Bats One Feed

The Bats One Feed is a market data product that provides cost-effective, high-quality reference quotes and trade data for market participants looking for comprehensive, real-time market data.

Comprehensive View of the Market

With one product and one license, the Bats One Feed provides market participants a comprehensive, unified view of the market from all four Bats equity exchanges: BZX Exchange, BYX Exchange, EDGX Exchange and EDGA Exchange.

These four exchanges combine to make Bats consistently the #1 exchange operator by market share for U.S. equities trading, excluding opening and closing auction volume. Accordingly, the Bats One Feed will have the most comprehensive content of any exchange-provided market data product with respect to real-time market information.

Featured Statistics

The data below demonstrate the rich and deep liquidity represented in the Bats One Feed:1

Bats One Feed Quotes

are within 1% away from the National Best Bid and Offer (NBBO)
of the time, on average

Two Versions for Additional Depth

Two versions of the Feed are offered, allowing recipients to select their preferred level of depth. Both versions — Bats One Summary Feed and Bats One Premium Feed — provide aggregated quote and trade updates for the Bats Exchanges. The Bats One Premium Feed also includes five levels of aggregate depth information for all four exchanges.

Feed Best Quote Depth Levels Bandwidth
Bats One Summary Feed (Top + Last Sale) Yes 0 100 MB
Bats One Premium Feed (Top + Last Sale + 5 levels aggregate depth) Yes 5 250 MB


The Bats One Feed is 60% less expensive per professional user and more than 85% less expensive for an enterprise license for professional users and non-professional users2 when compared to a similar competitor exchange product. External Distributors that are first-time subscribers to the Bats One Summary Feed will receive the data for one month with no External Distribution Fee.

Monthly Fee Bats One Summary Bats One Premium
Internal Distribution $10,000 $15,000
Pro User Fee $0 $0
Non-Pro User Fee $0 $0
External Distribution* $5,000 $12,500
Pro User Fee $10 $15
Non-Pro User Fee $0.25 $0.50
Data Consolidation Fee $1,000 $1,000
Digital Media License** $15,000 $25,000
Enterprise Fee $50,000 $100,000
  • *External Distributors will receive a User Fee credit for each user they obtain up to the total cost of the External Distribution Fee.
  • **Via television, websites and mobile devices for informational and non-trading purposes only.


The Bats One Feed is offered from Bats’ primary datacenter (Equinix’s NY5) and secondary datacenter (CenturyLink’s CH4), along with Bats’ Points-of-Presence (PoP) in Equinix’s NY4 and CH1.

Recipients will have the ability to take the Bats One Feed via either TCP/IP or Multicast, and either delivery method can be used as a standalone product. Additionally, the TCP/IP feed can be used to augment the Multicast feed for recovery and start up purposes as both delivery methods use the same binary protocol and sequencing to allow for easy arbitration.

Multicast Gap Recovery

Firms that elect to receive the Bats One Feed via Multicast may optionally request a Bats One Gap Request Proxy (GRP) session to request retransmission of a missed message(s). Gap requests will be made via TCP/IP to the GRP server, and the requested messages will be retransmitted on designated gap response Multicast Addresses. Firms receiving the Bats One Feed via Multicast are also advised to take the same version (Summary or Premium) of the Bats One Feed via TCP/IP for the purpose of replaying messages out of range of the GRP server or obtaining a refresh of the current state of the Bats books intraday.

Resources & Subscribe


To subscribe to the Bats One Feed, contact Market Data Services at or +1.212.378.8821

Technical Specifications

Access the Bats One Feed Technical Specifications here.


Questions about the Bats One Feed? Contact your Director of Sales or the Bats Trade Desk at, 913.815.7001.

  1. Source: Bats One Data Feed Internal Analysis using data from August 22, 2017.
  2. Who are entitled to receive the competing product’s best bid and offer information for securities listed on NASDAQ, NYSE, NYSE MKT and other Tape B exchanges.