Recommended migration approach

Cboe is working closely with firms to understand their Brexit planning in order to provide feedback on the most appropriate outcome for their business needs.

For some firms whose trading focus is UK only (or EU only) and is based in the corresponding location, the best approach to Cboe venue membership is relatively straightforward to envisage. However, for those firms wishing to trade on a pan-European basis post-Brexit, the situation is clearly more complicated given the current uncertainty over the direction and final outcome of Brexit.

In order to address the various potential outcomes, Cboe is encouraging these Participants to consider the approach to accessing Cboe’s venues that provides most flexibility.

Where a firm is intending to separate itself into a UK and EU entity in order to facilitate client access to Cboe, Cboe suggests each entity become members of both Cboe Europe venues (current UK and forthcoming EU).

This approach permits firms to be ready for the worst case scenarios and should a more favourable outcome materialise, memberships and infrastructure that are no longer required can be removed.

Regardless of the situation that firms envisage themselves in, Cboe strongly encourages its customers to engage with Cboe as soon as possible.

For more information on the migration models please contact your Cboe Account Manager.

All information related to the Cboe EU venue is subject to regulatory approval as the authorisation process in the Netherlands is ongoing.