Timeline

This section outlines the current plans for migrating existing UK venue participants, or to on-board new EU participants, onto the new Cboe EU venue. The approach may be subject to change so firms should ensure they check back regularly for updates or contact [email protected] or +44 20 7012 8906.

Depending on the details of any transition arrangements or an extension to the Brexit deadline, it is possible that the launch date of Cboe EU may be adjusted. In the event of a restrictive (UK third country recognition does not extend to EU-27 symbols) or “hard” Brexit, a firm may be prohibited from accessing either Cboe UK or Cboe EU by the regulations in its own jurisdiction.

Therefore, access to the Cboe venues will depend on each Participant’s own Brexit arrangements in combination with what may be possible under any eventual agreement between the UK and the EU.

Our approach for gathering the information relating to order and trade entry requirements is outlined below.

Target Date Milestone Description
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From
17th September 2018
Production Environment Approach Evaluation Discussion with Account Managers on migration model and bank codes to be migrated - Complete Brexit Bank Code Selection.
From
24th September 2018
Certification Environment (UAT) Available for Testing Availability of Certification Environment Cboe EU sessions for testing on demand.
From
15th October 2018
Target Configuration Analysis Cboe begins providing Participants a “Brexit Target Configuration” spreadsheet based on their completed “Brexit Bank Code Selection” spreadsheet. This will outline the final Production configuration. Any feedback received after Wednesday 31st October 2018 will be subject to a 2 week turnaround time.
November 2018
Market data configuration changes communicated Changes communicated for a new set of multicast PITCH feeds for the trading venues which will replace the existing feeds in 2019 after a suitable migration period.
From
19th November 2018
Final Configurations Applied in Production Final configurations will start to be applied based on feedback and agreement. Any changes required after the configuration has been agreed and applied will have to follow the existing change process. This is the earliest point from which Production configurations can be put in place. Change control window open.
26th November 2018
Brexit Real-Time Protocol Changes live in the Certification Environment From Monday 26th November 2018 Units 4 and 7 in BXE and CXE will be configured to be part of the new EU venue allowing Participants to test functionality as described in the forthcoming Brexit Technical Changes Guidance Note.
26th November 2018
Redistribution of Symbols between Units in the Certification Environment Symbols are distributed across Matching Units by a published market and alphabetical distribution. In BXE, CXE and SES, some markets are going to be migrated to a different Matching Unit in preparation of creating separate UK and EU venues.
30th November 2018
Smart Order Routing Service Termination. Cboe are decommissioning the SOR service which will result in all SOR order types (Parallel-D, Parallel-2D and Cboe+Primary) on the BXE and CXE order books being rejected.

All other order types including sweep orders (LitSweep, DarkSweep, and DarkLitSweep) remain unaffected.
15th February 2019
Live in Production:
  • Trading Venue Segregation on Multicast PITCH
  • Redistribution of Symbols between Units
  • Multicast PITCH Transaction Marker functionality live in Production
  • Microseconds on TCP PITCH live in Production
See sections 2.1.4, 3, 6 and 9 of the Brexit Technical Changes Guidance Note for further details.
1st April 2019
EU Venue Launches.

Live in Production:
  • UK and EU FIXDROP session filtering
  • EU Venue MIC Codes
  • Trading Venue flagging for trade reports on market data
See sections 2.2.4, 4 and 5 of the Brexit Technical Changes Guidance Note for further details.

Please note that the functionality going live on Brexit date (1st April 2019) is subject to:
  • The relevant regulatory authorisation being granted to Cboe EU to provide its services; and
  • Cboe EU confirming that it will launch the operations.

Certification Environment Approach in Detail

Cboe intends to generate Certification Environment Cboe EU configurations for Participants to test on demand from Monday 24th September 2018. Please note that these ports will be to allow Participant connectivity and separation of flow testing only. Functional changes required for Brexit will not be in place in the Certification Environment until November. Please note that your Certification Environment setup is not always representative of your current Production Environment setup.

Production Environment Approach in Detail

Cboe believes that Participants will have differing Brexit arrangements and therefore will be required to complete an initial “Brexit Bank Code Selection” spreadsheet which will describe how you would like Cboe to migrate your existing and (where applicable) new firm. From Monday 17th September 2018 onwards your Account Manager will be in contact to discuss your plans and assist you in completing the “Brexit Bank Code Selection” spreadsheet to describe your desired end state.

From Monday 15th October 2018, Cboe will provide Participants a “Brexit Target Configuration” spreadsheet which will have been generated based on your responses provided in the “Brexit Bank Code Selection” spreadsheet. The “Brexit Target Configuration” spreadsheet will describe the bank codes and ports (FIX, BOE, ODROP, FIXDROP) that have been created for each of your firms. In the event Participants want to make any changes having reviewed the target configuration, then the “Brexit Bank Code Selection” spreadsheet should be resubmitted. Any feedback received will be subject to a 2 week turnaround time.

From Monday 19th November 2018, final configurations will start to be applied in production. Any changes required after the configuration has been agreed and applied will have to follow the standard Cboe change request process by sending an email to the Trade Desk team.

Interim Period

Please note that as Cboe is at the application stage with the Dutch Authority for the Financial Markets (AFM) for the authorisation of Cboe EU. Participants will be unable to trade on the new venue until regulatory authorisation is obtained and we have a confirmed launch date. If requested, and subject to successful completion of the application process, Cboe will configure new Participants to be able to trade in UK/CH and EU-27 symbols on the existing Cboe Europe Equities venue. To mitigate against the risk of not being able to trade on Cboe markets, should the Cboe EU venue launch be postponed it is strongly recommended that firms who intend to be participants of Cboe EU are also participants of Cboe UK Equities during the interim period.

Market Data Changes

As part of the approach to the migration, Cboe will be adding a new set of multicast PITCH feeds for the trading venues which will replace the existing feeds as described in the Brexit Technical Changes Guidance Note. The changes will impact all consumers of multicast PITCH who will be required to connect to new GRP and SPIN ports and subscribe to a new set of feeds.

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