TradeStation Help

BATS (Exchange)

BATS allows the trading of listed NYSE, AMEX, NYSE Arca, and Nasdaq stocks in quantities from 1 to 30,000. Even, odd and mixed lot orders are supported (even lots are multiples of 100, mixed lots are not, odd lots are orders less than 100 shares).

• Orders can be placed from 9:30 A.M. to 4:00 P.M. Eastern Time.
• BATS accepts decimal increments precise to two digits (that is, prices as fine as .01).

In the event of a connection outage between the TradeStation Order Execution Network and BATS, all open orders will remain working in the market as usual.

Order Durations

Day

May be entered between 9:30 A.M. and 4:00 P.M. Eastern.

Unfilled orders and leaves expire at 4:00 P.M. Eastern.

IOC (Immediate Or Cancel)

May be entered between 9:30 A.M. and 4:00 P.M. Eastern.

Partial fills will be accepted.

Unfilled orders and leaves expire immediately.

FOK (Fill Or Kill)

May be entered between 9:30 A.M. and 4:00 P.M. Eastern.

Partial fills will not be accepted.

Unfilled orders and leaves expire immediately.

Minute Orders

May be entered between 9:30 A.M. and 4:00 P.M. Eastern.

Unfilled orders and leaves expire after the specified number of minutes has elapsed.

GTC (Good Till Canceled)

May be entered at any time.

Unfilled orders and leaves remain alive, if applicable, across multiple days, for the DAY session only until the order is filled or canceled.

Orders have a maximum life span of 90 calendar days.

Orders are canceled if there is a corporate action or reorg. on the symbol traded.

Orders that are partially filled during, and remain that way until the end of, a DAY trading session, will have any remaining leaves automatically canceled.

GTD (Good Till Date)

May be entered at any time.

Unfilled orders and leaves remain alive, if applicable, across multiple days, for the DAY session only until the order is filled or canceled.

Orders have a maximum life span of 90 calendar days.

Orders are canceled if there is a corporate action or reorg. on the symbol traded.

Orders that are partially filled during, and remain that way until the end of, a DAY trading session, will have any remaining leaves automatically canceled.

Advanced Settings

Advanced settings for order placement on BATS are:

• Show Only
• Discretionary
• ECN Sweep
• Trailing Stops
• Activation Rule
• If Touched
• Peg

Advanced orders are available between 9:30 A.M. and 4:00 P.M. Eastern.

Order Behaviors

• Market orders are matched within BATS if BATS is currently the best bid/ask of the market (that is, "at the inside"). If not, the order is routed using BATS smart order routing logic. Any residual volume will not be routed to the next price level until all quotes at the current best bid offer are exhausted. BATS Market orders do not guarantee a fill and may reject, cancel, or expire prior to being completely filled.  BATS will continue to route to the next price level until any of the following is true:
  • All residual volume is exhausted, at which point the order is completely filled.
  • All attainable liquidity at a specific price level is exhausted and the market data has not updated indicating a new NBBO, at which point the order will be rejected back to the user.
  • Attainable liquidity is exhausted within an extreme price constraint of $0.10 or 1% (whichever is greater) worse than the NBBO at the original time of the order, at which point the order will be rejected back to the user.
• Marketable limit orders are matched with BATS if BATS is currently the best bid/ask of the market (that is, "at the inside"). If not, the order is routed using BATS smart order routing logic. Order price may be improved.  BATS caps the limit price of a marketable limit order to the NBBO at the time of order placement. Once all attainable liquidity within that capped limit price is exhausted, the order will be rejected back to the user.
• Non-marketable limit orders are posted to the BATS book. The best bid and offer in the BATS book will be displayed in the Market Depth window (under either the CINN or the ISEG market participant ID).
• Stop Market Orders are initially routed to our stop server until triggered. Once triggered, an order routed to BATS will behave as a Market order.
• Stop Limit Orders are initially routed to our stop server until triggered. Once triggered, an order routed to BATS will behave as a Limit order.
• An Immediate or Cancel (IOC) order is matched within the BATS book only if BATS is at the inside. Non-marketable orders are immediately rejected, partial fills will be accepted.
• A Fill or Kill (FOK) order is matched within the BATS book only if BATS is at the inside. Non-marketable orders are immediately rejected; partial fills will not be accepted.
• Unfilled orders and leaves set for Minute durations (such as 1,3,5 Minute) expire immediately after the designated number of minutes.