Release Notes

All systems are functioning normally.

Last Updated 02:42:20 GMT

Cboe Europe Equities: Participant Portal Enhancement

April 20, 2018 13:37:43

Dear Cboe Europe Equities Participants,

Please be advised that the Cboe Europe Equities (Cboe) Participant portal home page has undergone an enhancement. The new functionality can be tested effective Monday, 23rd April 2018 through the Certification Participant portal - https://certification.bats.com/account/login/.

Summary of changes:

The Cboe Participant portal re-design is primarily a cosmetic enhancement to the portal's account home page as well as bringing the portal in line with our public website. It also allows for additional new member tools to be released in the future.

The Cboe Exchange Tools section introduces functionality where each Cboe exchange platform is grouped by tool. The user will hover their cursor over the tool to reveal each exchange platform they are permissioned to view. Permissions are currently managed by Cboe and can be applied at tool and exchange platform granularity.

Participant and exchange tool functionality are unaffected by these improvements and their URLs remain unchanged, therefore any existing bookmarks will continue to work as normal.

Production:

The outlined Cboe Participant portal account home page enhancement will be released into Production effective Monday, 7th May 2018. The Certification release is effective Monday, 23rd April 2018.

Documentation

A summary of the enhancement is available online at http://cdn.batstrading.com/resources/participant_resources/Cboe_Europe_Equities_Participant_Portal_Enhancement.pdf.

Please contact the Trade Desk or your Account Manager if you have any questions.

All current and historical Cboe Europe Equities notices, including symbol universe updates, are available online at http://markets.cboe.com/europe/equities/notices/release_notes/.

Trade Desk

Cboe Europe Equities

11 Monument Street | London, EC3R 8AF

T. +44 207 012 8901
E: TradeDeskEU@cboe.com | cboe.com >
* Cboe Europe Equities is a Recognised Investment Exchange regulated by the Financial Conduct Authority.

REMINDER: Cboe Europe Equities: MiFID II Identifier Registration via API change effective, Fri 20th April 2018

April 18, 2018 10:59:55

Dear Cboe Europe Equities Participants,

Effective Friday 20th April 2018, Cboe Europe Equities (Cboe) will add a new column called "Message" to the Upload Results file returned by the MiFID II Identifier Management Application for uploads made using the Cboe Secure Web API. This is to provide Participants with more details on the reason for a submission not being processed (as per the below example):

Current Output:
Short Code,Long Code,Identifier Type,Effective Date,End Date,Processed
1223,2233445566,Client-Persons,2017-01-31,2018-02-20,N
1223,2233445566,Client-Person,2017-02-21,,Y

New Output:
Short Code,Long Code,Identifier Type,Effective Date,End Date,Processed,Message
1223,2233445566,Client-Persons,2017-01-31,2018-02-20,N,Invalid Identifier Type display name: Client-Persons
1223,2233445566,Client-Person,2017-02-21,,Y,

This functionality is already available for registrations made using the Identifier Management Tool through the Cboe Participant Portal.

Testing
These changes are currently available for testing in the Certification BXE and CXE environments. The same change will take effect in Production BXE and CXE environments on Friday 20th April 2018.

Documentation
MiFID II Identifier Management Specification

Please contact the Trade Desk or your Account Manager if you have any questions.

All current and historical Cboe Europe Equities notices, including symbol universe updates, are available online at http://markets.cboe.com/europe/equities/notices/release_notes/.

Trade Desk
Cboe Europe Equities
11 Monument Street | London, EC3R 8AF
T. +44 207 012 8901
E: TradeDeskEU@cboe.com | cboe.com >
* Cboe Europe Equities is a Recognised Investment Exchange regulated by the Financial Conduct Authority.

Cboe Europe Equities: Updated MiFID II Double Volume Caps to take effect Fri 13th Apr 2018

April 11, 2018 15:15:53

Dear Cboe Europe Equities Participants

Summary
Effective Friday, 13th April 2018, an updated regulatory suspension list will be enforced on the PRODUCTION BXE and CXE order books for the MiFID II Double Volume Caps. Please note that in some cases this has resulted in previously capped symbols becoming uncapped, based on updated data from ESMA.
Participants should use the symbol reference files to determine whether a cap is in place. Should a symbol not be available, any orders entered using the Reference Price pre-trade transparency waiver and any trade reports that use the first limb of the Negotiated Transaction pre-trade transparency waiver (Article 4(1)(b)(i) - trades in liquid instruments conducted with the current volume weighted spread) will be rejected. The reject message will include a reason code indicating it was related to the Double Volume Caps.

Whilst a symbol is capped:

* Any orders submitted to the dark order books in the prohibited symbol will be rejected, unless they are of equal to or greater than Large In Scale (LIS) size for that symbol.

* For partially-filled LIS dark order book orders, any residual volume smaller than LIS size will not be cancelled back but remain resting on the order book.

* Dark Lit Sweep orders smaller than LIS size will only target the integrated order book, however Dark Lit Sweep orders that are LIS or greater may execute against resting LIS dark liquidity before targeting the integrated order book.

* Exchange Trade Reports (ETRs) in liquid symbols that use the Negotiated Transaction Waiver and not subject to conditions other than current market price will be rejected.

* If Participants specify a routing instruction that specifically targets dark liquidity, those orders will be rejected.

* If the routing instruction targets a mix of dark and lit liquidity, dark venues will be skipped.

Background
MiFIR imposes a cap on the usage of the Reference Price and Negotiated Transaction pre-trade transparency waivers. The caps reference total EU on-venue volume and are calculated on a per symbol basis at 4% on any particular venue and 8% market-wide in any 12-month rolling period. There are three columns available to Participants in the symbol reference files to determine if and why a symbol is capped, along with an estimate for when the symbol will be uncapped:

* capped: Indicates whether a double volume cap is in place. This may be regulatory driven or voluntarily entered into. Valid values are:
0 = No cap in place
1 = Capped voluntarily by Cboe without instruction from the FCA
2 = Capped as per instructions from the FCA
3 = Not yet subject to double volume caps or double volume caps do not apply

* venue_cap_percentage: The approximate double volume cap usage on the Cboe venue expressed as a percentage of trading across all European venues as of the previous trading day. The calculation includes the Reference Price and Negotiated Transaction pre-trade transparency waivers for the previous eleven months and the current month-to-date combined. Note the usage is calculated at the venue level and therefore the value will be the same across BXE and CXE.

