Chicago Stock Exchange set to decommission SNAP and outbound routing service

Maria Nikolova

Since the initial launch of the outbound routing service in May 2015 and SNAP in June 2016, neither product has seen active use by participants.

The United States Securities and Exchange Commission (SEC) is inviting comments on plans by the Chicago Stock Exchange, Inc. (CHX) to amend its rules to decommission the Exchange’s outbound routing service and the Sub-second Non-displayed Auction Process (SNAP).

The Exchange explains that, since the initial launch of the outbound routing service in May 2015 and SNAP in June 2016, neither product has been frequently or actively utilized by participants. Accordingly, to streamline its product offerings and to reallocate its resources to other initiatives and obligations, CHX proposes to decommission the outbound routing service and SNAP as of December 31, 2018.

On the Operative Date, the Exchange’s outbound routing broker-dealer, CHXBD, LLC, will cease business operations and all inbound orders received by CHX will be handled Do Not Route.

With respect to SNAP, the Exchange deactivated the Start SNAP, Cancel On SNAP, and SNAP Auction Only Order order modifiers as of August 16, 2018. As SNAP Cycles can only be initiated upon receipt of a valid Start SNAP order or pursuant to the Exchange’s pro forma review of the SNAP AOO queue, CHX does not currently conduct any SNAP auctions. Hence, elimination of the SNAP-related Rules is set to have no impact on the current operation of the Matching System.

The Exchange notes that it is not required by rule or regulation to provide outbound routing services and that its participants will continue to be able to route orders to away markets either directly or through another routing service.

Interested persons are invited to submit electronic comments via the Commission’s Internet comment form (http://www.sec.gov/rules/sro.shtml); or via an e-mail to [email protected] Please include File Number SR-CHX-2018-09 on the subject line.

Paper comments have to be sent in triplicate to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. All submissions should refer to File Number SR-CHX-2018-09.

Read this next

Metaverse Gaming NFT

DCentral Miami brings together all of Web3, NFT, DeFi, Metaverse

The world’s biggest Web3 meeting entitled DCENTRAL Miami is set to take place November 28-29, featuring a lineup of some of the biggest and most influential names in the blockchain space.

Digital Assets

Crypto ban expands across UK banks as Starling joins ‎crackdown

UK digital bank Starling has banned ‎all customer payments related to cryptocurrencies, another blow for the crypto traders ‎who recently saw a sizable number of banks deciding not to ‎finance the wobbly asset class.‎

Interviews

Markets Direct at FIA EXPO 2022: Traders know what they want from brokers

The FIA Expo 2022, one of the most prestigious events within the global derivatives trading industry, took place in Chicago on 14 & 15 November.

Interviews

FIA Expo 2022: TNS addresses public cloud limitations with hybrid infrastructure

November is the month of the FIA Expo, one of the largest futures and options conferences in the world, bringing together regulators, exchanges, software vendors, and brokers in one place: the Sheraton Grand Chicago Riverwalk. 

Retail FX

Italy’s regulator blacks out Finance CapitalFX, MFCapitalFX

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

Suspected leader of Honk Kong ramp-and-dump scam appears in court

A leader of a sophisticated ramp-and-dump scheme made his first court appearance in a Hong Kong court today, charged with market manipulation and various criminal offences. The case stems from an earlier joint operation of Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), and the local police. 

Institutional FX

Cboe’s James Arrante discusses growing demand for fixed income, FX algo

We caught up with James Arrante, senior director of FX & US treasuries product and business management at Cboe Global Markets, to uncover emerging trends in the FX and fixed income markets and learn more about the bourse operator’s recent initiatives.

Retail FX

Eurotrader acquires UK broker Petra Asset Management

Eurotrader Group has formally entered into the UK market with the acquisition of FCA-regulated broker, previously named Petra Asset Management Ltd. The new entity operates under the brand name Eurotrade Capital Ltd.

Inside View, Retail FX

The Game of Chess Continues – OPEC, China and the Oil Market

Over the past decade, the US has been complaining about the amount of power which the BRIC group, and specifically China, has on the global economy. BRIC stands for Brazil, Russia, India and China; these were the world’s fastest growing economies. Only in the past 10 months, the US has turned their attention toward OPEC due to the prices of fuel. Nevertheless, China seems to have a strong influence even over the price of crude oil.

<