BATS does not only compete on price and speed. It offers many unique order types tailored to it's main market - high speed traders. Targeting high speed traders

BATS does not only compete on price and speed. It offers many unique order types tailored to it's main market - high speed traders. Targeting high speed traders gave BATS an advantage because those are the customers that make exchanges money - both because of volume, and the specific types of orders they use. High speed traders traditionally try to avoid the automated routing that traditional orders go through to match and fill. A high speed trader would like to know the fees with certainty, and routing opens up the risk of unexpected fees. Therefore, many high speed traders mark their trades for no routing. This benefits the exchanges since the liquidity stays on their exchange and they will collect the fees when/if it fills.