CHICAGO, June 17, 2021 /PRNewswire/ -- Cboe Global
Markets, Inc. (Cboe: CBOE), a market operator and global trading
solutions provider, today announced plans to launch Cboe LIS
powered by BIDS in Canada,
bringing to the region an enhanced block trading service based on a
successful model that it first introduced in Europe with BIDS Trading. Planned for launch
on February 1, 2022, the new Canadian
offering, which is subject to regulatory approval, will combine
industry-leading block trading capabilities from MATCHNow and BIDS
to create an enhanced market center for block-sized liquidity for
buy-side and sell-side participants. With its expansion into the
Canadian market, Cboe will also continue to extend its global
equities block trading network to new geographies beyond the U.S.
and Europe.
MATCHNow is one of the largest Canadian equities alternative
trading systems (ATSs) and a leading provider of Conditionals,
through which MATCHNow currently facilitates sell-side to sell-side
block trading. BIDS operates the largest block trading ATS by
volume in the U.S.1, facilitating interaction between
the buy-side and sell-side for block trades. Cboe acquired
MATCHNow and BIDS in August
2020 and January 2021,
respectively.
Cboe LIS powered by BIDS in Canada will integrate MATCHNow's Conditionals
Book with BIDS' innovative trading model – creating an enhanced
Conditionals offering enabling market participants to trade
block-sized orders, while helping to reduce market impact.
With the planned launch of the Canadian offering, Cboe expects to
also continue to expand its suite of products and services in
geographies beyond the U.S. and bring BIDS' industry-leading block
trading capabilities to a new region.
Cboe will leverage BIDS' proprietary technology to facilitate
block trading on MATCHNow's Conditionals platform. In addition, the
MATCHNow Conditionals platform is planned to be further extended to
a global network of more than 460 buy-side participants through
BIDS' unique sponsored access model. By linking MATCHNow's
sell-side participants to BIDS' buy-side participants, Cboe LIS is
expected to deliver a greater source of block-sized liquidity to
the Canadian marketplace and increase matching opportunities for
all participants.
"We are excited to introduce the next chapter in the evolution
of MATCHNow's Conditionals offering with the launch of Cboe LIS
powered by BIDS in Canada – which
we believe could be an absolute game-changer for block trading in
the region," said Bryan Blake, Vice
President and Head of Canadian Equities at Cboe Global Markets.
"MATCHNow was an early provider of Conditionals in the region and
has achieved tremendous success by serving investor demand. By
tapping into BIDS' technology and distribution network, we expect
to drive even greater client adoption of Conditionals as the tool
of choice for block trading and help grow the overall market to
benefit Canadian investors."
Cboe and BIDS began working together in 2016 to launch Cboe LIS
in Europe, an indication of
interest (IOI) negotiation and execution platform for European
equities. Powered by BIDS technology, Cboe LIS has grown to become
one of the largest block trading platforms in Europe. During the first quarter of 2021, Cboe
LIS in Europe accounted for
approximately €450 million in average daily notional value
traded and reported a record market share of 24.1 percent.
"BIDS has established itself as the premier block trading
destination in the U.S. and Europe, and we are excited to enter our next
stage of growth with our expansion into Canada, which will add another important
market to BIDS' global network and provide our customers with
access to a new geography," said Bryan
Harkins, President of BIDS Trading. "We look forward
to working with MATCHNow to build out the Canadian block trading
market for customers globally, while executing further on our
vision of growing BIDS into a global, multi-asset institutional
platform."
Trading in MATCHNow's Conditionals has steadily increased since
its launch in January 2019,
culminating in multiple volume records in March 2021, including an all-time monthly high of
17.4 million shares traded, representing approximately $576.3 million in notional value. In
addition to this growth, MATCHNow recently received regulatory
approval to introduce an opt-in feature that will allow firm
(resting) dark orders to interact and match with Conditionals,
further enhancing matching opportunities in its Conditionals
Book.
Cboe maintains BIDS Trading L.P. as an independently managed and
operated trading venue and broker/dealer, which is separate from,
and not integrated with, the Cboe U.S. securities exchanges.
About Cboe Global Markets, Inc.
Cboe Global Markets (Cboe: CBOE) provides cutting-edge trading
and investment solutions to market participants around the world.
The company is committed to defining markets through product
innovation, leading edge technology and seamless trading
solutions.
The company offers trading across a diverse range of products in
multiple asset classes and geographies, including options, futures,
U.S., Canadian and European equities, exchange-traded products
(ETPs), global foreign exchange (FX) and volatility products based
on the Cboe Volatility Index® (VIX® Index), recognized as the
world's premier gauge of U.S. equity market volatility.
Cboe's subsidiaries include the largest options exchange and the
third largest stock exchange operator in the U.S. In addition, the
company operates one of the largest stock exchanges by value traded
in Europe, and owns EuroCCP, a
leading pan-European equities clearing house. Cboe also is a
leading market globally for ETP listings and
trading.
The company is headquartered in Chicago with a network of domestic and global
offices across the Americas, Europe and Asia, including main hubs in New York, London, Kansas
City and Amsterdam. For
more information, visit www.cboe.com.
Media
Contacts
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Analyst
Contact
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Angela
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Tim
Cave
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Debbie
Koopman
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+1-646-856-8734
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+44 (0)
7593-506-719
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+1-312-786-7136
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atu@cboe.com
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tcave@cboe.com
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dkoopman@cboe.com
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CBOE-C
CBOE-E
Cboe®, Cboe Volatility Index®, Cboe Global
Markets®, and VIX® are registered trademarks of Cboe
Exchange, Inc. All other trademarks and service marks are the
property of their respective owners.
Cautionary Statements Regarding Forward-Looking
Information
Certain information contained in this press
release may constitute forward-looking statements. We caution
readers not to place undue reliance on any forward-looking
statements, which speak only as of the date made and are subject to
a number of risks and uncertainties.
1 A block is defined as 10,000+ shares; source:
FINRA. Please see FINRA website for complete data.
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SOURCE Cboe Global Markets, Inc.