CHICAGO, April 5, 2018 /PRNewswire/ -- Cboe Global
Markets, Inc. (Cboe: CBOE | Nasdaq: CBOE), one of the world's
largest exchange holding companies, today announced that it plans
to migrate Cboe Options Exchange to the company's proprietary Bats
technology on October 7, 2019. The
planned migration of Cboe Options Exchange to Bats technology
follows similar migrations for Cboe Futures Exchange (CFE) and C2
Options Exchange.
CFE was successfully migrated to Bats technology on February 25, 2018, while the planned migration of
C2 Options Exchange is on track for May 14,
2018. Upon completion of the planned Cboe Options Exchange
migration, all of the company's equities, options and futures
markets will trade on proprietary Bats
technology.
Cboe Options Exchange is the company's largest options market
and offers trading through a Hybrid market model that integrates
electronic and open outcry trading. The company is modifying its
technology to incorporate concepts of Cboe's Hybrid market model
and replace the current Cboe Command Hybrid trading system. There
are no current plans to close the Cboe Options Exchange trading
floor.
Ed Tilly, Chairman and Chief
Executive Officer of Cboe Global Markets, said: "The migration of
Cboe Options Exchange will place the largest U.S. options market on
one of the industry's most advanced technology platforms. We
are excited about what this will mean for market participants –
faster and more efficient trading on a highly scalable platform
that will support an even greater array of trading tools and
resources. Our multi-year platform migration is central to our
commitment to providing leading-edge technology that connects
customers to global markets. Ultimately, we intend to deliver a
better trading experience for our customers by offering them a
common, world-class trading platform across all our equities,
options and futures markets."
Chris Isaacson, Chief Information
Officer of Cboe Global Markets, said: "With the migration of Cboe
Options Exchange, we look forward to providing a better trading
experience with proven, world-class technology that seamlessly
integrates electronic and open outcry trading. Feedback from
market participants is critical and we will continue to work
closely with our customers to ensure we deliver the robust trading
platform that meets their evolving needs. As was the case
with the successful CFE migration and is the case with C2, our team
will remain focused on executing a seamless technical and
operational integration throughout this pivotal process."
In addition to the ultimate migration date, Cboe announced three
additional key dates for the Cboe Options migration:
- By November 16, 2018, Cboe plans
to make available the technical specifications for the Cboe Options
Exchange migration.
- On February 1, 2019, Cboe plans
to begin accepting new physical connections to the new Cboe Options
platform. Cboe Options Exchange will have dedicated network
infrastructure and customer connections, separate from the
company's other U.S. equity and options exchanges.
- On March 1, 2019, Cboe expects to
begin the certification period for customer testing.
For information on the Cboe Options Exchange migration to Bats
technology, visit https://batsintegration.cboe.com/c1.
In advance of the Cboe Options Exchange migration to Bats
technology, Cboe plans to implement two technology enhancements to
the Cboe Options marketplace in 2018: the migration of S&P 500
Index (SPX) options to Hybrid trading, planned for April 30, 2018, and the introduction of new
trading floor terminals, with rollout planned to begin November 5, 2018.
For the C2 migration, customers were able to certify on C2's new
platform beginning in December 2017
and daily (Monday through Friday) trading of test symbols and
series in the new C2 production environment has been available
since March 5, 2018. Two upcoming
weekend test opportunities in the new C2 production environment are
planned for Saturday, April 14 and a
final readiness test on Saturday, May 12.
Cboe will hold a conference call for customers beginning at
9:30 a.m. CT/10:30 a.m. ET this morning to discuss the planned
C2 Options and Cboe Options exchanges migrations. Additional
information can be found on the technology integration
website.
The planned migrations of C2 Options Exchange, Cboe Options
Exchange and SPX options to Hybrid trading are subject to
regulatory review.
About Cboe Global Markets, Inc.
Cboe Global Markets, Inc. (Cboe: CBOE | Nasdaq: CBOE) is one of
the world's largest exchange holding companies, offering
cutting-edge trading and investment solutions to investors around
the world. The company is committed to relentless innovation,
connecting global markets with world-class technology, and
providing seamless solutions that enhance the customer
experience.
Cboe offers trading across a diverse range of products in
multiple asset classes and geographies, including options, futures,
U.S. and European equities, exchange-traded products (ETPs), global
foreign exchange (FX) and multi-asset volatility products based on
the Cboe Volatility Index (VIX Index), the world's barometer for
equity market volatility.
Cboe's trading venues include the largest options exchange in
the U.S. and the largest stock exchange by value traded in
Europe. In addition, the company is the second-largest stock
exchange operator in the U.S. and a leading market globally for ETP
trading.
