Cboe Closing Cross (3C)

Close the day at your chosen price

*No fees until 1 January, 2020*

Cboe Closing Cross (3C) is a new post close trading service designed to provide a simple, cost-effective way for market participants to execute their end of day trading activities. 3C gives market participants the opportunity to choose the price they wish to trade at after the continuous trading session has ended.

3C functions independently from the listing exchange and does not depend on their closing auction price. With 3C, participants enter orders, set their “at limit” price and the 3C formulates a volume maximising cross every minute throughout the 45-minute session.

Cost Effective, One-Stop Shop

  • With Cboe Europe’s pan-European coverage, 3C is a cost-effective, one-stop solution for customers looking to execute their post close trading activities across 18 European markets.

A Better Alternative

  • Avoid the complexity and cost of other end of day trading sessions
  • Easily navigate risk with no order lock-ins to allow cancellation at any point
  • Seamless implementation – simply use 9303=BU FIX tag to turn a normal limit order into an “at limit” order during the 3C trading phase.
  • Technology you can trust when other auctions fail or get delayed
  • Larger order size encouraged with minimum quantity feature
  • Full pre-trade transparency in data feed and indicative crossing summaries
  • For further details please refer to the Cboe Closing Cross (3C) Guidance Note.

Cboe Closing Cross (3C) Functionality Summary

Availability
  • Available on the Cboe Europe BXE Order Book
  • MIC code: BATE
Accepted order types
  • Only “at limit” orders accepted, which means orders can be entered and matched only at the specified limit price.
  • All orders and executions will be on tick.
  • Orders entered will be visible and subject to a 5% collar of the last traded price on the Cboe continuous market.
Transparency
  • 3C provides full order book transparency.
  • All market participants are able to see in real time the price and size/quantity for all price levels that is predicted to execute in the cross.
Order Entry + Call Period
  • Order entry opens at 16:30.
  • Call period begins once the Cboe BXE book has ceased continuous trading and will continue for 45 minutes.
  • Call periods last one minute and run back-to-back; crosses will take place at the end of each call period.
  • Any unmatched orders left at 17:15 will be canceled back.

Note: All times UK time; 3C start times will reflect Cboe’s holiday hours schedule

Price Formation Process
  • Orders can be canceled or amended until the cross takes place.
  • Crossing price will be established based on maximum executable volume.
  • In the event that there is more than one price with the maximum executable volume, a tie-breaking process will first look at closest to last traded price on the Cboe continuous market and finally, highest price.
Execution Allocation
  • Once the price has been determined, allocation of executions will be determined based on size then time.
  • Brokers can optionally choose the broker priority attribute, which provides priority in the execution allocation phase.