PITCH

PITCH was developed at BATS Global Markets, and used across its US equity exchanges, namely BZX, BYX, EDGA and EDGX. After Cboe's acquisition of BATS Global Markets in 2017, Cboe has adopted PITCH under its larger umbrella of trading venues. In addition to the former BATS and Direct Edge exchanges, PITCH is also used at the Cboe options exchanges and Cboe Futures Exchanges (CFE).

PITCH enables the delivery of full order book information, which includes updates on individual buy and sell orders, such as adds, modifies, and cancels. It is primarily associated with Cboe's Depth feeds, which provide real-time market data at L3 granularity. This is contrasted with Cboe's TOP protocol, which is designed for real-time top of book (L1) quotations.

PITCH can be used with both multicast UDP and TCP as the underlying transport protocol, and as such is sometimes called Multicast PITCH or TCP PITCH respectively.