* venue_uncap_date: The estimated date the cap indicated by the capped column will be removed. If no cap is in place this column will be blank.

MiFID II requires trading venues to take reasonable steps not to breach these limits. As a result, Cboe intends to apply a 'self-capping' approach for the venue specific threshold.

Testing
The symbol reference files including the above columns are already available in both CERTIFICATION and PRODUCTION environments.
The CERTIFICATION symbol reference file will contain the updated values effective Thursday, 12th April 2018
The PRODUCTION symbol reference file will contain the updated values effective Friday, 13th April 2018

Documentation
Reference Data Spec
MiFID II Go-live Guidance Note

All current and historical Cboe notices, including symbol universe updates, are available online at http://markets.cboe.com/europe/equities/notices/.
Please contact the Trade Desk or your Account Manager if you have any questions.

Trade Desk
Cboe Europe Equities
11 Monument Street | London, EC3R 8AF
T. +44 207 012 8901
E. TradeDeskEU@bats.com | cboe.com >

REMINDER: Cboe Europe: Annual Disaster Recovery Test - Saturday 14th April 2018

April 09, 2018 09:14:31

Dear Cboe Europe Equities Participants

Annual Disaster Recovery test - Saturday 14th April 2018

MiFID II and its supporting level 2 regulations place extensive testing obligations on venues and their participants. Cboe Europe (Cboe) is obliged to not only test its own systems, but also to ensure that its Participants test their systems. Accordingly all Participants are strongly encouraged to participate in the annual disaster recovery (DR) testing. Firms that do not participate may be required to provide additional evidence of appropriate levels of testing.

Cboe will be conducting its annual DR test for the Production BXE, CXE, TRF and SIS environments on Saturday 14th April 2018.
The purpose of this testing day is for Cboe to simulate various DR failover scenarios, including a test of market failover from its primary data centre at Equinix Slough (LD4) to its secondary data centre at Equinix Park Royal (LD3). Participant attendance is not mandatory but is strongly recommended as this exercise affords Participants the ability to observe how their trading, quoting, trade reporting and market data applications would function in the event of a DR event at Cboe.

Participants should note the following:

* Change Freeze - Participants wishing to take part in the DR test must submit any outstanding requests for new ports by 16:00 UK time on Thursday 12th April. No new port requests will be processed on Friday 13th April.
* Production Data - Please ensure that your Production systems are configured not to send Production trade reports when Cboe systems come up on the morning of Saturday 14th April, as all data from that day will be discarded as test data.
* Disaster Recovery Test Schedule of Activities

Key contacts on the day

* The standard Cboe support contacts will be available from 07:00 until 13:00 UK time:

o NOC: NOCEurope@cboe.com +44 20 7012 8905

o Trade Desk: TradeDeskEurope@cboe.com +44 20 7012 8901

Conference Bridge

* There will be an one-way conference bridge open from 07:30 to 13:15 UK used by Cboe staff to disseminate regular progress updates throughout the day.

o UK Call-in Number: +44 207 897 0111

o Participant Passcode: 1917347665#

Documentation

* Disaster Recovery Guide

* Disaster Recovery Testing Guide

Testing

* Cboe will be conducting a weekly data centre failover test from the CXE Certification environment in LD4 to its backup in LD3, after 10:00 UK time each Wednesday up to and including Wednesday 11th April. Participants can view their Certification CXE DR (LD3) connectivity details in the Logical Ports dashboard within the Participant Portal. For access to this utility please contact the Trade Desk.

Please contact the Trade Desk or your Account Manager if you have any questions.

All current and historical Cboe notices are available online at http://markets.cboe.com/europe/equities/notices/release_notes/.

Trade Desk
Cboe Europe Equities
11 Monument Street | London, EC3R 8AF
T: +44 207 012 8901
E: TradeDeskEU@cboe.com | cboe.com >

REMINDER: Cboe Europe Equities: MiFID II Identifier Registration via API change effective, Fri 20th April 2018

March 29, 2018 12:55:09

Dear Cboe Europe Equities Participants,

Effective Friday 20th April 2018, Cboe Europe Equities (Cboe) will add a new column called "Message" to the Upload Results file returned by the MiFID II Identifier Management Application for uploads made using the Cboe Secure Web API. This is to provide Participants with more details on the reason for a submission not being processed (as per the below example):

Current Output:
Short Code,Long Code,Identifier Type,Effective Date,End Date,Processed
1223,2233445566,Client-Persons,2017-01-31,2018-02-20,N
1223,2233445566,Client-Person,2017-02-21,,Y

New Output:
Short Code,Long Code,Identifier Type,Effective Date,End Date,Processed,Message
1223,2233445566,Client-Persons,2017-01-31,2018-02-20,N,Invalid Identifier Type display name: Client-Persons
1223,2233445566,Client-Person,2017-02-21,,Y,

This functionality is already available for registrations made using the Identifier Management Tool through the Cboe Participant Portal.

Testing
These changes are currently available for testing in the Certification BXE and CXE environments. The same change will take effect in Production BXE and CXE environments on Friday 20th April 2018.

Documentation
MiFID II Identifier Management Specification

Please contact the Trade Desk or your Account Manager if you have any questions.

All current and historical Cboe Europe Equities notices, including symbol universe updates, are available online at http://markets.cboe.com/europe/equities/notices/release_notes/.

Trade Desk
Cboe Europe Equities
11 Monument Street | London, EC3R 8AF
T. +44 207 012 8901
E: TradeDeskEU@cboe.com | cboe.com >
* Cboe Europe Equities is a Recognised Investment Exchange regulated by the Financial Conduct Authority.

REMINDER: Cboe Europe: Annual Disaster Recovery Test - Saturday 14th April 2018

March 29, 2018 12:03:13

Dear Cboe Europe Equities Participants

Annual Disaster Recovery test - Saturday 14th April 2018

MiFID II and its supporting level 2 regulations place extensive testing obligations on venues and their participants. Cboe Europe (Cboe) is obliged to not only test its own systems, but also to ensure that its Participants test their systems. Accordingly all Participants are strongly encouraged to participate in the annual disaster recovery (DR) testing. Firms that do not participate may be required to provide additional evidence of appropriate levels of testing.

