BATS Granted SEC Approval for Retail Price Improvement Program

November 29, 2012 4:25 PM EST
Alternative exchange BATS Global Markets received SEC approval for its Retail Price Improvement (RPI) program, designed to provide significant price improvement for retail investors.

The RPI program creates a new class of market participants called Retail Member Organizations (RMOs) that are eligible to submit retail orders. Any BYX Exchange Member may certify to submit RPI orders that offer price improvement in $.001 increments to retail orders submitted by RMOs.

“Our RPI program is designed to provide better executions for individual investors by offering material price improvement for retail orders," said Joe Ratterman, president and chief executive of BATS Global Markets. "By enhancing price competition for retail orders, our goal is to provide retail customers with better execution prices while improving the overall quality of the BYX Exchange for all market participants."

BATS BYX Exchange will launch the program as a one-year pilot on December 17, 2012.

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