Both strategies are available on the BATS Exchanges in the US and Parallel 2D is available on BATS Options and BATS Europe.

According to the company, in the US, Parallel 2D routes to all price levels at all protected market centers in parallel. In Europe, Parallel 2D simultaneously routes to all price levels at all European displayed market centers up to the limit price.

Parallel T routes the order in parallel to protected markets sending the exact quantity of only the protected (top) quote to each market center. Unlike Parallel D and 2D, Parallel T will not use depth of book quotes to build the routing plan.

Once the protected (top) quotes have been accessed, any unfilled shares will be posted to the order book of the originating exchange (BYX Exchange or BZX Exchange) provided the order is not an IOC order, said BATS Global Markets.

BATS Global Markets COO Chris Isaacson said that these new parallel routing strategies aim to facilitate participants achieving best execution more efficiently while accessing multiple market venues simultaneously and cost effectively.

The new parallel smart order routing strategies complement the Parallel D (as in Depth of Book) routing strategy that was rolled out in October. Parallel D, which is now BATS’ default routing strategy on the BATS Exchanges, BATS Options and BATS Europe, routes orders to all market centers with a quote at each price level simultaneously.