The company is headquartered in Chicago with offices in Kansas City, New
York, London, San Francisco, Singapore, Hong
Kong and Quito,
Ecuador. For more information, visit www.cboe.com.
Media Contacts
|
|
Analyst
Contact
|
|
|
|
|
|
Suzanne
Cosgrove
|
Hannah
Randall
|
Stacie
Fleming
|
|
Debbie
Koopman
|
+1-312-786-7123
|
+1-646-856-8809
|
+44-20-7012-8950
|
|
+1-312-786-7136
|
cosgrove@cboe.com
|
hrandall@cboe.com
|
sfleming@cboe.com
|
|
koopman@cboe.com
|
|
|
|
|
|
|
|
CBOE-C
CBOE-OE
CBOE-O
Cboe®, CFE®, Hybrid®, Cboe Volatility Index® and VIX® are
registered trademarks and Cboe Global MarketsSM, Cboe
Futures ExchangeSM and SPXSM are service
marks of Cboe Exchange, Inc. All other trademarks and service marks
are the property of their respective owners.
Cautionary Statements Regarding Forward-Looking
Information
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 that involve a number of risks and
uncertainties. You can identify these statements by forward-looking
words such as "may," "might," "should," "expect," "plan,"
"anticipate," "believe," "estimate," "predict," "potential" or
"continue," and the negative of these terms and other comparable
terminology. All statements that reflect our expectations,
assumptions or projections about the future other than statements
of historical fact are forward-looking statements. These
forward-looking statements, which are subject to known and unknown
risks, uncertainties and assumptions about us, may include
projections of our future financial performance based on our growth
strategies and anticipated trends in our business. These statements
are only predictions based on our current expectations and
projections about future events. There are important factors that
could cause our actual results, level of activity, performance or
achievements to differ materially from those expressed or implied
by the forward-looking statements.
We operate in a very competitive and rapidly changing
environment. New risks and uncertainties emerge from time to time,
and it is not possible to predict all risks and uncertainties, nor
can we assess the impact of all factors on our business or the
extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any
forward-looking statements.
Some factors that could cause actual results to differ include:
the loss of our right to exclusively list and trade certain index
options and futures products; economic, political and market
conditions; compliance with legal and regulatory obligations; price
competition and consolidation in our industry; decreases in trading
volumes, market data fees or a shift in the mix of products traded
on our exchanges; legislative or regulatory changes; increasing
competition by foreign and domestic entities; our dependence on and
exposure to risk from third parties; our index providers' ability
to maintain the quality and integrity of their indexes and to
perform under our agreements; our ability to operate our business
without violating the intellectual property rights of others and
the costs associated with protecting our intellectual property
rights; our ability to attract and retain skilled management and
other personnel, including those experienced with post-acquisition
integration; our ability to accommodate trading volume and
transaction traffic, including significant increases, without
failure or degradation of performance of our systems; our ability
to protect our systems and communication networks from security
risks, including cyber-attacks and unauthorized disclosure of
confidential information; challenges to our use of open source
software code; our ability to meet our compliance obligations,
including managing potential conflicts between our regulatory
responsibilities and our for-profit status; damage to our
reputation; the ability of our compliance and risk management
methods to effectively monitor and manage our risks; our ability to
manage our growth and strategic acquisitions or alliances
effectively; unanticipated difficulties or expenditures relating to
the acquisition of Bats Global Markets, Inc., including, without
limitation, difficulties that result in the failure to realize
expected synergies, accretion, efficiencies and cost savings from
the acquisition within the expected time period (if at all),
whether in connection with integration, migrating trading
platforms, broadening distribution of product offerings or
otherwise; restrictions imposed by our debt obligations; our
ability to maintain an investment grade credit rating; potential
difficulties in our migration of trading platforms and our ability
to retain employees as a result of the acquisition; and the
accuracy of our estimates and expectations. More detailed
information about factors that may affect our actual results to
differ may be found in our filings with the SEC, including in our
Annual Report on Form 10-K for the year ended December 31, 2017 and other filings made from
time to time with the SEC.
We do not undertake, and we expressly disclaim, any duty to
update any forward-looking statement whether as a result of new
information, future events or otherwise, except as required by law.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date
hereof.
View original content with
multimedia:http://www.prnewswire.com/news-releases/cboe-global-markets-announces-planned-migration-date-of-cboe-options-exchange-to-bats-technology-platform-300624722.html
SOURCE Cboe Global Markets, Inc.