UK and Irish Markets
Cross Order Book Netting
Since 30th April 2012, Cboe Europe Equities has continued to operate the B and N Trade System of Origin (TSO) codes for the respective BXE and CXE order books. However since this date, Participants now have the option to either net UK settlement obligations from the BXE and CXE order books into one instruction within Euroclear UK and Ireland (through the B TSO), or continue to keep their settlements segregated as was previously the case. Cross order book netting is subject to Trading Participants having the respective UK and Irish intermediary relief on both TSO codes.
Since July 2020 TSO “N” has been discontinued, with Participants required to use TSO B or the CCP cross net TSO.
Participants wishing to net across order books should request this static data change from the appropriate CCP through their Clearing Participant.
Lit Sweep and Dark Sweep
All trades are cleared and settled in line with the Trading Participant’s existing post-trade arrangements. Trading Participants should note that (where appropriate*) the market of settlement will be the market (order book) of entry whilst the market of execution will be identified in the ContraBroker field (FIX tag 375). Trades resulting from the Sweep order types will be included in the Trading Participant’s End of Day (EOD) trade data file for the order book of entry.
*Where participants choose to net across multiple market centres there is no market associated to the settlement.