The BATS Exchanges (BZX Exchange and BYX Exchange) make the following market quality information
publicly available to demonstrate the impact of BATS’ significant undisplayed liquidity, including
true midpoint orders, on the economics of trading.
All calculated metrics are based on trades and quotes received from the Consolidated Tape during
normal trading hours. Internal or external issues that result in dropped messages could affect the
results of these reports. Please note that Excel Formatted files have multiple tabs.