This table contains key milestones related to MiFID II implementation (please note there may be other releases that are not related to MiFID II during this timeframe and dates are subject to change). Please note that we will update this schedule periodically.
|Show completed milestones||Hide completed milestones|
|1-Jan-16||Use of ECB FX Rates||Given the Double Volume Cap requirements, Cboe will, on a "best efforts" basis, limit trading that might breach the stipulated caps. We will align our internal exchange rates with those used by the regulator.|
|31-Mar-16||New Data Feeds||As a part of Cboe's ongoing commitment to Data Disaggregation and meeting the prescribed format for Transparency, we are introducing two new data feeds:|
|29-Apr-16||Q2 2016 Exchange Release||This release incorporated a series of enhancements to our market data feeds to incorporate MiFID II Transparency requirements, and lays the groundwork for future Unexecuted Order to Transaction Ratio and Double Volume Cap implementations. You can read more about the release here.|
|1-Jun-16||Algo Testing Enhancements||Building upon some of the ideas of the FPL Regulatory sub-group on Microstructure, Cboe intends to make a range of enhancements to facilitate customer testing of algorithms.|
|30-Jun-16||Decommissioning of BOEv1||BOEv1 protocol will be retired as it doesn't support new fields required under MiFID II.|
|22-Aug-16||Record Keeping Availability||This release made the Cboe approach to Record Keeping available in certification for testing.|
|30-Sep-16||EU legislation on MiFID II implementation measures scheduled to be finalised and published.|
|11-Nov-16||Q4 2016 Exchange Release||
This release incorporates the release of the Cboe Approach to Record
Making enhancements and starts an extended consultation on an Unexecuted
Order to Transaction Ratio.
|3-Jul-17||Scheduled transposition of MiFID II into national law.|
|14-Jul-17||Q2 2017 Exchange Release||
This release incorporates a series of significant enhancements:
|27-Oct-17||Q4 2017 Exchange Release||
The release incorporates the following main functional elements:
|1-Dec-17||Mandatory supply of Order Record Keeping fields in Production||In preparation for the RTS 24 Order Record Keeping (ORK) MiFID II requirement, Participants submitting orders onto the Cboe Europe BXE and CXE platforms will be required to populate the relevant ORK fields per order, as well as register their short code/long code mappings in Production by Friday, 1st December, 2017. See our microsite for further details.|
|1-Dec-17||Remaining symbol reference file changes for MiFID II in Production||The New “venue_uncap_date” column in the symbol reference file and new value definitions for “capped” column will be present in Production.|
|4-Dec-17||Remaining behavioural changes for MiFID II live in Certification||
The below behavioural software changes are being activated in Certification, as per the
MiFID II Go-Live Guidance Note:
|2-Jan-18||Remaining behavioural changes for MiFID II live in Production||
The below behavioural software changes are being activated in Production, as per the
MiFID II Go-Live Guidance Note:
|3-Jan-18||Transaction Reporting for non-EEA Domiciled Firms||Cboe are providing a Transaction Reporting service for Participants that are not MiFID firms, including those that are domiciled outside the EEA as outlined in the Regulatory Transaction Reporting Service Description. Note that the use of this service is a mandatory requirement for all Participants that are not subject to MiFID transaction reporting requirements, which includes all non-EEA domiciled firms. Effective Wednesday, 3rd January 2018 non-EEA Domiciled Firms must start transaction reporting in Production.|
** Note that in Certification, for the purpose of calculating the LIS values and deferral periods in accordance with Annex II of RTS 1 and Annex III of RTS2 (for ETCs and ETNs) we will be using MiFID I applicable ADT values with the MiFID II thresholds. Similarly, we will be using MiFID I designations of a symbol as liquid or illiquid in order to determine usage of the illiquid waiver.
Effective Tuesday, 2nd January 2018 only the tick size tables based on liquidity bands as defined by MiFID II will appear in the BXE and CXE tick size file and all symbols defined in the BXE and CXE symbol reference files will utilise the appropriate tick tables. The file formats as outlined in the hyperlinks will not be changing. The Trade Reporting (APA) and SI Quoting environments will continue to operate without specific tick size validation.
Swiss symbols will also be bound by a MiFID II tick regime which may differ from the tick regime on the Listing Market in some symbols. However, mid-point peg orders will continue to derive their price from the listing market and may therefore follow that market’s tick regime. Further details will be announced on this topic in December 2017.