Cboe Silexx announces support of DMA to C1 for listed options

Maria Nikolova

Effective April 16, 2020, direct market access to the Cboe Options Exchange for listed (proprietary and multi-list products) options is supported, in addition to FLEX options.

Cboe Silexx has announced that effective April 16, 2020, direct market access to the Cboe Options Exchange (“C1”) for listed (proprietary and multi-list products) options is supported, in addition to FLEX options.

Entitled Cboe Silexx users can trade listed options via the “Quick Trade Ticket,” which supports the following order types:

  • Outright orders

o Single leg

o Multi-leg, including tied orders

  • Paired / Crossing orders, including up to ten contra parties

o Single leg and Multi-leg, including tied orders

  1. Automated Improvement Mechanism (AIM)
  2. Solicitation Auction Mechanism (SAM)
  3. Qualified Contingent Cross (QCC)
  • Sweep & AIM, single leg only

o Allows orders to be initiated outside of the NBBO and /or C1 BBO

o C1Exchange: Simultaneously sweeps:

a. Better priced: i. Displayed away markets ii. C1 market

b. C1 customer orders at AIM designated auction price

As FinanceFeeds has reported, in March 2020, Cboe Silexx unveiled a set of software enhancements, including support of FLEX orders in adjusted series (i.e., corporate actions).

Cboe Silexx is a multi-asset order execution management system (OEMS) that caters to the professional marketplace. Cboe’s proprietary platform is broker-neutral, providing choice for its customers.

In terms of sell side, Silexx OEMS empowers firms to manage the full life-cycle of their client orders in a single, fully integrated platform. The platform provides firms’ trading desk with the tools necessary to manage large scale orders, access liquidity capture and alpha yielding algorithms and direct market access via Cboe Silexx’s extensive, broker neutral routing network. Firms can also manage thousand of positions through the multi-asset class and multi-currency portfolio modules, assess market risk impact and monitor day-to-day P&L.

In terms of buy side, Silexx OEMS aims to assist professional traders, hedge funds, and investment advisors. Available via cloud-based and on-premise deployments, feature-richness, advanced trading analytics, real-time risk management, low latency technology and global coverage offer advantage in the financial markets.

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