The Q2 2017 Exchange Release

22nd February 2017

Cboe announced the Q2 2017 Exchange Release effective 14th July 2017. This release represents the third major release related to MiFID II compliance. The changes constitute the main functional changes to real-time protocols for 2017, which are considered mandatory for MiFIR and MiFID II (collectively "MiFID II") compliance and MMT v3 adherence.

Cboe's MiFID II implementation milestones can be found here. Participants are advised to check this resource regularly for Cboe’s upcoming MiFID II milestones.

Summary of Changes

Along with the key changes listed below, a Q2 2017 Guidance Note has been published with detailed changes:
  • Support for MMT v3 in the Cboe market data feeds and trade reporting products.
  • Update of FIX, BOE and Identifier Management Application fields for RTS 24 Order Record Keeping.
  • Order Capacity and Liquidity Provision designation will now be mandatory.
  • Order Capacity will no longer be used to determine which Central Counterparty (CCP) Account Type prefix to use in Account field.
  • Support for Short Sale specifications.
  • Addition of Waiver Type indicator.
  • LastMkt supplied by default on executions.
  • Support for publication of trades in unknown symbology on Market Data Feeds.
  • FIX timestamps in microseconds by default.

Availability in UAT & Production

All features described in the release will be available in Production environments on Friday, 14th July 2017 and in Certification environments according to the below schedule:
Environment MMT v3 inbound order handler availability * MMT v3 outbound market data mandatory * MiFID II availability * Fee Codes *
BXE UAT 7th March 7th March 7th March 7th March
CXE UAT 13th June 13th June 13th June 7th March
TRF UAT 7th March 7th March 7th March 7th March

*See Q2 2017 Exchange Release for list of MMTv3, MiFID II and Fee Code changes.

Documentation

The MiFID II Documentation Library contains the guidance note and specifications for the release.