Cboe will be conducting its annual DR test for the Production BXE, CXE, TRF and SIS environments on Saturday 14th April 2018.
The purpose of this testing day is for Cboe to simulate various DR failover scenarios, including a test of market failover from its primary data centre at Equinix Slough (LD4) to its secondary data centre at Equinix Park Royal (LD3). Participant attendance is not mandatory but is strongly recommended as this exercise affords Participants the ability to observe how their trading, quoting, trade reporting and market data applications would function in the event of a DR event at Cboe.

Participants should note the following:

* Change Freeze - Participants wishing to take part in the DR test must submit any outstanding requests for new ports by 16:00 UK time on Thursday 12th April. No new port requests will be processed on Friday 13th April.
* Production Data - Please ensure that your Production systems are configured not to send Production trade reports when Cboe systems come up on the morning of Saturday 14th April, as all data from that day will be discarded as test data.
* Disaster Recovery Test Schedule of Activities - attached

Key contacts on the day

* The standard Cboe support contacts will be available from 07:00 until 13:00 UK time:

o NOC: NOCEurope@cboe.com +44 20 7012 8905

o Trade Desk: TradeDeskEurope@cboe.com +44 20 7012 8901

Conference Bridge

* There will be an one-way conference bridge open from 07:30 to 13:15 UK used by Cboe staff to disseminate regular progress updates throughout the day.

* Details of the conference bridge will be sent out closer to the DR test date.

Documentation

* Disaster Recovery Guide

* Disaster Recovery Testing Guide

Testing

* Cboe will be conducting a weekly data centre failover test from the CXE Certification environment in LD4 to its backup in LD3, after 10:00 UK time each Wednesday up to and including Wednesday 11th April. Participants can view their Certification CXE DR (LD3) connectivity details in the Logical Ports dashboard within the Participant Portal. For access to this utility please contact the Trade Desk.

Please contact the Trade Desk or your Account Manager if you have any questions.

All current and historical Cboe notices are available online at http://markets.cboe.com/europe/equities/notices/release_notes/.

Trade Desk
Cboe Europe Equities
11 Monument Street | London, EC3R 8AF
T: +44 207 012 8901
E: TradeDeskEU@cboe.com | cboe.com >

UPDATE: Cboe Europe: Annual Disaster Recovery Test - Saturday 14th April 2018

March 20, 2018 11:01:58

Dear Cboe Europe Equities Participants

** Further to the previous announcements below, Cboe Europe (Cboe) will be conducting a weekly data centre failover test from the CXE Certification environment in LD4 to its backup in LD3, after 10:00 UK time each Wednesday up to and including Wednesday 11th April. Participants can view their Certification CXE DR (LD3) connectivity details in the Logical Ports dashboard within the Participant Portal. For access to this utility please contact the Trade Desk.

Annual Disaster Recovery test - Saturday 14th April 2018

MiFID II and its supporting level 2 regulations place extensive testing obligations on venues and their participants. Cboe is obliged to not only test its own systems, but also to ensure that its Participants test their systems. Accordingly all Participants are strongly encouraged to participate in the annual disaster recovery (DR) testing. Firms that do not participate may be required to provide additional evidence of appropriate levels of testing.

Cboe will be conducting its annual DR test for the Production BXE, CXE, TRF and SIS environments on Saturday 14th April 2018.
The purpose of this testing day is for Cboe to simulate various DR failover scenarios, including a test of market failover from its primary data centre at Equinix Slough (LD4) to its secondary data centre at Equinix Park Royal (LD3). Participant attendance is not mandatory but is strongly recommended as this exercise affords Participants the ability to observe how their trading, quoting, trade reporting and market data applications would function in the event of a DR event at Cboe.

Participants should note the following:

* Change Freeze - Participants wishing to take part in the DR test must submit any outstanding requests for new ports by 16:00 UK time on Thursday 12th April. No new port requests will be processed on Friday 13th April.
* Production Data - Please ensure that your Production systems are configured not to send Production trade reports when Cboe systems come up on the morning of Saturday 14th April, as all data from that day will be discarded as test data.
* Disaster Recovery Test Schedule of Activities - attached

Key contacts on the day

* The standard Cboe support contacts will be available from 07:00 until 13:00 UK time:

o NOC: NOCEurope@cboe.com +44 20 7012 8905

o Trade Desk: TradeDeskEurope@cboe.com +44 20 7012 8901

Conference Bridge

* There will be an one-way conference bridge open from 07:30 to 13:15 UK used by Cboe staff to disseminate regular progress updates throughout the day.

* Details of the conference bridge will be sent out closer to the DR test date.

Documentation

* Disaster Recovery Guide

* Disaster Recovery Testing Guide

Please contact the Trade Desk or your Account Manager if you have any questions.

All current and historical Cboe notices are available online at http://markets.cboe.com/europe/equities/notices/release_notes/.

Trade Desk
Cboe Europe Equities
11 Monument Street | London, EC3R 8AF
T: +44 207 012 8901
E: TradeDeskEU@cboe.com | cboe.com >

REMINDER: Cboe Europe: Annual Disaster Recovery Test - Saturday 14th April 2018

March 15, 2018 10:07:50

Dear Cboe Europe Equities Participants

Annual Disaster Recovery test - Saturday 14th April 2018

MiFID II and its supporting level 2 regulations place extensive testing obligations on venues and their participants. Cboe Europe (Cboe) is obliged to not only test its own systems, but also to ensure that its Participants test their systems. Accordingly all Participants are strongly encouraged to participate in the annual disaster recovery testing. Firms that do not participate may be required to provide additional evidence of appropriate levels of testing.

Cboe will be conducting its annual disaster recovery (DR) test for the Production BXE, CXE, TRF and SIS environments on Saturday 14th April 2018.
The purpose of this testing day is for Cboe to simulate various DR failover scenarios, including a test of market failover from its primary data centre at Equinix Slough (LD4) to its secondary data centre at Equinix Park Royal (LD3). Participant attendance is not mandatory but is strongly recommended as this exercise affords Participants the ability to observe how their trading, quoting, trade reporting and market data applications would function in the event of a DR event at Cboe.

