BATS Global Markets, a financial markets technology company, has released new Parallel routing strategies to its smart order routing services for BATS Exchange in the US, as well as for BATS Europe.

The new Parallel routing strategies are designed to facilitate participants achieving best execution more efficiently while accessing multiple market venues simultaneously and cost effectively.

The first release, called Parallel D, will route orders to all market centers with a quote at each price level simultaneously. Each price level will be exhausted before moving onto the next price level, even if multiple passes must be made at a price level.

BATS said that the Parallel D is available as an optional strategy to BATS Exchange members and BATS Europe participants.

Two more additional parallel smart order routing strategies Parallel 2D and Parallel T are expected to be introduced later this year and they are they will also route orders to all market centers in parallel, but Parallel 2D will focus on ensuring fastest execution for an order.

Parallel T, available only in the US, will send the exact quantity of only the protected (top) quote to each market center, according to the BATS.

BATS Exchange chief operating officer Chris Isaacson said that Parallel routing dramatically enhances the smart order routing capabilities ensuring participants have access to more choice when executing their trading strategies in the marketplace.

“By simultaneously targeting multiple market centers, our participants will have the opportunity for faster order execution and increased fill rates, minimizing implementation shortfall,” Isaacson said.

BATS Europe chief operating officer Paul O’Donnell said that in Europe this move has particular significance for participants, enhancing the only MTF-operated pan-European smart order router that routes to both lit and dark venues.