Milestones

This table contains key milestones related to MiFID II implementation (please note there may be other releases that are not related to MiFID II during this timeframe and dates are subject to change). Please note that we will update this schedule periodically.

Target Date Milestone Description
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1-Jan-16 Use of ECB FX Rates Given the Double Volume Cap requirements, Cboe will, on a "best efforts" basis, limit trading that might breach the stipulated caps. We will align our internal exchange rates with those used by the regulator.
31-Mar-16 New Data Feeds As a part of Cboe' ongoing commitment to Data Disaggregation and meeting the prescribed format for Transparency, we are introducing two new data feeds:
  • Cboe Auction Feed provides detail related to scheduled and periodic auctions.
  • Last Sale Feed is our post-trade only feed, provided in the MiFID II prescribed format.
29-Apr-16 Q2 2016 Exchange Release This release incorporated a series of enhancements to our market data feeds to incorporate MiFID II Transparency requirements, and lays the groundwork for future Unexecuted Order to Transaction Ratio and Double Volume Cap implementations. You can read more about the release here.
1-Jun-16 Algo Testing Enhancements Building upon some of the ideas of the FPL Regulatory sub-group on Microstructure, Cboe intends to make a range of enhancements to facilitate customer testing of algorithms.
30-Jun-16 Decommissioning of BOEv1 BOEv1 protocol will be retired as it doesn't support new fields required under MiFID II.
22-Aug-16 Record Keeping Availability This release made the Cboe approach to Record Keeping available in certification for testing.
30-Sep-16 EU legislation on MiFID II implementation measures scheduled to be finalised and published.
11-Nov-16 Q4 2016 Exchange Release This release incorporates the release of the Cboe Approach to Record Keeping, Market Making enhancements and starts an extended consultation on an Unexecuted Order to Transaction Ratio.
3-Jul-17 Scheduled transposition of MiFID II into national law.
14-Jul-17 Q2 2017 Exchange Release This release incorporates a series of significant enhancements:
  • Support for MMTv3.04 in the Cboe market data feeds and trade reporting products.
  • Update of FIX tags for RTS 24 Order Record Keeping.
  • Order Capacity and Liquidity Provision designation will now be mandatory.
  • Support for Short Sale specifications.
  • Addition of Waiver Type indicator.
  • LastMkt supplied by default on executions.
  • Support for publication of trades in unknown symbology on Market Data Feeds.
  • FIX timestamps in microseconds by default.
27-Oct-17 Q4 2017 Exchange Release The release incorporates the following main functional elements:
  • Removal of MTFAccessFee from FIX.
  • Support for Pending price “PNDG” functionality on TRF per RTS 1.
  • MMT v3.04 support of latest additions to MMT standard.
  • Addition of a Venue Cap Percentage column to Symbol Reference Files.
  • Deferred publication of transactions on-exchange (BXE/CXE) must have ‘DEAL’ capacity.
  • MiFID II Iceberg Behaviour changes.
  • Introduction of the Firm Order Record Keeping service.
1-Dec-17 Mandatory supply of Order Record Keeping fields in Production In preparation for the RTS 24 Order Record Keeping (ORK) MiFID II requirement, Participants submitting orders onto the Cboe Europe BXE and CXE platforms will be required to populate the relevant ORK fields per order, as well as register their short code/long code mappings in Production by Friday, 1st December, 2017. See our microsite for further details.
1-Dec-17 Remaining symbol reference file changes for MiFID II in Production The New “venue_uncap_date” column in the symbol reference file and new value definitions for “capped” column will be present in Production.
4-Dec-17 Remaining behavioural changes for MiFID II live in Certification The below behavioural software changes are being activated in Certification, as per the MiFID II Go-Live Guidance Note:
  • LPP activities must be flagged using OrderAttributeTypes(8015) = 2 (Liquidity Provision activity order)
  • LPP 3 obligations will start being measured, monitored and enforced.
  • All trading in the Integrated and Reference Price Order Books will be subject to the OTR policy.
  • Introduction of new Iceberg behavior, which includes a minimum Initial Order Size and Peak to Total Volume Ratio.
  • Double volume cap suspension monitoring to commence.
  • Dark Limit Orders must be on-tick.
  • Use of MiFID II Large in Scale Values and Deferral Periods. **
  • Late Trade Threshold changes from three to one minutes.
  • Publication of Matched ETR Trades.
  • Illiquid and LIS Waiver Usage. **
  • Support for Deferred Publication of Unknown Symbols in APA.
  • Support for ETCs and ETNs.
  • Routing to Nordic Venues Disabled.
2-Jan-18 Remaining behavioural changes for MiFID II live in Production The below behavioural software changes are being activated in Production, as per the MiFID II Go-Live Guidance Note:
  • LPP activities must be flagged using OrderAttributeTypes(8015) = 2 (Liquidity Provision activity order)
  • LPP 3 obligations will start being measured, monitored and enforced.
  • All trading in the Integrated and Reference Price Order Books will be subject to the OTR policy.
  • Introduction of new Iceberg behavior, which includes a minimum Initial Order Size and Peak to Total Volume Ratio.
  • Double volume cap suspension monitoring to commence.
  • Dark Limit Orders must be on-tick.
  • Use of MiFID II Large in Scale Values and Deferral Periods. **
  • Late Trade Threshold changes from three to one minutes.
  • Publication of Matched ETR Trades.
  • Illiquid and LIS Waiver Usage. **
  • Support for Deferred Publication of Unknown Symbols in APA.
  • Support for ETCs and ETNs.
  • Routing to Nordic Venues Disabled.
3-Jan-18 Transaction Reporting for non-EEA Domiciled Firms Cboe are providing a Transaction Reporting service for Participants that are not MiFID firms, including those that are domiciled outside the EEA as outlined in the Regulatory Transaction Reporting Service Description. Note that the use of this service is a mandatory requirement for all Participants that are not subject to MiFID transaction reporting requirements, which includes all non-EEA domiciled firms. Effective Wednesday, 3rd January 2018 non-EEA Domiciled Firms must start transaction reporting in Production.

** Note that in Certification, for the purpose of calculating the LIS values and deferral periods in accordance with Annex II of RTS 1 and Annex III of RTS2 (for ETCs and ETNs) we will be using MiFID I applicable ADT values with the MiFID II thresholds. Similarly, we will be using MiFID I designations of a symbol as liquid or illiquid in order to determine usage of the illiquid waiver.

Effective Tuesday, 2nd January 2018 only the tick size tables based on liquidity bands as defined by MiFID II will appear in the BXE and CXE tick size file and all symbols defined in the BXE and CXE symbol reference files will utilise the appropriate tick tables. The file formats as outlined in the hyperlinks will not be changing. The Trade Reporting (APA) and SI Quoting environments will continue to operate without specific tick size validation.

Swiss symbols will also be bound by a MiFID II tick regime which may differ from the tick regime on the Listing Market in some symbols. However, mid-point peg orders will continue to derive their price from the listing market and may therefore follow that market’s tick regime. Further details will be announced on this topic in December 2017.