Participants should note the following:

* Change Freeze - Participants wishing to take part in the DR test must submit any outstanding requests for new ports by 16:00 UK time on Thursday 12th April. No new port requests will be processed on Friday 13th April.
* Production Data - Please ensure that your Production systems are configured not to send Production trade reports when Cboe systems come up on the morning of Saturday 14th April, as all data from that day will be discarded as test data.
* Disaster Recovery Test Schedule of Activities - attached

Key contacts on the day

* The standard Cboe support contacts will be available from 07:00 until 13:00 UK time:

o NOC: NOCEurope@cboe.com +44 20 7012 8905

o Trade Desk: TradeDeskEurope@cboe.com +44 20 7012 8901

Conference Bridge

* There will be an one-way conference bridge open from 07:30 to 13:15 UK used by Cboe staff to disseminate regular progress updates throughout the day.

* Details of the conference bridge will be sent out closer to the DR test date.

Documentation

* Disaster Recovery Guide

* Disaster Recovery Testing Guide

Please contact the Trade Desk or your Account Manager if you have any questions.

All current and historical Cboe notices, including symbol universe updates, are available online at http://markets.cboe.com/europe/equities/notices/release_notes/.

Trade Desk
Cboe Europe Equities
11 Monument Street | London, EC3R 8AF
T: +44 207 012 8901
E: TradeDeskEU@cboe.com | cboe.com >

REMINDER: Cboe Europe: Annual Disaster Recovery Test - Saturday 14th April 2018

March 12, 2018 08:07:26

Dear Cboe Europe Equities Participants

Annual Disaster Recovery test - Saturday 14th April 2018

Cboe Europe (Cboe) will be conducting its annual disaster recovery (DR) test for the Production BXE, CXE, TRF and SIS environments on Saturday 14th April 2018.
The purpose of this testing day is for Cboe to simulate various DR failover scenarios, including a test of market failover from its primary data centre at Equinix Slough (LD4) to its secondary data centre at Equinix Park Royal (LD3). Participant attendance is not mandatory but is strongly recommended as this exercise affords Participants the ability to observe how their trading, quoting, trade reporting and market data applications would function in the event of a DR event at Cboe.

Participants should note the following:

* Change Freeze - Participants wishing to take part in the DR test must submit any outstanding requests for new ports by 16:00 UK time on Thursday 12th April. No new port requests will be processed on Friday 13th April.
* Production Data - Please ensure that your Production systems are configured not to send Production trade reports when Cboe systems come up on the morning of Saturday 14th April, as all data from that day will be discarded as test data.
* Disaster Recovery Test Schedule of Activities - attached

Key contacts on the day

* The standard Cboe support contacts will be available from 07:00 until 13:00 UK time:

o NOC: NOCEurope@cboe.com +44 20 7012 8905

o Trade Desk: TradeDeskEurope@cboe.com +44 20 7012 8901

Conference Bridge

* There will be an one-way conference bridge open from 07:30 to 13:15 UK used by Cboe staff to disseminate regular progress updates throughout the day.

* Details of the conference bridge will be sent out closer to the DR test date.

Documentation

* Disaster Recovery Guide

* Disaster Recovery Testing Guide

Please contact the Trade Desk or your Account Manager if you have any questions.

All current and historical Cboe notices, including symbol universe updates, are available online at http://markets.cboe.com/europe/equities/notices/release_notes/.

Trade Desk
Cboe Europe Equities
11 Monument Street | London, EC3R 8AF
T: +44 207 012 8901
E: TradeDeskEU@cboe.com | cboe.com >

UPDATE: Cboe Europe Equities: MiFID II Double Volume Caps to take effect Mon 12th Mar 2018

March 09, 2018 06:52:17

Dear Cboe Europe Equities Participants

Further to the previous notice below, the PRODUCTION symbol reference files containing updated capped values will be available at the normal time on Monday morning, however a CERTIFICATION (UAT) version of these files is now available for testing. Please note that these come with the caveats that:

* The actual PRODUCTION file on Monday will change based on Corporate Actions and new listings between now and Monday

* Other static data reflects today's values rather than Monday's values

CERTIFICATION files
CXE CERTIFICATION: https://certification.batstrading.co.uk/cxe/market_data/symbol_listing/csv/
CXE CERTIFICATION (enhanced): https://certification.batstrading.co.uk/cxe/market_data/symbol_listing/enhanced_csv/

BXE CERTIFICATION: https://certification.batstrading.co.uk/bxe/market_data/symbol_listing/csv/
BXE CERTIFICATION (enhanced): https://certification.batstrading.co.uk/bxe/market_data/symbol_listing/enhanced_csv/

Documentation
Reference Data Spec
MiFID II Go-live Guidance Note

All current and historical Cboe notices, including symbol universe updates, are available online at http://markets.cboe.com/europe/equities/notices/.
Please contact the Trade Desk or your Account Manager if you have any questions.

Trade Desk,
Cboe Europe
11 Monument Street | London, EC3R 8AF
T: +44 20 7012 8901
E: TradeDeskEU@cboe.com | cboe.com >
* Cboe Europe Limited is a Recognised Investment Exchange regulated by the Financial Conduct Authority.

Dear Cboe Europe Equities Participants

Summary
Effective Monday, 12th March 2018, MiFID II Double Volume Caps will be enforced on the PRODUCTION BXE and CXE order books. This is the effective date of the first mandatory suspensions, which will be made public by ESMA on Wednesday 7th March 2018. Additionally, from this date Cboe will voluntarily suspend symbols that breach or are likely to breach the MiFID thresholds. Participants should use the symbol reference files to determine whether a cap is in place. Should a symbol not be available, any orders entered using the Reference Price pre-trade transparency waiver and any trade reports that use the first limb of the Negotiated Transaction pre-trade transparency waiver (Article 4(1)(b)(i) - trades in liquid instruments conducted with the current volume weighted spread) will be rejected. The reject message will include a reason code indicating it was related to the Double Volume Caps. Whilst a symbol is capped:

* Any orders submitted to the dark order books in the prohibited symbol will be rejected, unless they are of equal to or greater than Large In Scale (LIS) size for that symbol.

* For partially-filled LIS Dark Book orders, any residual volume smaller than LIS size will not be cancelled back but remain resting on the order book.

* Dark Lit Sweep orders that are smaller than LIS size will only target the integrated order book, however Dark Lit Sweep orders that are LIS or greater may execute against resting LIS dark liquidity before targeting the integrated order book.

* Exchange Trade Reports (ETRs) in liquid symbols that use the Negotiated Transaction Waiver and that are not subject to conditions other than current market price will be rejected.

* If Participants specify a routing instruction that specifically targets dark liquidity, those orders will be rejected.

* If the routing instruction targets a mix of dark and lit liquidity, dark venues will be skipped.

