Cboe Completes Bats Migration


Cboe Global Markets, Inc., one of the world’s largest exchange holding companies, announced the successful migration of Cboe Options Exchange (C1), the largest U.S. options exchange, to its proprietary Bats technology on October 7, 2019.

The C1 migration was the final step in the company’s multi-exchange, multi-year technology integration, which unites Cboe’s options, futures, U.S. equities and European equities markets on Bats technology.

“The completion of our technology integration marks a major step forward for Cboe and positions us for exciting future growth. The integration not only provides our customers with a single, world-class trading experience across our markets, but also lays the foundation for new efficiencies and trading opportunities across asset classes,” said Ed Tilly, Chairman, President and Chief Executive Officer of Cboe Global Markets.

“Our technology and operations teams will now focus on other innovations, including new trading functionality and the development of a state of-the-art research and data platform, which will leverage Cboe’s unique strengths – technology, research and product development – to provide tailored trading strategies for our customers and to inform the creation of new Cboe proprietary products,” Tilly continued.

Technology Integration Highlights
The migration to Bats technology provides customers with a more efficient, user-friendly trading experience that includes greater bandwidth, enhanced risk controls, and improved complex order handling.

“Throughout this process we were focused on executing a seamless technical and operational integration of our exchange platforms, resulting in the delivery of a dynamic technology platform that will enable our future growth,” said Chris Isaacson, Executive Vice President and Chief Operating Officer of Cboe Global Markets. “I would like to thank our team and customers for executing this complex integration that culminated with the C1 migration this week, which included the seamless integration of electronic and floor trading. It was through their extraordinary efforts and preparations that we were able to deliver on each key milestone as scheduled and to successfully meet the aggressive timeline for the completion of this transformative integration. We look forward to the opportunities before us now that the integration is complete.”

The company’s technology integration included the following initiatives:

  • Launch of a new index platform on January 22, 2018;
  • Migration of Cboe Futures Exchange (CFE) to Bats technology on February 25, 2018;
  • S&P 500 Index (SPX) conversion to a hybrid marketplace on April 30, 2018;
  • Migration of C2 Options Exchange to Bats technology on May 14, 2018;
  • Introduction of new floor terminals in December 2018;
  • Implementation of nine feature packs across the BZX Options, C2 Options and EDGX Options exchanges to unify options functionality across Cboe’s four options exchanges; rollout began November 29, 2018 and concluded on August 16, 2019;
  • Migration of Cboe Options Exchange to Bats technology on October 7, 2019.

Additional information can be found on the technology integration microsite.

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