Fee Schedule

BATS Equity Exchange Fee Schedule Updates Effective January 3, 2011

December 29, 2010

In response to competitors increasing their liquidity removal rates, BATS BYX Exchange and BATS BZX Exchange will be making adjustments to "One Under", SLIM and TRIM pricing. Additionally, both Exchanges have made pricing changes for price improved executions of hidden orders locking BATS displayed liquidity at the NBBO. For more information, please click the title.

Regulatory Transaction Fee Rate Adjustment per SEC Section 31 Rate Change Effective Friday, January 21, 2011

December 23, 2010

This Circular is being issued to inform you that in Fee Rate Advisory #5 for Fiscal Year 2011, the SEC announced that effective Friday, January 21, 2011 the Section 31 transaction fee rate applicable to securities transactions on the exchanges and over-the-counter markets will increase to $19.20 per million dollars. For more information, please click on the title.

BATS December U.S. Market Update

December 16, 2010

Dear BATS Customers and Members of the Trading Community, In this edition of the BATS U.S. Market Update, youll find the following: 1. BATS BYX Exchange Still Growing at BATS Speed 2. REMINDER: BATS Options Innovative NBBO Setter Rebate & Aggressive New Pricing January 3, 2011 3. Faster Access to BATS via 10 Gigabit Connections 4. BATS Real Time Latency Monitoring Service New Offering February 1, 2011 5. Parallel Smart Order Routing Update For complete details, please click on the title.

Reminder: BATS Fee Schedule Update Effective November 1, 2010

October 27, 2010

BATS BZX Exchange modifies make/take fees effective November 1, 2010. BATS BYX Exchange modifies fees for routing to the BZX Exchange on the same date. For more details, please click on the title.

BATS October U.S. Markets Update and Pricing November 1, 2010

October 25, 2010

Dear BATS Customers and Members of the Trading Community, In this edition of the BATS U.S. Market Update, you will find the following: 1. BATS BYX Exchange Launch Successfully Completed 2. BATS BZX Exchange Pricing Change Effective November 1, 2010 (Pending SEC Approval) 3. BYX Exchange SOR Includes New Routing Strategies 4. BATS Options Update 5. Options Risk Management Tools For complete details, please click on the title.

BATS Announces BATS Y-Exchange (BYX) Pricing Effective October 15, 2010 and New B2B, TRIM, SLIM, and One Under Routing Strategies

October 04, 2010

BATS BATS Y-Exchange (BYX) pricing to be effective on the launch date of October 15, 2010 (pending SEC approval) has been announced. Additionally, new B2B, TRIM, SLIM, and One Under Routing Strategies are being released allowing for more cost effective routing options. Please click the title for full details.

BATS Exchange (BZX) Pricing Update Effective September 1, 2010

August 27, 2010

In response to competitors increasing their liquidity removal rates, BATS has updated "One Under" pricing that will be effective September 1, 2010. Please click on the title for more information.

BATS May U.S. Markets Update and Pricing June 1, 2010

May 26, 2010

Dear BATS Customers and Members of the Trading Community, In this edition of the BATS U.S. Market Update, youll find the following: 1. BATS Exchange (BZX) Industry Security Based Circuit Breakers Effective June 14, 2010, FAQ 2. BATS Exchange (BZX) Significant Price Improvement 3. BATS Exchange (BZX) Dark Scan Routing Pricing Effective June 1, 2010 4. REMINDER: BATS Exchange (BZX) New Market Data Products Released in May 5. BATS Options Hitting New Records, Rollout Complete 6. BATS Y-Exchange (BYX) Production Ports Available June 1, Launch Pending SEC Approval Read the Complete Update

BATS Exchange (BZX) "One Under" Pricing Change and April U.S. Market Update

April 27, 2010

Dear BATS Customers and Members of the Trading Community,


In this edition of the BATS U.S. Market Update, you'll find the following:


  1. BATS+NYSE: "One Under"Routing Pricing Effective May3,2010
  2. REMINDER: BATS Exchange (BZX) New Equities Market Data Products in May
  3. BATS Options- Hitting New Records
  4. BATS Exchange (BZX) Equities Reduces Multicast PITCH (Order-To-Quote) Latency
  5. BATS Exchange (BZX) - Significant Displayed and Hidden Liquidity
  6. REMINDER: BATS Y - Exchange (BYX) coming thisSummer, pending SEC Approval


  7. Read the complete Fee Schedule Update

BATS Exchange (BZX) Equities Routing Pricing, Effective April 1, 2010

March 30, 2010

Dear BATS Exchange Member,

BATS Exchange (BZX) Equities Routing Pricing, Effective April 1, 2010

In response to competitors increasing their liquidity removal rates,
BATS will make the following routing pricing changes effective April 1,
2010 (subject to filing with the SEC):

* Standard Smart Order Routing to $.0028/share from $.0027/share
(0.28% of total dollar value for routed trades priced below $1)
* BATS+NASDAQ "One Under" Pricing normalized to $.0029/share for
all tapes.
* BATS+ARCA "One Under" Pricing to $.0028/share for Tapes A and C.
Tape B remains at $.0027/share.

Despite competitors' liquidity removal rates drifting toward the legal
maximum of $.0030/share, BATS will continue to offer a significant
discount to the routing rates of all other major markets.

