Cboe Sets for Next Phase of Platform Migration04.05.2018
Cboe Global Markets, 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.
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