Cboe announces successful migration of Cboe Futures Exchange to proprietary technology platform

Maria Nikolova

Cboe Futures Exchange (CFE) is first legacy Cboe platform to transition to Bats technology.

Cboe Global Markets, Inc., one of the world’s largest exchange holding companies, today announced the successful migration of Cboe Futures Exchange (CFE) to its proprietary Bats technology, a significant milestone in the company’s multi-exchange, multi-year technology integration.

Trading on the new technology platform opened in Global Trading Hours at 5:00 p.m. CT on Sunday, February 25. At the end of the trading session at 4:00 p.m. CT on Monday, February 26, 98 trading firms accessed the new platform, trading a total of 159,492 contracts.

Some of the new and enhanced features of the platform include:

  • A new order-by-order market data (PITCH) feed, which provides microsecond timestamps offering greater visibility into CFE;
  • Enhanced Bandwidth/Port Order rate thresholds, which have increased 100 times their previous thresholds;
  • More than 80% latency reduction;
  • Enhanced risk controls and self-trade prevention;
  • Improved complex spread order handling; and,
  • A fully-featured Customer Web Portal for trading and clearing firms.

Ed Tilly, Chairman and Chief Executive Officer of Cboe, said: “As we said at the start of this process, we are laser focused on executing a seamless technical and operational integration of our exchange platforms. The flawless migration of CFE to Bats state-of-the-art technology is a major step in this journey. This and our successive migrations will culminate in our ability to offer our customers a common, world-class trading experience across all our equities, options and futures markets. Chris Isaacson and his team did an extraordinary job in hitting this key milestone on schedule, and I want to congratulate them on a job well done.”

Chris Isaacson, Chief Information Officer of Cboe, said: “Better technology makes better markets, and delivering a best-in-class platform to our futures trading customers was our priority when it came to CFE. Our goal was to make the trading experience more efficient and user-friendly, and match that with the same great customer service we’ve always offered our customers globally. It is worth noting that our ability to keep to an aggressive timeline for our technology migration is due to the dedication of our fantastic team and the diligent preparations of our customers.”

Cboe’s C2 Options Exchange is planned to migrate to Bats technology on May 14, 2018. Customers were able to certify on C2’s new platform beginning in December 2017, and February 24, 2018, was the first weekend test. Three additional testing opportunities – on March 17, April 14 and May 12 – will be held in the run up to go-live. The migration date for Cboe Options Exchange will be announced in April. In the meantime, Cboe is planning to implement two technology enhancements to the marketplace in 2018: the migration of S&P 500 Index (SPX) options to Hybrid trading – planned for second quarter – and the introduction of new floor terminals – planned for the second half of 2018.

Read this next

Digital Assets

Zumo launches B2B ‘Crypto-as-a-Service’ solution for brokers

The new product, Zumo Enterprise, also features an embedded ESG and net zero strategy.

Technology

Top Tools to Add to Your Trading Platform to Delight and Retain Traders

The online trading boom that started during the pandemic-led lockdowns is abating. This is in part due to sustained market volatility which seems to be discouraging new investors. For example, day trading volumes in the US for retail investors declined in the last 2 quarters of 2021.  

Technology

Embedded finance platform Alviere taps Marqeta for branded card issuance in Europe and UK

Alviere has recently raised $70 million to fuel the ongoing expansion across the European region and the United Kingdom.

Retail FX

Overcharts partners with dxFeed for CME Group Market Depth

“More and more traders are using Market Depth while conducting volume analysis. Its primary function is to help traders identify potential support and resistance levels.”

Digital Assets

CoinGecko expands collaboration with CER.live security rating

CoinGecko, one of the earliest crypto data aggregators, has integrated the security score data from the CER.live rating. The trust assessments given to crypto projects will be integrated into their pages on CoinGecko website to draw users’ attention to the importance of security.

Metaverse Gaming NFT

Klaytn taps Parity Technologies to build infrastructure for Klaytn-Substrate

Klaytn has initiated a collaboration with blockchain infrastructure company Parity Technologies to strengthen its tech stack and meet the demands of enterprises looking to harness the crypto technology.

Retail FX

US Retail FX brokers suffer steep fall in client deposits, Trading.com racked up $46K

Retail FX deposits at US brokerages, which have been struggling to eke out a profit in a strict regulatory environment, dropped in March 2022 by $35 million, CFTC data showed.

Retail FX

eToro supports Immutable X (IMX), Livepeer (LPT) and Cartesi (CTSI)

Israeli social trading network eToro has added support for trading three new tokens. Immutable X (IMX), Livepeer (LPT) and Cartesi (CTSI) are the next coins to join eToro’s list of featured digital assets.

Executive Moves

LiquidityBook hires Fintech veteran Jonathan Cross to lead EMEA business

LiquidityBook, a provider of FIX and OMS trading solutions for both the buy and sell-side, has added Jonathan Cross to its business team for the EMEA region.

<