BATS Europe, a subsidiary of US-based financial markets technology company BATS Global Markets, has released the BATS+ Primary routing strategy, which will provide participants with competitive pricing for access to primary markets via the BATS Europe Smart Order Router (SOR).

According to BATS, the order type is initially available for routing to the London Stock Exchange (LSE) and is available effective June 1, 2009.

BATS Europe, an operator of an European multilateral trading facility, has set initial pricing at 0.28 basis points and, in line with this move, will reduce to 0.28 bps the fee to trade all UK-listed securities available via the BATS Europe CYCLE and RECYCLE routing strategies.

BATS+ LSE orders will initially execute on BATS Europe’s order books if liquidity is available, up to the limit price of the order. Any unfilled shares are then routed as an Immediate or Cancel (IOC) order to the LSE for further execution up to the limit price. Any remainders from day orders will rest on BATS Europe’s integrated order book.

Paul O’Donnell, COO of BATS Europe, said: “BATS+ Primary is designed for participants to gain access to BATS Europe and primary market liquidity with lower access fees and no minimum volume requirements. Participants can expect further SOR enhancements in the near future as we are working harder than ever to promote price competition, fairness and innovation amongst European market centers.”