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 (; 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.

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