Articles tagged with: Buy Side

RTS 10: Access Fees

Bats already operates fair and non-discriminatory price structures. Bats Price Lists are always published in full on our website on the price lists page. MiFID II requires all price lists to be within a single document and so these documents will be consolidated prior to MiFID II's implementation date.

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RTS 13: Organisational Requirements for Data Service Reporting Providers

Bats currently operates a Trade Data Monitor (TDM) and is on the official list maintained by the FCA. Under MiFID II, Bats intends to operate an Approved Publication Arrangement (APA) under our Recognised Investment Exchange status.

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RTS 14: Data Disaggregation

MIFID I, introduced the concept of "reasonable commercial basis" in relation to the provision and sale of market data. Furthermore, MiFID II requires that all trading venues provide pre-trade and post-trade data in an 'unbundled' fashion. Venues will be required to disaggregate their data by the criteria documented in RTS 14.

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RTS 27: Best Execution

MiFID II defines a requirement for trading venues to provide best execution reports, free of charge and downloadable in a machine readable format. The readability and accessibility of these reports is key, given the intended audience of the public. Bats intends to provide reports in CSV format and will make specification documents available ahead of implementation. The first reports are not required to be published until Q2 2018, but Bats may choose to make them available ahead of this time.

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