Background
MiFIR imposes a cap on the usage of the Reference Price and Negotiated Transaction pre-trade transparency waivers. The caps reference total EU on-venue volume and are calculated on a per symbol basis at 4% on any particular venue and 8% market-wide in any 12-month rolling period. There are three columns available to Participants in the symbol reference files to determine if and why a symbol is capped, along with an estimate for when the symbol will be uncapped:

* capped: Indicates whether a double volume cap is in place. This may be regulatory driven or voluntarily entered into. Valid values are:
0 = No cap in place
1 = Capped voluntarily by Cboe without instruction from the FCA
2 = Capped as per instructions from the FCA
3 = Not yet subject to double volume caps or double volume caps do not apply

* venue_cap_percentage: The approximate double volume cap usage on the Cboe venue expressed as a percentage of trading across all European venues as of the previous trading day. The calculation includes the Reference Price and Negotiated Transaction pre-trade transparency waivers for the previous eleven months and the current month-to-date combined. Note the usage is calculated at the venue level and therefore the value will be the same across BXE and CXE.

* venue_uncap_date: The estimated date the cap indicated by the capped column will be removed. If no cap is in place this column will be blank.

MiFID II requires trading venues to take reasonable steps not to breach these limits. As a result, Cboe intends to apply a 'self-capping' approach for the venue specific threshold.

Testing
The symbol reference files including the above columns are already available in both CERTIFICATION and PRODUCTION environments. The CERTIFICATION environment symbol reference files already have some capped test symbols and Participants are encouraged to start testing their ability to parse these files and their contents in advance of the PRODUCTION effective date. On Monday, 12th March 2018, the ESMA-calculated Double Volume Cap data will be made available in the PRODUCTION symbol reference files at the normal time pre-market open.

Documentation
Reference Data Spec
MiFID II Go-live Guidance Note

All current and historical Cboe notices, including symbol universe updates, are available online at http://markets.cboe.com/europe/equities/notices/.
Please contact the Trade Desk or your Account Manager if you have any questions.

Trade Desk
Cboe Europe Equities
11 Monument Street | London, EC3R 8AF
T. +44 207 012 8901
E. TradeDeskEU@bats.com | cboe.com >

Cboe Europe Equities: MiFID II Identifier Registration via API change effective, Fri 20th April 2018

March 08, 2018 17:06:34

Dear Cboe Europe Equities Participants,

Effective Friday 20th April 2018, Cboe Europe Equities (Cboe) will add a new column called "Message" to the Upload Results file returned by the MiFID II Identifier Management Application for uploads made using the Cboe Secure Web API. This is to provide Participants with more details on the reason for a submission not being processed (as per the below example):

Current Output:
Short Code,Long Code,Identifier Type,Effective Date,End Date,Processed
1223,2233445566,Client-Persons,2017-01-31,2018-02-20,N
1223,2233445566,Client-Person,2017-02-21,,Y

New Output:
Short Code,Long Code,Identifier Type,Effective Date,End Date,Processed,Message
1223,2233445566,Client-Persons,2017-01-31,2018-02-20,N,Invalid Identifier Type display name: Client-Persons
1223,2233445566,Client-Person,2017-02-21,,Y,

This functionality is already available for registrations made using the Identifier Management Tool through the Cboe Participant Portal.

Testing
These changes will be available for testing in the Certification BXE and CXE environments from Monday 12th March 2018. The same change will take effect in Production BXE and CXE environments on Friday 20th April 2018.

Documentation
MiFID II Identifier Management Specification

Please contact the Trade Desk or your Account Manager if you have any questions.

All current and historical Cboe Europe Equities notices, including symbol universe updates, are available online at http://markets.cboe.com/europe/equities/notices/release_notes/.

Trade Desk
Cboe Europe Equities
11 Monument Street | London, EC3R 8AF
T. +44 207 012 8901
E: TradeDeskEU@cboe.com | cboe.com >
* Cboe Europe Equities is a Recognised Investment Exchange regulated by the Financial Conduct Authority.

Cboe Europe Equities: MiFID II Double Volume Caps to take effect Mon 12th Mar 2018

February 28, 2018 15:01:16

Dear Cboe Europe Equities Participants

Summary
Effective Monday, 12th March 2018, MiFID II Double Volume Caps will be enforced on the PRODUCTION BXE and CXE order books. This is the effective date of the first mandatory suspensions, which will be made public by ESMA on Wednesday 7th March 2018. Additionally, from this date Cboe will voluntarily suspend symbols that breach or are likely to breach the MiFID thresholds. Participants should use the symbol reference files to determine whether a cap is in place. Should a symbol not be available, any orders entered using the Reference Price pre-trade transparency waiver and any trade reports that use the first limb of the Negotiated Transaction pre-trade transparency waiver (Article 4(1)(b)(i) - trades in liquid instruments conducted with the current volume weighted spread) will be rejected. The reject message will include a reason code indicating it was related to the Double Volume Caps. Whilst a symbol is capped:

* Any orders submitted to the dark order books in the prohibited symbol will be rejected, unless they are of equal to or greater than Large In Scale (LIS) size for that symbol.

* For partially-filled LIS Dark Book orders, any residual volume smaller than LIS size will not be cancelled back but remain resting on the order book.

* Dark Lit Sweep orders that are smaller than LIS size will only target the integrated order book, however Dark Lit Sweep orders that are LIS or greater may execute against resting LIS dark liquidity before targeting the integrated order book.

* Exchange Trade Reports (ETRs) in liquid symbols that use the Negotiated Transaction Waiver and that are not subject to conditions other than current market price will be rejected.

* If Participants specify a routing instruction that specifically targets dark liquidity, those orders will be rejected.

* If the routing instruction targets a mix of dark and lit liquidity, dark venues will be skipped.

Background
MiFIR imposes a cap on the usage of the Reference Price and Negotiated Transaction pre-trade transparency waivers. The caps reference total EU on-venue volume and are calculated on a per symbol basis at 4% on any particular venue and 8% market-wide in any 12-month rolling period. There are three columns available to Participants in the symbol reference files to determine if and why a symbol is capped, along with an estimate for when the symbol will be uncapped:

* capped: Indicates whether a double volume cap is in place. This may be regulatory driven or voluntarily entered into. Valid values are:
0 = No cap in place
1 = Capped voluntarily by Cboe without instruction from the FCA
2 = Capped as per instructions from the FCA
3 = Not yet subject to double volume caps or double volume caps do not apply

* venue_cap_percentage: The approximate double volume cap usage on the Cboe venue expressed as a percentage of trading across all European venues as of the previous trading day. The calculation includes the Reference Price and Negotiated Transaction pre-trade transparency waivers for the previous eleven months and the current month-to-date combined. Note the usage is calculated at the venue level and therefore the value will be the same across BXE and CXE.

