Cboe Europe To Launch Closing Cross
- New post close trading service to bring valuable fee competition to the post-close trading session in Europe
- Cost-effective, one-stop solution for customers looking to execute their post-close trading activities across 18 European markets
- Allows market participants to choose prices they wish to trade at after the continuous trading session has ended
- No cost to utilise 3C until end of 2019
Cboe Europe, the largest pan-European stock exchange and a division of Cboe Global Markets (Cboe: CBOE), today announced it plans to launch Cboe Closing Cross (3C), a new post close trading service that will provide a simple, cost-effective way for market participants to execute their end of day trading activities. 3C is scheduled to launch on 16th August 2019.
With Cboe Europe’s pan-European coverage, 3C is a seamless, one-stop solution for customers looking to execute their post-close trading activities across the 18 European markets that Cboe serves. There will be no cost to utilise 3C until the end of the year.
Mark Hemsley, President of Cboe Europe, said: “We continue to see increased volume being executed in the closing auction and post close trading session in Europe, and given that many exchanges charge higher fees during this period, the industry has long expressed the need for an alternative. Cboe Closing Cross will bring much needed choice and competition to this segment of the market.”
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.
3C utilises an “at limit” order type, which means orders can be entered and matched only at the participant’s specified price. With 3C, participants enter orders, set their “at limit” price and the 3C is designed to formulate a volume maximising cross every minute throughout the 45-minute post-close session.
The 3C trading session will begin after continuous trading has ended at 16:30 UK time and will continue until 17:15pm. The 3C session will provide full order book transparency and 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.
Equity segments in Sweden, Denmark and Finland will be referred to as Nasdaq First North Growth Market.
System helps traders manage data agreements electronically.
Vela has added a range of SIs so clients can consolidate disparate liquidity across Europe.
US equities lead the way.
The share of daily trading in closing auctions has doubled over the past few years.