European SI Services

Systematic Internaliser Solutions

Cboe offers a comprehensive and cost-effective suite of Systematic Internaliser (SI) services for participants acting as or interacting with SIs under the MiFID II SI regime.

This multi-faceted offering brings together real-time public quoting, network access, bilateral trade matching and real-time trade reporting.

This suite of services brings standardisation and transparency to the SI regime. This is hosted on a technology environment separate from the Cboe TDM/APA or RIE but benefits from the same technical support team.

Public Quoting

The SI Public Quoting service provides a mechanism for registered SIs to meet their MiFID OTC pre-trade transparency requirements.

The SI quote data is disseminated on the Cboe market data feeds and is available via major market data vendors.

Connection for SIs and customers

Cboe’s SI connectivity solution includes standardised market data and order entry interfaces. In addition, standardised cyber security reduces connectivity costs and provides interaction via a trusted, reliable technology provider.

This enables SIs to leverage Cboe technology to quickly on-board and service clients to a hosted, bilateral matching environment/technology platform.

For customers, it offers a single connection to multiple SIs through an extranet type service.

Bilateral matching activities

Cboe facilitates the bilateral interaction between SIs and their counterparties/customers to enable their SI-operated matching activity. This allows SIs to communicate quotes to clients and then facilitate matching processes.

Trade Reporting (part of the BXTR suite)

All trade reports associated with the SI regime are required to be reported in accordance with MiFID reporting rules and flagged as SI trade reports.

The SI can opt to utilise automatic submission of trade reports to the Cboe APA which is seamlessly interfaced to the bilateral matching.

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