Cboe Australia launches BIDS offering after successful migration of Chi-X
“Executing the migration of Chi-X’s technology platform was a tremendous industry-wide effort and we thank our customers, vendors, regulators and other market participants for their strong engagement and support over the past year.”
Cboe Australia, formerly Chi-X Australia before being acquired by Cboe Global Markets in July 2021 and rebranded as Cboe Australia in February 2022, has announced a successful migration to Cboe technology on March 27, 2023.
The migration to the Cboe technology platform enhances Cboe Australia’s performance and capacity to better meet both current and projected future capital markets trading volumes for the entire Australian equities marketplace, the firm stated.
Brokers can access BIDS pool via algo and directed orders
As part of its new capabilities, Cboe launched Cboe BIDS Australia, bringing a new and innovative large-in-scale trading offering to the Australian equities market, planned to occur in two phases:
- The first phase, which has now launched in conjunction with the technology migration, involves brokers accessing the BIDS pool through their trading algorithms or via directed orders.
- The second phase is expected to occur in the coming months and will involve broker-sponsored buy-side access through the BIDS Trader front-end.
BIDS is an Alternative Trading System (ATS) that was designed to bring counterparties together to anonymously trade large blocks of shares. Developed by a consortium of leading financial services firms, the BIDS ATS resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions. The BIDS ATS is open to all qualifying broker-dealers and their institutional clients, subject to basic credit and regulatory requirements.
It was in early 2021 that Cboe acquired BIDS Trading, a registered broker-dealer and the operator of the BIDS Alternative Trading System (ATS). BIDS Trading operates in the off-exchange segment.
Cboe Australia deployed Latency Equalization capability
Chris Isaacson, Executive Vice President and Chief Operating Officer, Cboe Global Markets, said: “Since Cboe acquired Chi-X, we have been focused on delivering benefits to the Australian market that only Cboe can provide. Significantly, this required migrating Chi-X’s platform to Cboe technology, enabling Australian customers to benefit from our world-class innovations and seamlessly accessing Cboe’s diverse markets, asset classes, data and product suite with greater ease and efficiency.
“As an innovative leader and globally trusted market operator, Cboe Global Markets has deployed technology that provides feature rich, low latency access to all participants. With the first deployment in APAC of the Cboe Latency Equalization capability, Cboe Australia participants all benefit from a high-performance technology platform that helps to ensure equitable access to all.”
Vic Jokovic, Chief Executive Officer, Cboe Australia, commented: “Executing the migration of Chi-X’s technology platform was a tremendous industry-wide effort and we thank our customers, vendors, regulators and other market participants for their strong engagement and support over the past year. This collaboration was critical in executing a smooth technical and operational migration. With this foundation now in place, we look forward to expanding the products, services and trading solutions we can provide in the Australian market.”
