Deep Liquid Markets with Solid Execution Quality

Bats Options leads the way in Making Markets Better with innovative solutions to meet the needs of traders in the changing options climate. With its cutting-edge technology and maker-taker pricing, Bats Options was built for today's options traders.

Order Book

Bats Options offers trading in all multiply-listed equity options with a variety of order types and functionalities to meet customers' diverse needs. The Bats Options Market Guide contains brief descriptions of each of our order types and routing instructions.

Order Router

Bats offers routing strategies that provide access to multiple pools of liquidity.

Parallel Routing Strategies – Route to Multiple Venues Simultaneously

Parallel D targets the best price by splitting a routable order and sending it to multiple market centers simultaneously at the same price level. Liquidity is exhausted at each price level to the limit price.

Parallel 2D provides a faster execution than Parallel D. It splits a routable order and sends it to multiple market centers and multiple price levels simultaneously.

Re-Route – Aggressive Routing Strategy

Re-route is designed to aggressively re-route and fill orders. Orders come off the Bats order book and target a locking or crossing quote at another market center, matching or improving upon the limit price. This behavior occurs anytime Bats receives an updated quote from another market that locks OR crosses the order resting on the Bats order book, and may continue until the order is completely filled.

BATS+ (AMEX, ARCA, BOX, C2, CBOE, Gemini, ISE, MIAX, PHLX, NOM) Order

Access Bats and one of the above market centers’ liquidity (ex. AMEX) by sending the order to Bats with the BATS+ routing strategy. The order will first remove liquidity on Bats. If there is a remainder, an IOC (immediate or cancel) order will be sent to the corresponding market center.

Bats Default Order (BATS+ All)

Access liquidity at all market centers by sending order flow to Bats with the default, or ALL, routing strategy. This order makes use of routing strategies available within the Bats Smart Order Router.

Bats Only Order

Access Bats liquidity only. By default this order isn’t routed to away markets.

Ready to trade? View our Routing Strategies FIX Tags and Instructions document.