BATS Platform Change Matrix. Version 1.0.5

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1 BATS Platform Change Matrix Version October 27, 2014

2 Following are lists of key platform changes by categories of interest designed to provide Members with an overview on what key platform specific features will be added, retained, modified or removed from,, DGA and DGX. Matrix Legend =xisting Feature Planned to Maintain As-Is M=Modification to xisting Feature A=Addition of New Feature D=Deletion of Feature DGA DGX Order ntry BO v2.0 A A A A FIX M 1 M 1 M 1 M 1 FIX compatibility mode A A FIX DROP M 2 M 2 Legacy DROP D 2 D 2 Order by Order FIX DROP M 2 M 2 XPRS D 1 D 1 2 While BATS Legacy DROP will be deprecated by end of 2014, FIX DROP and Order by Order DROP will continue to be supported. On DGA/DGX, XPRS is being replaced with BATS BO (Binary Order ntry). In order to support DGA and DGX features, BO required some significant updates. As such, a more extensible version of BO has been designed (BO Version 2). Ultimately, BO Version 2 will be the standard binary order entry protocol for all BATS Global Markets trading platforms. All BATS US quity platforms will utilize the same FIX implementation within the NY5 data center. The new FIX implementation merged features from all 4 platforms. DGA/DGX Members that do not wish to immediately conform to the new FIX specification may opt to utilize DGA/DGX FIX Compatibility mode (refer to DGA/DGX FIX Compatibility Mode Specification for details on changes that are still required even when using Compatibility mode). Members of / can expect to see changes to the existing specifications in the coming months with a goal of conforming to the new common specification on or before the DGA/DGX integration date. While BATS Legacy DROP will be retired by end of 2014, FIX DROP and Order by Order FIX DROP will continue to be supported. DGA DGX Order Types and Handling Hide Not Slide M 1 Market Maker Peg Order A 2 A 2 NBBO Offset Peg Order D 2 D 2 Midpoint Discretionary Order Midpoint Match 3 Multiple Price Adjust A A A A All Rights Reserved Page 2

3 Multiple Display Price Sliding A Route Peg Order D 4 D 4 Supplemental Peg Order M 4 M 4 A A Single Re-Price D 5 D 5 Stop/Stop Limit Orders A A Post Only at Limit Price Adjust A A Visible Pegged Discretionary Order A A Random Replenishment with Reserve Orders A A Market Day Orders A A Market Order Collar M 6 M 6 Match Trade Prevention (Cancel Smallest) A A Opening & Halt Process in non -listed names 7 M M A A 1 On DGA, Hide Not Slide will be renamed to Display Price Sliding. 2 The DGA/DGX NBBO Offset Peg order will be replaced by the / Market Maker Peg order. 3 Midpoint Match Orders will be allowed to trade from 8am-8pm T. 4 The Route Peg Order on DGA/DGX will be renamed to Supplemental Peg Order. 5 Single Re-Price will no longer be supported on DGA/DGX. 6 DGA/DGX will use market order collar based off of NBBO, not last sale price, to match / 7 All BATS exchanges will accept orders at 6am T, open pre-market trading at 8am T, and regular market trading at 9:30am T using the same opening process. On halts, orders will also be allowed to persist and participate in the halt opening process unless instructed to cancel. Order types across the four equity platforms are being normalized where possible. For complete implementation details regarding the order types noted above, refer to the updated order entry technical specifications or contact the BATS Trade Desk. DGA DGX All Rights Reserved Page 3 Order Routing Aggressive Routing Support (Cross Only) A A Odd Lots Default to Super Aggressive A A Route to Improve 1 1 Route to Fill 2 2 Route to Comply D 3 D 3 Post to Away A A CLC (Comprehensive Liquidity Check) DRT(Dark Routing Technique) DIRC A 4 A 4 INT A A ICMT A IOCM A RDOT A A RDOX A A RMPT A ROBB