Are you paying $.0029-$.0030/share to remove liquidity or use the
routers of other market centers, even after you work hard to hit their
volume tiers? BATS would like the opportunity to execute or route your
order before you send it to these higher-priced markets. With our smart
router improvements and ultra aggressive pricing, now is the time to hit
BATS first and let us route for you.

All Other Pricing Remains the Same

BATS will keep all other pricing the same including the low remove rate
of $.0025/share for liquidity on the BATS Exchange (BZX) order book.
This low remove rate is now $.0004-$.0005/share (up to 17%) less
expensive than NASDAQ, NYSE Arca, and EDGX.

A complete copy of the latest BATS Exchange fee schedule can be found on our
website.

Reminder: BATS Exchange (BZX) New Order Type, BATS+DART, coming April
1, 2010, subject to filing with the SEC

Effective April 1, 2010, BATS will offer a new order type called
BATS+DART. This order type will first access liquidity on the BATS
Exchange (BZX) order book at our low remove rate of $.0025/share and
then route to DART Dark Liquidity Partners (DLPs). Fills that result
from routing to DART DLPs will be charged at the economical rate of
$.0020/share. After routing to DART DLPs, the order will return to the
BATS order book or be canceled depending upon the user's instruction.
BATS+DART is an opt-in order type requiring users to set FIX Tag 18=u
(lower case) along with Tag 9303=R. BATS has partnered with numerous
DART DLPs, and the new BATS+DART order type gives members even greater
opportunity to access dark liquidity at a competitive price.

We appreciate your continued support of BATS and look forward to earning
more of your business. Please contact your Sales Director or the Trade
Desk if you have any questions, including how you can better trade on
BATS Exchange and take advantage of our consistently aggressive pricing.

BATS Trade Desk
+1.913.815.7001
[email protected]
www.batstrading.com

BATS Exchange Pricing Change and U.S. Market Update

March 22, 2010

Dear BATS Customers and Members of the Trading Community,

In this edition of the BATS U.S. Market Update, you'll find the
following:


  1. BATS Exchange (BZX) Equities Routing Pricing, Effective April 1,2010

  2. BATS Exchange (BZX) New Order Type, BATS+DART, coming April 1,2010, subject to filing with the SEC

  3. BATS Exchange (BZX) - The largest exchange pool of hidden liquidity

  4. BATS Options Off to a Smooth Start

  5. BATS Exchange (BZX) to unveil Equities Market Data Products in May

  6. BATS Y-Exchange (BYX) coming this Summer, pending SEC Approval


Read the complete Fee Schedule Update

Regulatory Transaction Fee Rate Adjustment per SEC Section 31 Rate Change, Effective Thursday, April 1, 2010

March 02, 2010

Dear Member,

This Circular is being issued to inform you that in Fee Rate Advisory #5
for Fiscal Year 2010
, the SEC announced that effective Thursday, April 1,
2010 the Section 31 transaction fee rate applicable to securities transactions on
the exchanges and over-the-counter markets will increase to $16.90 per
million dollars. Until that date, the current rate of $12.70 per million dollars will
remain in effect.

Please be advised that on April 1st, BATS Exchange will be adjusting the
Regulatory Transaction Fee to reflect the new rate of $16.90 per million
dollars.

Questions regarding this Circular may be directed to the BATS Trade
Desk.

BATS Trade Desk
+1.913.815.7001
[email protected]
http://www.batstrading.com

BATS Exchange Pricing Effective February 1, 2010

January 26, 2010

Dear BATS Exchange Member,

In response to competitors increasing their remove rates, BATS will make
the following pricing changes effective February 1, 2010 (subject to
filing with the SEC):

* Standard Smart Order Routing to $.0027/share from $.0026/share
(0.27% of total dollar value for routed trades priced below $1)
* BATS+NYSE ARCA "One Under" Pricing normalized at $.0027/share
for all tapes.
* BATS+NASDAQ "One Under" Pricing to $.0027/share for tapes A and
C. Tape B remains at $.0029/share
* 0.1% charge of total dollar value to remove liquidity for orders
executed below $1.00. It remains free to add liquidity below $1.00.

All Other Pricing Remains the Same

BATS will keep all other pricing the same including the low remove rate
of $.0025/share. This low remove rate is now $.0003-$.0005/share (up to
17%) lower than NASDAQ, NYSE Arca, and EDGX.

Better Smart Routing at $.0027/share

BATS still offers a $.0002 discount off the best smart routing rate of
any major market. We've made significant improvements to our smart
order router recently providing you:

(1) Higher fill rates (greater than 70% share fill rate)

(2) Less time spent seeking liquidity (averaging 8 milliseconds)

(3) Greater price improvement

Are you paying $.0028-$.0030/share to remove liquidity or
$.0029-$.0030/share to use the routers of other market centers, even
after you work hard to hit their volume tiers? BATS would like the
opportunity to execute or route your order before you send it to these
high-priced markets. With our smart router improvements and ultra
aggressive pricing, now is the time to hit BATS first and let us route
for you.

A complete copy of the new BATS Exchange fee schedule can be found at
http://www.batstrading.com/ProposedFeeSchedule.

We appreciate your continued support of BATS and look forward to earning
more of your business. Please contact your Sales Director or the Trade
Desk if you have any questions, including how you can better trade on
BATS Exchange and take advantage of our consistently aggressive pricing.

BATS Trade Desk
+1.913.815.7001
[email protected]
www.batstrading.com