TRF Fee Schedule

Cboe Europe: Market Data Pricing changes, effective 1st January 2020

September 30, 2019 14:24:09

Dear Cboe Europe Equities Participants

Cboe Europe (Cboe) would like to inform Data Recipients of changes to its market data pricing and policy, effective 1st January 2020. Please review the updated documents listed below:

* Data Recipient Agreement http://cdn.cboe.com/resources/participant_resources/CboeUK_DRA_2020.pdf

* Market Data Price List http://cdn.cboe.com/resources/participant_resources/CboeUK_MDPricing_2020.pdf

All price lists are available in our Document Library.

* Market Data Policy http://cdn.cboe.com/resources/participant_resources/CboeUK_Data_Policy_2020.pdf

* Financial Product Licence Order Form http://cdn.cboe.com/resources/participant_resources/CboeUK_Financial_Product_Licence_Order_Form_2020.pdf

All updated Market Data contractual and policy documentation is available on the Cboe Market data page: http://markets.cboe.com/market_data_services/document_library/#EUEquities

Please contact your Account Manager if you have any questions at [email protected]. All current and historical Cboe Europe Equities notices are available at http://markets.cboe.com/europe/equities/notices/.
Trade Desk
Cboe Europe Equities
T. +4420 7012 8901 (UK); +31 20 299 6801 (NL)
E. [email protected] | cboe.com >

Cboe Europe: Cboe NL APA Go-Live, effective Mon 2nd September 2019

August 22, 2019 18:13:14


Dear Cboe Europe Participants

As previously announced (https://markets.cboe.com/europe/equities/notices/163230/release_notes/), the Cboe NL venue APA will launch on Monday 2nd September 2019. From this date, the APA associated with the bank code (UK or NL) used for each trade reported through a Production Cboe APA port will denote whether the trade report is targeting the UK or NL APA. Additionally the SI service being quoted on is based on the jurisdiction of the SI MIC code. Please note all of these changes have been in effect on the Cboe Certification (UAT) APA since Thursday 18th April 2019.

Participants should note the following:

* Technical Implementation: Cboe previously announced the technical implementation for controlling which APA a firm trade reports to, details of this can be found in the FAQ. You should previously have informed Cboe of whether your firm would like to report through the UK or NL APA. This configuration will be carried forward and apply automatically, effective Monday 2nd of September 2019. If your plans have changed since you informed Cboe of which APA that you wished to use, you will need to inform us of your revised plans. Any new on-boards will be required to specify which APA they wish to report through.

* SI Quoting: The jurisdiction (UK or NL) to which an SI quote is attributed will be based on the jurisdiction of the SI MIC code. The Quote Attribution CSV file in the Reference Data section of the website displays these values.

* BXTR Production GUI Access: Participants who currently do not have access and will require permission to the Web GUI for BXTR for the effective date above, should ensure that they have completed and returned the Production Trade Reporting GUI form and returned it to their Account Manager (http://markets.cboe.com/contact/) to ensure source subnets can be authorised in advance.

* Production Saturday Dress Rehearsals: As previously announced any Participant intending to use a Cboe NL APA bank code is urged to attend the Production Dress Rehearsal on Saturday 31st August 2019 as this will be the only Production test opportunity before go live.

* Multi-day TCRs submitted over the NL APA launch window: Participants should be aware of the special considerations related to TCRs submitted over the NL APA launch window, details of this can be found in the FAQ (https://markets.cboe.com/europe/brexit/faq/#apa-2).

* Post trade transparency on third party data feeds and terminals: Firms should speak to their data vendors to understand how the Cboe NL APA data is being represented within feeds or display products (for example Refinitiv and Bloomberg have setup new venue codes in their products, ".BCU" and "X2", respectively)

* TRF & SIS Reference Data Change: As previously announced as part of Cboe's initial Brexit plans the .BCO suffix is not, nor has ever been supported for trade report or quote entry and therefore the 'reuters_ric_bats' column will be blanked in the enhanced TRF and SIS reference data files, effective Monday 2nd September 2019. The column will remain in the file. Participants who require this reference data should contact the appropriate vendor. The Cboe BXE and CXE exchange suffixes will still supported for trade report and quote entry and can be found in the respective environment symbol reference data files. Note that the APA Jurisdiction is determined by the submitting bank code and not symbol suffix.