* venue_uncap_date: The estimated date the cap indicated by the capped column will be removed. If no cap is in place this column will be blank.

MiFID II requires trading venues to take reasonable steps not to breach these limits. As a result, Cboe intends to apply a 'self-capping' approach for the venue specific threshold.

Testing
The symbol reference files including the above columns are already available in both CERTIFICATION and PRODUCTION environments. The CERTIFICATION environment symbol reference files already have some capped test symbols and Participants are encouraged to start testing their ability to parse these files and their contents in advance of the PRODUCTION effective date. On Monday, 12th March 2018, the ESMA-calculated Double Volume Cap data will be made available in the PRODUCTION symbol reference files at the normal time pre-market open.

Documentation
Reference Data Spec
MiFID II Go-live Guidance Note

All current and historical Cboe notices, including symbol universe updates, are available online at http://markets.cboe.com/europe/equities/notices/.
Please contact the Trade Desk or your Account Manager if you have any questions.

Trade Desk
Cboe Europe Equities
11 Monument Street | London, EC3R 8AF
T. +44 207 012 8901
E. TradeDeskEU@bats.com | cboe.com >

REMINDER: Cboe Europe: Annual Disaster Recovery Test - Saturday 14th April 2018

February 26, 2018 12:15:35

Dear Cboe Europe Equities Participants

Annual Disaster Recovery test - Saturday 14th April 2018

Cboe Europe (Cboe) will be conducting its annual disaster recovery (DR) test for the Production BXE, CXE, TRF and SIS environments on Saturday 14th April 2018.
The purpose of this testing day is for Cboe to simulate various DR failover scenarios, including a test of market failover from its primary data centre at Equinix Slough (LD4) to its secondary data centre at Equinix Park Royal (LD3). Participant attendance is not mandatory but is strongly recommended as this exercise affords Participants the ability to observe how their trading, quoting, trade reporting and market data applications would function in the event of a DR event at Cboe.

Participants should note the following:

* Change Freeze - Participants wishing to take part in the DR test must submit any outstanding requests for new ports by 16:00 UK time on Thursday 12th April. No new port requests will be processed on Friday 13th April.
* Production Data - Please ensure that your Production systems are configured not to send Production trade reports when Cboe systems come up on the morning of Saturday 14th April, as all data from that day will be discarded as test data.
* Disaster Recovery Test Schedule of Activities - attached

Key contacts on the day

* The standard Cboe support contacts will be available from 07:00 until 13:00 UK time:

o NOC: NOCEurope@cboe.com +44 20 7012 8905

o Trade Desk: TradeDeskEurope@cboe.com +44 20 7012 8901

Conference Bridge

* There will be an one-way conference bridge open from 07:30 to 13:15 UK used by Cboe staff to disseminate regular progress updates throughout the day.

* Details of the conference bridge will be sent out closer to the DR test date.

Documentation

* Disaster Recovery Guide

* Disaster Recovery Testing Guide

Please contact the Trade Desk or your Account Manager if you have any questions.

All current and historical Cboe notices, including symbol universe updates, are available online at http://markets.cboe.com/europe/equities/notices/release_notes/.

Trade Desk
Cboe Europe Equities
11 Monument Street | London, EC3R 8AF
T: +44 207 012 8901
E: TradeDeskEU@cboe.com | cboe.com >

FINAL REMINDER: Cboe Europe Equities: Secure Web API - Password Change Required by Mon 5th March 2018 - ACTION REQUIRED

February 22, 2018 10:24:04

Dear Cboe Europe Equities Participants
Please be advised that effective Monday, 5th March 2018, to enhance security, Cboe Europe Equities (Cboe) will require all Secure Web API users to change their passwords. Additionally, Cboe will be implementing a requirement that Web API accounts have their passwords updated at least once annually going forward. Accounts will be automatically locked if not updated annually, so it is critical your firm implements controls to ensure accounts are updated per this schedule to ensure you are not unexpectedly locked out of the Secure Web API. If you have received a new Secure Web API login or reset your password since Monday, 15th January 2018 please ignore this email.

Details:

* Starting Monday, 5th March 2018, your Secure Web API login will be locked out and you will be forced to reset your password to regain access.

* Secure Web API users and those who programmatically access the secure Cboe Europe participant portal must change their password now to avoid being locked out.

* Only Secure Web API users and those who programmatically access the secure Cboe Europe participant portal are subject to this change.

How to reset your Secure Web API Password:

* Navigate to https://batstrading.co.uk/account/forgot_password/ and enter the username of the account you would like to reset

* A Password Reset link will be sent to the email address associated to the account

* You will be asked to enter a new password which will take effect immediately

* Please update any internal systems on your side with the new password

All current and historical Cboe Europe Equities notices, including symbol universe updates, are available online at http://markets.cboe.com/europe/equities/notices/release_notes/.

Please contact the Trade Desk or your Account Manager if you have any questions.

Trade Desk
Cboe Europe Equities
11 Monument Street | London, EC3R 8AF
T: +44 207 012 8901
E: TradeDeskEU@cboe.com | cboe.com >

Cboe Europe: Periodic Auctions Order Book - Minimum Acceptable Quantity changes, effective 9th March 2018

February 19, 2018 16:25:48

Dear Cboe Europe Participants,

Effective Friday 9th March 2018, Cboe Europe Equities will support Minimum Acceptable Quantity (MAQ) for Periodic Auctions Book orders where Broker Preferencing has been enabled. The MAQ logic will be applied at the allocation phase of the auction.
This functionality is already available for non-preferenced orders on the Periodic Auctions Book.

Testing
These changes are available for testing in the Certification BXE environment effective immediately.

Documentation
Periodic Auctions Guidance Note
Periodic Auctions Factsheet

Please contact the Trade Desk or your Account Manager if you have any questions.

All current and historical Cboe Europe Equities notices, including symbol universe updates, are available online at http://markets.cboe.com/europe/equities/notices/release_notes/.

