BATS has released a new pre-routing display strategy named Bolt (BATS Optional Liquidity Technology) for users to get an advanced look at unfilled orders ahead o the wider market.

Bolt is used with both BATS Only orders and with certain routing strategies and will display unfilled portions of marketable orders via the exchange's proprietary data feeds for a limited period of time.

The BATS Only orders in Bolt will allow up to 500 milliseconds of additional order exposure on the BATS data feeds. Routable Bolt orders expose and order to BATS members for up to 25 milliseconds before routing to away markets.

According to a statement, BATS Only Bolt orders earn a full liquidity rebate of $.0024 per share if executed during the exposure period. Routable Bolt orders receive a rebate of $.0015 if executed during the exposure time.