Transaction Ratio and Double Volume Cap implementations. You can read more about the release here.
1-Jun-16 Algo Testing Enhancements Building upon some of the ideas of the FPL Regulatory sub-group on Microstructure, Bats intends to make a range of enhancements to facilitate customer testing of algorithms.
30-Jun-16 Decommissioning of BOEv1 BOEv1 protocol will be retired as it doesn't support new fields required under MiFID II.
22-Aug-16 Record Keeping Availability This release made the Bats approach to Record Keeping available in certification for testing.
30-Sep-16 EU legislation on MiFID II implementation measures scheduled to be finalised and published.
11-Nov-16 Q4 2016 Exchange Release This release incorporates the release of the Bats Approach to Record Keeping, Market Making enhancements and starts an extended consultation on an Unexecuted Order to Transaction Ratio.
3-Jul-17 Scheduled transposition of MiFID II into national law.
14-Jul-17 Q2 2017 Exchange Release This release incorporates a series of significant enhancements:
  • Support for MMTv3.04 in the Bats market data feeds and trade reporting products.
  • Update of FIX tags for RTS 24 Order Record Keeping.
  • Order Capacity and Liquidity Provision designation will now be mandatory.
  • Support for Short Sale specifications.
  • Addition of Waiver Type indicator.
  • LastMkt supplied by default on executions.
  • Support for publication of trades in unknown symbology on Market Data Feeds.
  • FIX timestamps in microseconds by default.
27-Oct-17 Q4 2017 Exchange Release The release incorporates the following main functional elements:
  • Removal of MTFAccessFee from FIX.
  • Support for Pending price “PNDG” functionality on TRF per RTS 1.
  • MMT v3.04 support of latest additions to MMT standard.
  • Addition of a Venue Cap Percentage column to Symbol Reference Files.
  • Deferred publication of transactions on-exchange (BXE/CXE) must have ‘DEAL’ capacity.
  • MiFID II Iceberg Behaviour changes.
  • Introduction of the Firm Order Record Keeping service.
3-Jan-18 MiFID II rules come into effect. Any remaining MiFID II functionality will be activated.

On the date of implementation, we will introduce support for the use of Negotiated Transactions in the Illiquid Symbols Waiver and make other changes only possible to implement under the MiFID II regulatory regime.