Cboe provides high-quality, real-time data to some of the most innovative firms operating in financial markets today. By partnering with Cboe, these companies are able to develop unique solutions and products to better serve audiences looking to engage with markets around the world.
We put these firms in the spotlight so they can share their stories with our global network. We are proud to partner with firms operating at the forefront of global finance, and we want you to know about them too.
Freetrade - Start investing, for free
Freetrade Founder & CEO Adam Dodds shares his thoughts on how the company is solving challenges UK consumers face when investing.
Freetrade started when I found that there was no simple, cheap way to invest in the UK. Since day one the goal has been to make investing simple and affordable for everyone, which we are now doing for more than 70,000 customers.
Freetrade offers commission-free access to over 600 US and UK stocks and ETFs via their iOS and Android apps. Both apps allow consumers to open a stocks and shares ISA and will soon add a premium service that enables users to make unlimited trades with instant order execution.
People love Freetrade’s core offering of commission-free trading and ISAs - but what they’ve seen is that it’s the little details that really make a difference. For instance, providing a more intuitive portfolio breakdown or making it easier to find different stocks. Freetrade often discuss updates with customers on the Freetrade forum and have made improvements to products based on those conversations.
Freetrade use Cboe Europe’s equities market data to show our users the current mid-market price information for UK stocks available on the Freetrade app. This shows them what the current mid-market price is for those stocks.
What is on the horizon for Freetrade?
A lot! Freetrade have just started migrating customers to a new platform - Invest by Freetrade. we have built the entire platform in-house and expect to add fractional shares, European equities and thousands more US and UK stocks early 2020. Freetrade also working on expanding into Europe, starting with Ireland and the Netherlands.
Ninety Nine Website
Ninety Nine - Zero commission investing is coming to Europe
Started in September 2018 by two Spanish entrepreneurs living in the U.S., Ninety Nine was created with the mission of making financial markets accessible to 99% of the population by removing the barriers of complexity, transparency and cost.
Having grown tired of the high commissions traditional brokers were charging, Ninety Nine identified the opportunity to create a commission-free brokerage model.
"For non-professional retail customers, commissions drain a big percentage - if not all - of the profits earned on investments," said Mr. Javier Sanz. "This practice was the main reason many people saw investing in the stock market as something restricted to the privileged few."
Ninety Nine has sought to change this by introducing a commission-free broker model that eliminates frictions and allows investors of all sizes to save more money.
"High commissions affect people with big pockets too," said Mr. Javier Sanz. "When an investor wants to trade larger quantities, the commissions vary as a function of size. This translates to the disproportionate and constant payment of an excessive ‘tax' to financial middlemen that could be substantially reduced by the use of technology."
The commission-free proposal has proven Ninety Nine's most popular feature with a simple and intuitive interface. Cboe's low-cost market data enables Ninety Nine to keep its costs in check. Ninety Nine uses Cboe's European and U.S market data to provide customers with access to real-time prices via iOS and Android apps.
"Traditional players like to complicate the user experience," said Mr. Javier Sanz. "We believe that in today's world it's all about keeping things simple with clear value propositions and outstanding customer service."
Ninety Nine will soon be releasing an online broker feature which will offer commission free trading of both European and US stocks. Other asset classes will be progressively added.
Moving forward, Ninety Nine is expanding their commission-free trading model across all 28 countries in the EU.
Invast Global Website
Invast Global – An alternative prime broker
Invast Global is a provider of Prime Brokerage Services globally, allowing brokers, asset managers and hedge funds access to execution, clearing and custody services across a range of global markets in Equities, ETFs, Futures, Foreign Exchange and Precious Metals.
Invast recently launched a fully integrated API solution for brokers incorporating both market data and exchange execution for thousands of Single Stock CFDs. This offering provides clients with live exchange pricing and leveraged, long/short execution capability via Direct Market Access (DMA), to some of the world's most liquid CFD markets. The offering utilises Cboe market data for U.S. and European equities.
James Alexander, Invast Chief Commercial Officer notes, "The Cboe equities data packages offer outstanding value not just for us as data vendor and the point of execution, but also for our broker clients. The fact that non-professional consumers of the data can access US and pan-European exchange data with no monthly access fees means that our Broker clients are able to disseminate this product to their customers in a much more cost-efficient way than has previously been possible. Ultimately this allows for brokers to distribute a more diversified range of products to more clients - which is a great result".
The delivery of an integrated data and DMA execution solution for CFDs is aided by the provision of full operational and technology support functions to reduce the operational burden for our clients. Market data reporting is also streamlined, with Invast acting as the vendor of record to our broker clients. "We feel that providing a streamlined offering including data distribution, DMA execution, ongoing corporate action support, infrastructure set-up and market data reporting is a huge step forward in bringing genuine multi-asset trading capabilities to our broker clients. This diversification should allow them to grow their businesses, even in the face of an evolving regulatory landscape."
dough – The commission-free online broker with premium content and insights
dough is a new, online broker and application that offers commission-free trading for listed stocks and ETFs.