4 ROCO ROLF A A ROOC A A ROUC ROUD ROU ROUQ ROUT ROUX ROUZ SLIM SLIM+ SWPA M 5 M SWPB M 5 M 5 A A SWPC D 5 D 5 TRIM TRIM+ TRIM2 TRIM2+ TRIM3 TRIM3+ IOCX D 7 D 7 IOCT D 7 D 7 ROBA D 7 D 7 ROBX D 7 D 7 ROBY D 7 D 7 ROPA D 7 D 7 1 quivalent to / Parallel-D. 2 quivalent to / Parallel-2D. 3 See RoutStrategy (FIX Tag 9400) = SWPA or SWPB instead. 4 A new routing strategy to support directing IOC and IOC ISO orders to a selected venue. 5 SWPC retired as SWPA/SWPB enhanced to support TimeInForce (FIX Tag 59) = DAY (Ship & Post). 6 quivalent to / Parallel-T. 7 Replaced by RoutStrategy (FIX Tag 9400) = DIRC. At a future date prior to integration yet to be determined, the and FIX implementation for routing which exclusively uses FIX Tag 9303 today for routed order definitions will be updated to function more like DGA and DGX routed order definitions do today. FIX tags 9303 (RoutingInst), 9350 (RouteDeliveryMethod) and 9400 (RoutStrategy) will be used in combination for routed order definitions. / Members that do not wish to conform to the new method of entering routed orders will be offered a BATS Legacy Routing Mode option for a period of time. Refer to the updated FIX specification for complete details. Certain routing behavior will be normalized across the equity books. Route strategies (defined through RoutStrategy FIX Tag 9400) will also be normalized across platforms where possible. All Rights Reserved Page 4

5 DGA DGX Port Attributes Ports Defaults M 1 M 1 FIX Attribute - Direct dge FIX Compatibility Mode A A FIX Attribute - BATS Legacy Routing Mode A A BO/FIX Attribute - Cancel Orders on Halt A A A A BO/FIX Attribute - Default Attributed Quote A A M 2 M 2 BO/FIX Attribute - Default Retail Order A A A A BO/FIX Attribute - Suppress Cancels On Session Close A A 2 Allow for option for retail firms to attribute to RTAL versus their MPID. DGA/DGX order entry port defaults will be replaced with / port defaults which are defined at the end of the respective technical specification. Port attributes that do not exist on the / today have been highlighted in the table above. DGA DGX Data Feeds Next Gen Unicast/Multicast D 1 D 1 TCP/Multicast PITCH A 1 A 1 M 1 M 1 TOP Feed A A Latency Feed A A Last Sale Feed A A The existing Next Gen Unicast and Multicast protocols of DGA/DGX will be deprecated in favor of BATS TCP and Multicast PITCH. While minor differences exist between the protocols today, they have been outlined in the Integration FAQ under the Market Data section. Refer to the updated PITCH technical specifications for complete details. BATS TOP, Latency Feed and Last Sale feed will be available for DGA/DGX with little to no changes anticipated. DGA DGX Other Web Portal - Sponsored Access Controls M 1 M 1 Web Portal - Port Controls M 1 M 1 Web Portal - Market Maker Registration M 1 M 1 Secure Web API A A Risk Tool - Broker Locate on Short Sell D 1 D 1 Risk Tool - Block Sell Short xempt D 1 D 1 Risk Tool - Duplicate Order Checks D 1 D 1 All Rights Reserved Page 5

6 BATS suite of Web Portal and Risk Management tools will be made available to DGA/DGX Members replacing existing mechanisms that control similar features on DGA/DGX. Revision History Document Date Description Version /04/14 Initial version /30/14 Changed option for retail firms to attribute quotes from displaying RTL to RTL /05/14 Changed option for retail firms to attribute quotes from displaying RTL to RTAL /01/14 Midpoint Discretionary Order are not being added to DGX and at this time /22/14 ROUC will no longer be added to or. It will be retained on DGA and DGX /27/14 Updated table to reflect removal of Midpoint Discretionary Order from DGX and. All Rights Reserved Page 6