Trade Desk
Cboe Europe Equities
11 Monument Street | London, EC3R 8AF
T. +44 207 012 8901
E: TradeDeskEU@cboe.com | cboe.com >
* Cboe Europe Equities is a Recognised Investment Exchange regulated by the Financial Conduct Authority.

Cboe Europe Equities: ESMA TTC data usage, effective Thursday 1st Feb 2018

January 31, 2018 16:36:34

Dear Cboe Europe Equities Participants
Please be advised that effective Thursday, 1st February 2018, Cboe Europe Equities (Cboe) will use the recently updated ESMA transitional transparency calculations (TTC) to determine tick size and LIS data for equity instruments available for trading on Cboe BXE and CXE.
As a result, Participants should expect an increase in static data updates when parsing Cboe BXE and CXE Symbol Reference Data Files tomorrow.

All current and historical Cboe notices, including symbol universe updates, are available online at http://markets.cboe.com/europe/equities/notices/release_notes/.

Please contact the Trade Desk or your Account Manager if you have any questions.

Trade Desk
Cboe Europe Equities
11 Monument Street | London, EC3R 8AF
T: +44 207 012 8901
E: TradeDeskEU@cboe.com | cboe.com >

REMINDER: Cboe Europe Equities: Secure Web API - Password Change Required by Mon 5th March 2018

January 31, 2018 12:35:40

Dear Cboe Europe Equities Participants
Please be advised that effective Monday, 5th March 2018, to enhance security, Cboe Europe Equities (Cboe) will require all Secure Web API users to change their passwords. Additionally, Cboe will be implementing a requirement that Web API accounts have their passwords updated at least once annually going forward. Accounts will be automatically locked if not updated annually, so it is critical your firm implements controls to ensure accounts are updated per this schedule to ensure you are not unexpectedly locked out of the Secure Web API. If you have received a new Secure Web API login or reset your password since Monday, 15th January 2018 please ignore this email.

Details:

* All Secure Web API participants must change their password by end of day Sunday, 4th March 2018

* Only Secure Web API users and those who programmatically access the secure Cboe Europe participant portal are subject to this change.

* If you utilise the Secure Web API or use programmatic access and have not changed your password by 2359 UK Time on Sunday, 4th March 2018, your account will be locked starting Monday, 5th March 2018, until you reset your password.

How to reset your Secure Web API Password:

* Navigate to https://batstrading.co.uk/account/forgot_password/ and enter the username of the account you would like to reset

* A Password Reset link will be sent to the email address associated to the account

* You will be asked to enter a new password which will take effect immediately

* Please update any internal systems on your side with the new password

Testing:
Please be advised that effective Monday, 12th February 2018, all Secure Web API account passwords will be reset in the CERTIFICATION environment, requiring Participants to change the account password.

All current and historical Cboe Europe Equities notices, including symbol universe updates, are available online at http://markets.cboe.com/europe/equities/notices/release_notes/.

Please contact the Trade Desk or your Account Manager if you have any questions.

Trade Desk
Cboe Europe Equities
11 Monument Street | London, EC3R 8AF
T: +44 207 012 8901
E: TradeDeskEU@cboe.com | cboe.com >

Cboe Europe Equities: Additional MIC code values for Negotiated Trades on BXE and CXE, effective Fri 9th Feb 2018

January 26, 2018 15:59:48

Dear Cboe Europe Equities Participants
Summary:
Today, Negotiated Trades transacted on the BXE or CXE environments are flagged on the exchange market data feeds with a MIC code value of BATE, CHIX or LISX in the Execution Venue field of the Trade - Extended MessageType. These MIC code values describe the specific Cboe Europe venue upon which the Negotiated Trade (NT) was executed. Please note that effective Friday, 9th February 2018, instead of BATE and CHIX, the MIC codes BATF, CHIO, and BARO will be published in the Execution Venue field of the Trade - Extended MessageType to indicate various types of NTs. LISX will continue to be published for Cboe LIS trades.

Background:
The upcoming change will distinguish NTs with their own MIC codes (BATF for BXE NTs, CHIO for CXE NTs, and BARO for REGM NTs). All Cboe Europe MIC codes are described here: http://markets.cboe.com/europe/equities/clearing/market_codes/

Testing:
Please be advised the above changes are available for testing in the Cboe BXE and CXE CERTIFICATION environments effective immediately.

Documentation:
TCP PITCH Specification: http://cdn.batstrading.com/resources/participant_resources/BATS_Europe_PITCH_Specification.pdf
Multicast PITCH Specification: http://cdn.batstrading.com/resources/participant_resources/BATS_Europe_MC_PITCH_Specification.pdf
Cboe Europe MIC codes: http://markets.cboe.com/europe/equities/clearing/market_codes/

All current and historical Cboe Europe Equities notices, including symbol universe updates, are available online at http://markets.cboe.com/europe/equities/notices/release_notes/.

Please contact the Trade Desk or your Account Manager if you have any questions.

Trade Desk
Cboe Europe Equities
11 Monument Street | London, EC3R 8AF
T: +44 207 012 8901
E: TradeDeskEU@cboe.com | cboe.com >

Cboe Europe: Annual Disaster Recovery Test - Saturday 14th April 2018

January 26, 2018 14:33:26

Dear Cboe Europe Equities Participants

Annual Disaster Recovery test - Saturday 14th April 2018

Cboe Europe (Cboe) will be conducting its annual disaster recovery (DR) test for the Production BXE, CXE, TRF and SIS environments on Saturday 14th April 2018.
The purpose of this testing day is for Cboe to simulate various DR failover scenarios, including a test of market failover from its primary data centre at Equinix Slough (LD4) to its secondary data centre at Equinix Park Royal (LD3). Participant attendance is not mandatory but is strongly recommended as this exercise affords Participants the ability to observe how their trading, quoting, trade reporting and market data applications would function in the event of a DR event at Cboe.

Participants should note the following:

* Change Freeze - Participants wishing to take part in the DR test must submit any outstanding requests for new ports by 16:00 UK time on Thursday 12th April. No new port requests will be processed on Friday 13th April.
* Production Data - Please ensure that your Production systems are configured not to send Production trade reports when Cboe systems come up on the morning of Saturday 14th April, as all data from that day will be discarded as test data.
* Disaster Recovery Test Schedule of Activities - attached

Key contacts on the day

* The standard Cboe support contacts will be available from 07:00 until 13:00 UK time:

o NOC: NOCEurope@cboe.com +44 20 7012 8905

o Trade Desk: TradeDeskEurope@cboe.com +44 20 7012 8901

Conference Bridge

* There will be an one-way conference bridge open from 07:30 to 13:15 UK used by Cboe staff to disseminate regular progress updates throughout the day.

