Release Notes

Cboe Europe Equities: Brexit - Upcoming Certification (UAT) Changes, effective Monday 26th Nov 2018

November 20, 2018 09:47:04

Dear Cboe Europe Participants,

As previously announced, several technical changes are coming to the Cboe Europe Equities platforms in preparation for the UK's impending withdrawal from the European Union (EU) in March 2019. These changes are described in the Guidance Note and take effect in Certification (UAT) on Monday 26th November 2018 as per the table below:

Certification (UAT) & Production Availability
Functionality

UAT
Activation Date

Production
Activation Date

* Redistribution of Symbols between Units as described in Section 3.

26th Nov 2018

15th Feb 2019

* Multicast PITCH Transaction Marker functionality as described in Section 6.

26th Nov 2018

15th Feb 2019

* EU Venue MIC Codes, as described in Section 4:

o From the UAT activation date only Units 4, 5, 7 and 8 in BXE and CXE will be configured to be part of the new EU venue. The market distribution across these units is described in Appendix E of the Multicast PITCH Specification. All trades that occur on these units will be stamped with the EU MIC codes in the LastMkt field on executions returned to Participants through their order handler & DROP sessions and in the ExecVenue field on TCP and Multicast PITCH.

o From the Production activation date in BXE and CXE all EU Venue units as illustrated in Section 3 will have their trades stamped with EU Venue MICs as per the above bullet point.

26th Nov 2018

1st Apr 2019 *
From this date the field will begin using the new EU specific values where appropriate.

* Trading Venue flagging for trade reports on market data, as described in Section 5:

o From the UAT activation date the new Cboe Trade Flags values on Multicast and TCP PITCH will only be present on Units 4, 5, 7 and 8 in BXE and CXE and Unit 1 on the APA. The market distribution across these units is described in Appendix E of the Multicast PITCH Specification.

o From the Production activation date on 1st April 2019, the new values will be present on market data for all EU units as described in Section 3.

o From the Production activation date on 1st April 2019, the Cboe Trade Flags field will reflect the jurisdiction of the APA to which the trade was reported.

26th Nov 2018

1st Apr 2019 *
From this date the field will begin using the new EU specific values where appropriate.

* Production go-live is subject to confirmation from Cboe.

All Participants are required to review the Guidance Note for specific details on each change and ensure adherence to the timelines in Section 10 (page 18) for each of the upcoming mandatory changes.

As previously announced, you may be in the process of being allocated new ports to interface with the EU venue in Certification (UAT). On Monday 26th November 2018, all new and existing ports will maintain the ability to send and receive flow for both UK and EU Jurisdiction symbols in UAT, however effective January (date TBC) in UAT, the restrictions below will be implemented in-line with the functional behavior that will be rolled out in Production on 1st April 2019:

* FIX, BOE and FIXDROP ports will only provide and accept flow relating to their respective venue (EU or UK venue).

* ODROP sessions will also be configured to monitor ports and only replicate flow that will be part of the same jurisdiction (EU or UK venue).

In addition, Cboe's Brexit microsite resource should be checked regularly by Participants for upcoming updates regarding Brexit. All current and historical Cboe notices, including symbol universe updates, are available online.

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. [email protected] | cboe.com >