Equal parts brokerage, education and experienced insight, dough's mission is to bring understanding to risk – removing it as a barrier.
A New Way of Doing Things
"dough provides powerful investing capabilities and insights that typically come at a high price," said Victor Jones, CEO of dough. Jones says that dough meets the demand as a broker offering investing capabilities and zero commission – investors no longer have to give up one for the other.
Jones is the former director of Trading and Operations at TD Ameritrade. The new venture hosts an impassioned team of industry experts from Merrill Lynch, TradeStation and Goldman Sachs, among others.
Market Data, Insights and Education
dough uses the Cboe One Feed to provide real-time quotes in its mobile application. The dough team also uses Cboe market data for internal analytics that drive their insights. dough says that through their platform those insights can be tailored to a person's interests.
One example is their dough Selects feature in which investors can uncover investment potential in their passions, whether that's video games, fashion, travel or anything in between.
In addition to the personalized insights provided through the application, dough provides daily coverage of the market. Their The 3Cap™ unpacks today's money-moving headlines in less than three minutes and their Stock Report Card provides buy and sell ratings from professional Wall Street analysts.
Click. Link. Invest.
The dough team is proud of its transparent pricing and how easy it is for investors to open an account.
"In as little as three minutes, you can transfer funds from more than 11,500 financial institutions, including Bank of America, Chase and Wells Fargo. You can open, fund, and start trading in minutes," said Kyle Goad, dough's President of Operations and former Director of Operations at TradeStation.
Gatsby – Simple, free options trading for retail investors
In late 2017, Gatsby founders Ryan Belanger-Saleh and Jeff Myers expected a downward move in a U.S. equity stock. Although they had conducted equity and crypto trades in the past, they needed to open an options account in order to trade against the stock.
In a scramble to open an options trading account with a major brokerage house, they soon discovered the platform was not designed for young investors who are new to trading options.
"While options are a uniquely powerful tool to young investors, the available online retail brokerage platforms were not designed to help bridge the learning gap and make options easily available to most traders," said Belanger-Saleh. And, so the idea of Gatsby was formed.
Currently in public beta in the continental U.S., Gatsby is a pure-play options trading platform designed to make trading options simple for both beginners and seasoned traders.
"We created tools with the options trader in mind like our social feed and detailed payout calculator but also made onboarding easy with a jargon-free interface," said Belanger-Saleh.
Gatsby uses Cboe's real-time options data feed to power quote and trade data on the platform. As the largest U.S. options exchange operator, Cboe's data provides the most comprehensive view of the marketplace.
The platform also takes Cboe's historical data to calculate likely outcomes and help users understand the risk associated with a particular trade.
Gatsby's platform is also bringing options trading into the modern era. In addition to the social feed, the platform also sends detailed push notifications.
The social feed allows users to gain trade inspiration from the crowd and be used as a sanity check before making a trade. At a glance you can see what names the community is trading and where the sentiment is on those names.
Belanger-Saleh and Myers are working toward a general launch of the platform in early summer 2019.
"We're big believers in the power of options and the value of pure-play options trading platforms," said Belanger-Saleh. "It is our goal to change the branding around options as a security, and make them more broadly appealing to retail investors by removing the jargon and making the process social and fun. Our goal is to bring hundreds of thousands of new retail traders into the options markets."
Intrinio – Financial Data Platform
Intrinio is a financial data platform founded in 2012 by Rachel Carpenter and Joseph French to provide developers and engineers from fintech companies, large institutions, hedge funds and universities with a financial data API that they can rapidly integrate into their applications, websites, widgets, and more.
Today the company offers more than 300 financial data feeds, including international stock data, FDIC bank data, real-time U.S. stock prices, cryptocurrency, futures, fundamental U.S. 10Q and 10K data, and insider transactions.
Intrinio's most popular financial data feed was one of the first data products the company developed – the U.S. Fundamentals and Stock Prices Bundle. This feed includes market cap, gross margin, total revenue, last price, price history, volume, split, EBITDA, ROI, standardized and as-reported financials, company news, and more for over 10,000 publicly traded U.S. companies.
Cboe provides Intrinio with U.S. equities data through the Cboe BZX U.S. Equities Top Feed.
"The BZX Top Feed provides the right mix of affordability and quality that financial innovators need," said Rachel Carpenter, CEO of Intrinio.
Recently Intrinio has been working on advancing their API to make working with their data faster and easier.
"We're always working on expanding the offerings on our platform to power a new generation of fintech innovation," said Carpenter.
