Release Notes

Cboe Europe Equities: Brexit Update and Launch of Netherlands Venue, effective Tue 1st Oct 2019

May 31, 2019 13:04:23

Dear Cboe Europe Equities Participants

Following the postponement of the launch of Cboe Europe's (Cboe) venue in the Netherlands (Cboe NL) in April 2019 and further to this previous announcement, Cboe would like to announce its revised Brexit plan and launch dates for Cboe NL. Please be aware that this plan might be impacted by future political or regulatory developments. A high-level summary can be found in this notice, however the FAQ and Timeline available on the Brexit microsite provide comprehensive details of our revised plan.

Overview of revised Brexit Plan:

§ Cboe will build a new separate EU trading environment regulated by the Dutch Authority for the Financial Markets (AFM) and offering trading at launch in EEA symbols only. This environment will represent the "NL venue" and will be referred to as the DXE exchange environment.

§ The existing BXE and CXE exchange environments will continue to offer trading in UK, Swiss and EEA symbols. These environments will collectively represent the "UK venue" and will continue to be regulated by the FCA.

§ Both the UK venue and the NL venue will allow for trading of EEA symbols.

§ On the assumption that a "no deal" Brexit is avoided, the DXE environment will support all business functionality currently offered in BXE and CXE apart from Cboe LIS; i.e. a lit book, a dark book, periodic auctions, Exchange Trade Reports and self-listed symbols which include opening and closing auctions.

§ Cboe will also launch Approved Publication Arrangement (APA) and Systematic Internaliser (SI) quoting services from its Netherlands-based venue.

Impact of revised Brexit plan on BXE and CXE:
The following bullet-points summarise the impact on the BXE and CXE environments. Please refer to the FAQ page for a full-breakdown of the impact:

§ BXE and CXE EU Jurisdiction Ports: As a result of the April 2019 postponement of the UK's exit from the EU, these ports will be reclassified as UK venue ports and will continue to be usable on the UK venue. To aid clean up and rationalisation of ports Participants will be notified of any existing ports that have not been used for three months prior to Monday 1st July 2019 and will be able to request their deletion. Any ports still in place from Monday 2nd September 2019 will be billed in the September billing run. Participants can view their ports in the 'Logical Ports' section of the Cboe Customer Web Portal.

§ BXE and CXE new multicast PITCH feed infrastructure: The new multicast PITCH feed infrastructure made available from Friday 15th February 2019 will be reclassified as exclusively for dissemination of data generated from the UK venue. As of Friday 27th September 2019, this new feed will become the only means of receiving multicast PITCH data from the UK venue therefore all Participants must have migrated by then. As previously notified the legacy multicast PITCH feeds will still be sunset on Friday 27th September 2019 so Participants are still required to complete their migration to the new multicast PITCH feed in advance of this date. In addition, with immediate effect GRP ports previously classified with a "UK" jurisdiction on the new multicast PITCH feed infrastructure can be used for making gap requests to any matching unit. From Monday 27th January 2020 "EU" jurisdiction GRP ports will no longer be usable and will therefore be sunset.

§ BXE and CXE Reference data: The regulated_entity column (the last column) in the symbol reference data file will be removed effective Monday 8th July 2019 in Certification (UAT) and Monday 5th August 2019 in Production across all environments.

Impact on APA and SI quoting services:

§ The previously announced technical implementation for the APA and SI quoting services remains unchanged for the launch of the Netherlands-based venue.

§ From Monday 2nd September 2019, the APA associated with the bank code (UK or NL) used for trade reporting into the Cboe APA will be used to denote whether the trade report is targeting the UK or NL APA in Production. This change is already live in UAT.

Onboarding to the NL Venue and accessing the DXE environment:
Firms who are not yet members of the NL venue wishing to become Participants will need to follow the on-boarding process regardless of whether they are an existing member of the Cboe UK venue.

Clearing and trusting relations already set up for the NL venue will automatically apply to the DXE environment. See the FAQ page for more details.

The following bullet-points summarise how to access the DXE environment. Please refer to the FAQ page for a full break-down of how to access the DXE environment and the technical interface changes involved.

§ DXE Ports: Participants will be able to request NL venue order entry, ODROP and FIXDROP ports from Monday 8th July 2019 in Certification (UAT) and Monday 5th August 2019 in Production via a newly developed Logical Port Request tool via the Participant Portal. Participants shall be able to request that Cboe clone specific ports from BXE/CXE to DXE; details of this tool will be announced in due course. Ports ordered for DXE will be usable with live symbols from Monday 29th July 2019 in Certification (UAT) and with test symbols only in Production from Friday 23rd August 2019.

§ DXE market data ports: The new DXE multicast PITCH feed details are specified a revised Multicast PITCH specification and Connectivity Manual. Participants will be able to order NL venue GRP and SPIN ports from Monday 8th July 2019 in UAT and Monday 5th August 2019 in Production via a newly developed Logical Port Request tool in the Participant Portal.

§ DXE Reference data: The DXE environment will have its own symbol and tick files that use the same structure as the existing files.

Pricing
A new pricing scheme for the NL venue will be announced in due course. The LPS scheme launched on Monday 1st April 2019 will apply to both UK and NL venues.
Certification (UAT) & Production Availability
Target Date

Environment

Milestone

Monday 1st July 2019

Production

Participants notified of BXE and CXE ports that have not been used for three months

Monday 8th July 2019

UAT

DXE logical ports available to order including DXE market data ports

Monday 8th July 2019

UAT

The regulated_entity column (the last column) in the symbol reference data file will be removed across all environments.

Monday 29th July 2019

UAT

DXE logical ports usable for customer testing

Monday 5th August 2019

Production

DXE logical ports available to order including DXE market data ports

Monday 5th August 2019

Production

The regulated_entity column (the last column) in the symbol reference data file will be removed across all environments.

Friday 23rd August 2019

Production

DXE logical ports usable for trading test symbols on weekdays

Saturday 31st August 2019

Production

1st DXE dress rehearsal

Monday 2nd September 2019

Production

NL APA go-live

Monday 2nd September 2019

Production

Original BXE and CXE Brexit ports become billable

Saturday 14th September 2019

Production

2nd DXE dress rehearsal

Friday 27th September 2019

Production

Sunset of legacy multicast PITCH feed

Saturday 28th September 2019

Production

3rd DXE dress rehearsal

Tuesday 1st October 2019

Production

DXE go-live

Monday 27th January 2020

Production

BXE and CXE "EU" jurisdiction GRP ports will no longer be usable and will therefore be sunset.

Documentation

§ FAQ: https://markets.cboe.com/europe/brexit/FAQ

§ Specifications: https://markets.cboe.com/europe/equities/support/technical/

§ Microsite: https://markets.cboe.com/europe/brexit/

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 >