* Details of the conference bridge will be sent out closer to the DR test date.

Documentation

* Disaster Recovery Guide

* Disaster Recovery Testing Guide

Please contact the Trade Desk or your Account Manager if you have any questions.

All current and historical Cboe notices, including symbol universe updates, are available online at http://markets.cboe.com/europe/equities/notices/release_notes/.

Trade Desk
Cboe Europe Equities
11 Monument Street | London, EC3R 8AF
T: +44 207 012 8901
E: TradeDeskEU@cboe.com | cboe.com >

Cboe Europe Equities: Visible Peg Order Price change, effective Fri 19th Jan 2018

January 16, 2018 09:53:47

Dear Cboe Europe Equities Participants
Summary:
Please be advised that effective Friday, 19th January 2018, Visible Peg order Limit prices will be rounded away from the primary price to a price increment on the less aggressive Cboe tick if the referenced price is not on a Cboe tick. Both Primary and Market Peg orders can be visible on Cboe orderbooks and will therefore be affected by this change. On the same effective date, Visible Peg orders will be re-enabled for Swiss instruments. All of these changes take effect for all instruments on the Cboe BXE and CXE orderbooks.

Background:
In some cases today Cboe symbols are on a different tick size to the primary market of listing symbol, which could result in cases where Cboe Primary and Market peg quotes could be off-tick from other Cboe quotes. The change described above aims to address this anomaly.

Testing:
Please be advised the above changes are available for testing in the Cboe BXE and CXE CERTIFICATION environments effective Wednesday, 17th January 2018.

All current and historical Cboe Europe Equities notices, including symbol universe updates, are available online at http://markets.cboe.com/europe/equities/notices/release_notes/.

Please contact the Trade Desk or your Account Manager if you have any questions.

Trade Desk
Cboe Europe Equities
11 Monument Street | London, EC3R 8AF
T: +44 207 012 8901
E: TradeDeskEU@cboe.com | cboe.com >

Cboe Europe Equities: Secure Web API - Password Change Required by Mon 5th March 2018

January 15, 2018 14:16:45

Dear Cboe Europe Equities Participants
Please be advised that effective Monday, 5th March 2018, to enhance security, Cboe Europe Equities (Cboe) will require all Secure Web API users to change their passwords. Additionally, Cboe will be implementing a requirement that Web API accounts have their passwords updated at least once annually going forward. Accounts will be automatically locked if not updated annually, so it is critical your firm implements controls to ensure accounts are updated per this schedule to ensure you are not unexpectedly locked out of the Secure Web API.

Details:

* All Secure Web API participants must change their password by end of day Sunday, 4th March 2018

* Only Secure Web API users and those who programmatically access the secure Cboe Europe participant portal are subject to this change.

* If you utilise the Secure Web API or use programmatic access and have not changed your password by 2359 UK Time on Sunday, 4th March 2018, your account will be locked starting Monday, 5th March 2018, until you reset your password.

How to reset your Secure Web API Password:

* Navigate to https://batstrading.co.uk/account/forgot_password/ and enter the username of the account you would like to reset

* A Password Reset link will be sent to the email address associated to the account

* You will be asked to enter a new password which will take effect immediately

* Please update any internal systems on your side with the new password

Testing:
Please be advised that effective Monday, 12th February 2018, all Secure Web API account passwords will be reset in the CERTIFICATION environment, requiring Participants to change the account password.

All current and historical Cboe Europe Equities notices, including symbol universe updates, are available online at http://markets.cboe.com/europe/equities/notices/release_notes/.

Please contact the Trade Desk or your Account Manager if you have any questions.

Trade Desk
Cboe Europe Equities
11 Monument Street | London, EC3R 8AF
T: +44 207 012 8901
E: TradeDeskEU@cboe.com | cboe.com >

Cboe Europe: MiFID II Tick Size changes, effective 9th January, 2018

January 05, 2018 16:24:40

Dear Cboe Europe Equities Participants
Please be advised that effective Tuesday, 9th January 2018, Cboe Europe Equities (Cboe) will align equity instruments (excluding Swiss) with the most relevant market's tick sizes where that market's tick size is currently more granular than that on Cboe BXE, CXE and LIS. This will result in Cboe being in line or more granular than the most relevant market's tick size for MiFID II eligible securities.

Testing:
These changes will be available in the certification symbol reference files for the Cboe BXE, CXE and LIS UAT environments effective Monday, 8th January 2018.

In addition, we wish to remind Participants of changes in behaviour of orders and trade reports processed by our platforms as a result of the MiFID II regulation in force. Orders and trade reports may be rejected in some scenarios as a result of these changes. Details of the changes are outlined in the CBOE EUROPE MIFID II GO LIVE GUIDANCE NOTE.

All current and historical Cboe Europe Equities notices, including symbol universe updates, are available online at http://markets.cboe.com/europe/equities/notices/.

Please contact the Trade Desk or your Account Manager if you have any questions.

Trade Desk
Cboe Europe Equities
11 Monument Street | London, EC3R 8AF
T: +44 207 012 8901
E: TradeDeskEU@cboe.com | cboe.com >

Cboe Europe: Dark Limit Order changes, effective 8th January, 2018

January 05, 2018 16:22:24

Dear Cboe Europe Equities Participants
Please be advised that effective Monday, 8th January 2018, Cboe Europe Equities (Cboe) will no longer reject orders entered with off-tick prices on Cboe Dark Books in Production and Certification.

In addition, we wish to remind Participants of changes in behaviour of orders and trade reports processed by our platforms as a result of the MiFID II regulation in force. Details of the changes are outlined in the CBOE EUROPE MIFID II GO LIVE GUIDANCE NOTE.

All current and historical Cboe Europe Equities notices, including symbol universe updates, are available online at http://markets.cboe.com/europe/equities/notices/.

Please contact the Trade Desk or your Account Manager if you have any questions.

Trade Desk
Cboe Europe Equities
11 Monument Street | London, EC3R 8AF
T: +44 207 012 8901
E: TradeDeskEU@cboe.com | cboe.com >