April 15, 2019 15:59:36
Dear Cboe Europe Equities Participants
Further to the previous notice
Functionally this will result in the following behaviour:
Effective Thursday 18th April 2019
Order and ETR entry (BXE/CXE)
FIX and BOE session jurisdiction will not be enforced.
Orders and ETRs for either jurisdiction can be entered via a UK or EU FIX or BOE session.
UK and EU Venue MICs in LastMkt and ExecVenue fields (BXE/CXE)
Only UK venue MICs will be supplied in the LastMkt and ExecVenue field for all symbols.
Trading Venue flagging for trade reports (APA)
Will remain configured as separate UK and EU APAs. The regulatory jurisdiction (UK or EU) of the bank code used for trade reporting into the Cboe APA will be used to denote whether the trade report is targeting the UK or EU APA. The resulting Cboe APA will then be reflected on market data via the Cboe Trade Flags field. See Section 5 of the Guidance Note
Trading Venue flagging for trade reports (BXE/CXE)
All trade reports will be published with UK values in the Cboe Trade Flags field.
ODROP session filtering (BXE/CXE)
ODROP session jurisdiction will not be enforced. Flow for either jurisdiction will be received down an ODROP.
FIXDROP session filtering (BXE/CXE)
FIXDROP session jurisdiction will not be enforced. Flow for either jurisdiction will be received down a FIXDROP.
Transaction Reporting (BXE/CXE)
Order handler validation of cross border trading will not be enforced for transaction reporting as per the website
For Participants who are in the process of testing or certifying for Transaction Reporting: note that these changes mean all trades will be on the UK venue and use the UK segment MIC codes described here
The Cboe's Brexit microsite
Please contact the Trade Desk
Cboe Europe Equities
11 Monument Street | London, EC3R 8AF
T: +44 207 012 8901
E: [email protected]