In addition to their data products, Intrinio is also proud of the extra support they provide developers. Intrinio created the Developer Program in which qualified developers receive six months of free financial data, as well as support, and marketing promotion once graduating from the program.
oneZero – Powerful trading solutions to accelerate growth
oneZero is a technology development firm that helps brokerages accelerate their growth. Founded in 2009 to solve technology problems in the foreign exchange market, founders Andrew Ralich and Jesse Johnson have expanded their business to also provide support in the commodities, cryptocurrency, equities and futures markets.
oneZero's EcoSystem is a distribution network that has attracted more than 200 financial institutions and retail brokerage firms. The network allows brokers, prime brokers and hedge funds to distribute their liquidity to a unique client base. Institutions may then use oneZero's award-winning technology platform Liquidity Hub to seamlessly deliver that liquidity to other end-customers.
Liqudity Hub also allows users to manage their trading book and customizes their liquidity through a full suite of tools, including comprehensive credit, reporting and risk management tools.
Cboe is an EcoSystem partner, and oneZero provides connectivity to the Cboe BZX Exchange for retail brokers. Many partners in the EcoSystem rely on Cboe's market data for a real-time look into the U.S. equities marketplace, and are able to report distribution of their data back to Cboe through Liquidity Hub.
oneZero users can also use the Market Data Sentinel tool to report market data distribution back to Cboe. Introduced by oneZero in November 2018, Market Data Sentinel automates the reporting, monitoring, accounting and compliance of exchange market data used on the MT5 platform, streamlining a previously manual process.
"We are excited to introduce Market Data Sentinel to address a real market need around reporting and monitoring exchange market data on MetaTrader 5," said Andrew Ralich, CEO. "All MT5 brokers, whether they currently use oneZero's Liquidity Hub or not, can take advantage of this powerful solution to a previously time-consuming manual workflow process."
Additionally, oneZero offers MetaTrader Solutions for server hosting and support.
oneZero's rapid growth has encouraged its founders and team to continue investing in their technology platform, which has a 99.99% uptime. The oneZero team prides itself on being able to anticipate and respond to new business challenges across asset classes, and they are well positioned to deliver services across the market spectrum in support of evolving market convergence between financial institutions and retail brokers.
Sentieo – Financial Data Platform
Sentieo is a full-featured financial data and research platform designed to optimize the equity research process. The platform helps more than 600 customers – including hedge funds, investment banks and private equity firms – simplify their workflow and make better decisions by providing a unique combination of financial, linguistic, and alternative data along with a collaboration tool.
The idea for Sentieo came from CEO and co-founder Alap Shah, a former Wall Street analyst who found himself frustrated with the lack of adequate tools available for the buy-side research workflow. Sentieo was launched in 2016, and two years later, the company processes more than 20 million financial documents from 64,000+ companies around the world.
Cboe powers Sentieo's equity data terminal and launchpad screens by providing real-time U.S. equities pricing feeds. With that data, Sentieo's customers can stay on top of the markets in real-time – without having to go to another terminal or data source.
Shah says that his customers' favorite feature is the ability to rapidly search through millions of financial documents in seconds using the platform's natural language processing algorithms.
"Much of the important information that financial analysts need is contained in unstructured text, which we make more accessible to our users," Shah explained.
"Sentieo's platform is underpinned by the latest search technology," he said. "We overlay search, collaboration and automation on key aspects of an analyst's workflow. That way, our customers can spend less time searching, and more time analyzing."
Sentieo will be enhancing its ability to extract data from unstructured documents using machine-learning technology. Over the next 12 to 18 months, Sentieo also plans to grow its team and expand into existing markets, with a primary focus on the buy-side community.
BMLL Technologies – Data Science Platform
BMLL Technologies is a cloud-based data science platform for machine learning research and development offering access to historical full depth order book data, unlimited compute power and a wide range of data science and machine learning toolboxes.
Born out of the machine learning labs in the Engineering Department at Cambridge University, it is a platform designed for data scientists by data scientists. You no longer need to buy and curate the data yourself from global financial exchanges, to be able to mine the value out of this trade data.
BMLL holds every single trade and quote (on- and off-book) from Cboe Europe back to January 2016. Users can analyse Cboe Europe data alongside data from other European equity exchanges, as well as futures and options markets. In addition, access to Cboe BXTR trade reporting data allows in depth analysis of off-exchange data as well.
To differentiate from more traditional historical data providers, users do not buy data, compute power and analytics from BMLL they rent it on-demand. Clients, including investment banks, hedge funds, asset managers, academic institutions, do not need to spend hours sourcing, processing and curating large data sets, not to mention support the cost of storing it, as BMLL does it for them.
Via a Python-based Jupyter Notebook interface, clients can use the platform for an ever-growing number of use cases. These include:
- TCA / best execution / slippage / market impact analysis
- Quantitative research – academic research, signal processing, order imbalance analysis
- Algo back testing for P&L purposes
- Market simulation for aggressive and passive orders
- Compliance testing prior to algorithms going live (ensuring algorithms do not disrupt the market structure)
- Market locked status
BMLL continues to add data sets, experience new use cases and develop in-house built analytical packages.
