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“We’re offering a combined buy-side and sell-side
environment, because it is important to have dealers
involved in this as well. The crucial thing for us to of-
fer the buy-side is choice in terms of how they connect
and how they execute.”
The services allows traders to decide whether to
execute via their own order management system or
using a sell-side broker and will have more access to
contingent IOIs and, Hemsley promises, more control
over their execution.
“If the buy-side can interact with each other but
have manual control over that process, they will be
able to upsize their transactions,” Hemsley adds.
The third and final component of Bats’ MiFID II
strategy is addressing the buy-side’s potential head-
aches over their new trade reporting responsibilities.
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TheTrade
Summer 2017
Bats has developed an open API
for other vendors and will enable
the buy-side to route their trades
directly through Bloomberg, which
is an approved publication arrange-
ment (APA), for both equity and
non-equity trades.
“What we’re offering is giving the
buy-side the choice either to han-
dle their own reporting or they can
get their broker to do it on their be-
half for just a few thousand pounds
per year,” explains Hemsley.
The squeezed middle
Speculating on how the post-Mi-