* Billing:

* SI/APA Service Fee: This will be billed from the Cboe UK entity if the firm is configured to use the Cboe UK APA or the Cboe NL entity if the firm is configured to use the Cboe NL APA (as per the first two bullets above).

* FIX/BOE Order Entry Ports: Where a port(s) target only one Cboe APA then the same approach as the SI/APA Service Fee (above) will apply (this applies to all SI quoting ports and most APA ports). For APA logical ports where a submitting firm operates a configuration where different group entities share the reporting infrastructure but access different Cboe APAs, then the port will be billed from only one Cboe entity. Cboe will select the UK APA unless advised otherwise.

* GRP/SPIN Ports: Cboe will bill from the relevant Cboe APA based on the firm's APA Service Fee. If there is no associated Service Fee (e.g. a data vendor), Cboe will select the UK APA unless advised otherwise.

Certification (UAT) & Production Availability
The key UAT and Production Brexit milestones are listed in the following table. The milestones pertinent to this Trade Desk note are highlighted in yellow.
Target Date

Environment

Milestone

Friday 23rd August 2019

Production

DXE logical ports usable for trading test symbols on weekdays

Saturday 31st August 2019

Production

1st DXE dress rehearsal

Monday 2nd September 2019

Production

NL APA go-live

Monday 2nd September 2019

Production

Original BXE and CXE Brexit ports become billable

Saturday 14th September 2019

Production

2nd DXE dress rehearsal

Monday 16th September 2019

Production

Jurisdiction ODROP monitoring restrictions removed

Friday 27th September 2019

Production

Sunset of legacy multicast PITCH feed

Saturday 28th September 2019

Production

3rd DXE dress rehearsal

Tuesday 1st October 2019

Production

DXE go-live

Monday 27th January 2020

Production

BXE and CXE "EU" jurisdiction GRP ports will no longer be usable and will therefore be sunset

Documentation

* Brexit FAQ

* Brexit Microsite

* Technical Specifications

Please be aware that Cboe's Brexit plans might be impacted by future political or regulatory developments. Please contact your Account Manager if you have any questions.

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July 31, 2019 09:21:34

Dear Cboe NL Participants,

In preparation for the upcoming launch of the Cboe NL APA on 2nd September 2019 and Cboe NL venue (DXE) on 1st October 2019, Cboe is pleased to confirm the structure of non-transaction pricing (Connectivity, BXTR, Market Data). A further announcement will be issued in due course confirming the Trading Pricing structure for Cboe NL.

Connectivity Pricing

· Logical Connectivity

o The price list retains the structure of the existing Cboe UK price list but with new Euro denominated values

o Logical port fees for DXE will be waived for October 2019 to assist firms defining their technical footprint. The first billing count for all DXE port types will be taken at the end of November 2019 for November invoicing

o Logical port fees for Cboe NL APA and SI quoting services will be effective from 2nd September 2019

o The price list can be found here Cboe NL Logical Connectivity Price List

· Physical Connectivity

o All Physical Connectivity will continue to be billed out of Cboe UK

BXTR Pricing

· APA

o The price list retains the structure of the Cboe UK APA price list but with new Euro denominated values

· Exchange Trade Reports (ETRs)

o The price list retains the structure of Cboe UK but with new Euro denominated values

· SI Quoting

o The price list retains the structure of Cboe UK but with new Euro denominated values

o In addition, an in jurisdiction fee for Participants only quoting in EEA listed symbols only has been introduced

· The BXTR price list can be found here Cboe NL BXTR Price List

Market Data Pricing

· All Market Data will continued to be billed out of Cboe UK

Documentation

· All Cboe UK and Cboe NL Price Lists can be found here

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

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

Trade Desk
Cboe Europe Equities
T. +4420 7012 8901 (UK); +31 20 299 6801 (NL)
E. [email protected] | cboe.com >