Invstr. Play-Learn-Invest. App that allows everyone to become an investor.
Invstr engages users via an auto-personalized mobile platform that offers the ability to practice playing investment games, follow instruments, connect with other Invstrs, and trade via partner brokers.
Invstr carries streaming real-time Cboe equity and index data. It takes advantage of Cboe's pan-European coverage as a one-stop shop for 15 markets in Europe, and large presence in the U.S. Other real-time asset classes include Crypto-currencies, FX, bonds, futures and commodities. Additional regional equity markets are covered in delayed form. Invstr also offers fully customizable market news from top financial publications and commentators.
Users can customize their watchlist to follow instruments that interest them, or are recommended to them, and instantly access related information via each instrument hub. This includes comparison charts with technical overlays and annotation capabilities, news, posts, research and calendars.
Users can practice buying and selling investments with streaming market data in a fun and safe way by playing games. They can watch their investment game P&L update in real-time and see where they stand against the rest of the Invstr community through the leader board.
Invstr offers a full social engagement experience. Users can share their opinions, news articles, charts and game performances by connecting with other ‘Invstrs' across the world; and even share across other social platforms including Twitter, Facebook, LinkedIn and Instagram.
Through local broker partnerships, Invstr users can trade for real, including fractional share trading with US broker DriveWealth, LLC.
Service Solutions & Affiliations
Invstr offers co-branded and white labelled solutions to financial and media organizations looking to re-engage and understand the needs of their clients by using Invstr's neural-network recommendation and marketing engines, feature function-based APIs and web widgets.
TickerTags – Connecting trending social content to investable companies
TickerTags captures and measures the activity of conversations across different social content. By identifying conversations and themes across a broad swathe of potential channels, TickerTags provides data that can act as an early alert system to factors that could affect market price, all accessible through a mobile app.
In practice, TickerTags maintains an evolving library of 800,000 curated tags (e.g., key products, brands, competitors, topics, affiliated people, places, regulatory threats) that are in turn indexed to 2,500 publicly investable assets. The firm provides a minute-by-minute statistical analysis of the number of times a tag is mentioned across all documents coming from a specific data source. The same is done for online news, product reviews, blog and message board posts, and social video comments covering a robust representative sample of the world's online and social content.
With the recent addition of Cboe's real-time data, TickerTags user interfaces now include price information across all U.S.-listed corporate companies monitored. This helps to identify asset performance — and any price impact — with users able to see how changing sentiments and developing information flow affect prices immediately — as well as a target based on how prices could move, based on current news flow, in the future.
By integrating with Cboe, and using Cboe's data to illustrate fast-moving markets, TickerTags helps to bridge, filter, and measure immense volumes of otherwise noisy and unusable unstructured social data to give users a vastly better view of how information — and therefore prices — could be trending.
While TickerTags is relatively new, early customers of the firm include some of the world's most influential banks and hedge funds. In time, the team plans to release an API product license encompassing regularly updated brand/product mapping relationships to 2,500 publicly traded companies, following strong demand.
missingSTEP – Suite of mobile apps providing real-time stock analysis
San Francisco-based missingSTEP is a leading investment analysis tool provider for the mobile market. The company reaches more than 300,000 users through mobile applications that combine a deep understanding of what traders want with cutting edge app design innovation.
The result is a sophisticated set of tools that ensure users — often expert technical traders — can manage risk easily and on the go.
Of missingSTEP's suite of nine apps, Daily Stocks Pro is the most popular, and best known. It was previously named Best Finance App of the Year by Apple, and was one of the top ten top grossing apps in the entire App Store.
An advanced stock analysis tool, it filters all stocks traded on Cboe and identifies those showing the greatest potential for profit. Behind the scenes, Cboe data is used to run technical trading models and to filter and scan the market for predefined technical conditions.
"Our goal is to enable our customers to successfully engage with financial markets around the world, which is why real-time, high-quality market data is so vital for our business and our users," says missingSTEP founder Alp Simsir. "The adaptability of Cboe data, matched with Cboe commitment to low cost, is critical for us as we develop and innovate our offer to our customers."
Other missingSTEP apps, like 1 Stock A Day, offer share predictions and community signals for buying and selling securities, while others offer data and signals on the global FX market and commodities complex.
All missingSTEP apps share a common feature: they are tailored to the specific needs of users. Because just as Cboe agrees, when it comes to financial markets and market structure, one size doesn't fit all.
missingSTEP will make in-app trading available in Q1 2017, underscoring the importance of real-time market data.
The company also wants to make its apps available for Android devices, and after significant requests from users, is looking into building a Windows-based desktop platform.
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