SEC invites comments on C2’s plans to adopt Complex Reserve Order functionality

Maria Nikolova

The change aims to add certain system functionality to C2’s System in order to provide a consistent technology offering for the Cboe Affiliated Exchanges.

The United States Securities and Exchange Commission (SEC) is inviting comments on plans by Cboe C2 Exchange, Inc., a part of Cboe Global Markets, Inc. (NASDAQ:CBOE), to adopt Complex Reserve Order functionality.

At present, C2 offers Reserve Order functionality for simple orders. Reserve Orders permit users to enter orders with both displayed and nondisplayed amounts. Reserve Orders provide Users with additional flexibility to manage and display their orders and additional control over their executions on C2.

Complex Reserve Orders would generally function in the same manner as simple Reserve Orders. Specifically, a Complex Reserve Order is a complex limit order with both a portion of the quantity displayed and a reserve portion of the quantity not displayed. Both the Display Quantity and Reserve Quantity of a Complex Reserve Order are available for execution.

When entering a Complex Reserve Order, a user must instruct C2 as to the quantity of the Complex Reserve Order to be initially displayed by the System (“Max Floor”). If the Display Quantity of a Complex Reserve Order is fully executed, the System will, in accordance with the user’s instruction, replenish the Display Quantity from the Reserve Quantity using one of the replenishment instructions. If the remainder of a Complex Reserve Order is less than the replenishment amount, the System will display the entire remainder of the Complex Reserve Order. The System creates a new timestamp for both the Display Quantity and Reserve Quantity of the Complex Reserve Order each time it is replenished from reserve.

The proposal aims to add certain system functionality to C2’s System in order to provide a consistent technology offering for the Cboe Affiliated Exchanges, as Cboe Options currently offers (and intends to offer following its migration to the same technology platform as C2) complex reserve order functionality. A consistent technology offering, in turn, will simplify the technology implementation, changes, and maintenance by C2 users that are also participants on Cboe Affiliated Exchanges.

The proposed rule change will provide users with additional flexibility to manage and display their orders and control their executions on the Exchange. This may encourage market participants to bring additional liquidity to the market, which benefits all investors.

Furthermore, this is set to provide users with greater harmonization between the order handling instructions available among the Cboe Affiliated Exchanges.

Interested persons are invited to submit comments via:

  • the SEC’s Internet comment form (http://www.sec.gov/rules/sro.shtml); or
  • an e-mail to [email protected] Please include File Number SR-C2-2018-022 on the subject line.
  • paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. All submissions should refer to File Number SR-C2-2018-022.

Read this next

Retail FX

Eurotrader taps MahiMarkets’ cross-asset trading technology for pricing and risk management

Eurotrader has tapped MahiMarkets’ cross-asset trading technology to manage its pricing and risk management on its fully licensed and regulated retail brokerage operation covering forex, stocks, indices, and commodities. 

Technology

STT doubles user base as Sterling OMS adopted by TradeZero, Avenue, Banco C6

Sterling Trading Tech (STT) has announced record growth of its order management system (OMS) offering, doubling its user base throughout the second half of 2022.

Retail FX

CMC Invest announces flexible stocks and shares ISAs amid changes in UK policy

In addition to a flexible ISA, the Plus plan provides members with a USD currency wallet for their general investment account (GIA), alongside the default GBP wallet that comes with all CMC Invest accounts. This means users will hold both a GBP wallet and a USD wallet. Saving customers money on FX fees.

Executive Moves

The Trading Pit snatches Skilling Daniela Egli from Skilling to lead Cyprus operation

“We feel privileged to have Daniela join The Trading Pit and bring her extensive expertise to our prop trading firm. We are confident in The Trading Pit’s ambition to provide the ultimate global trading environment for talented traders to enhance their skills and eventually become professional fund managers.”

Industry News

Worldpay taps SheerID to allow merchants to better target their audiences

SheerID verifies over 2.5 billion people via 20,000 authoritative data sources; provides global insights from hundreds of the world’s leading brands, and never shares or sells customer data.

Crypto Insider

Cardano (ADA) Price For 2022-23: Buy Cardano With NAGAX

Cardano (ADA) is probably one of the most renowned and well-known cryptocurrencies out there at the moment and is currently available on the majority of the crypto exchanges and platforms in the market.

Retail FX

ACY Securities recognized by Salvation Army NSW for its support to charity work

““Sitting in the backyard of those family friends, to see the devastation the floods had brought, was a real eye-opener, and a testimony to the Salvos who were on the ground helping every one of those in need during the recent NSW floods.”

Executive Moves

BNP Paribas announces senior executives of Global Markets Americas division

French bank BNP Paribas has appointed several senior executives to its Global Markets Americas division, demonstrating its ambition to grow its Global Equities, Global Credit, and Global Macro franchises in the region. 

Technology

Match-Trade expands partnership with Takeprofit Tech

California-based FX technology provider Match-Trade Technologies has expanded its partnership with fintech software developer Takeprofit Tech.

<