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Cboe Reports Increasing Usage Of New Complex Order Options Functionality
Traders Magazine Online News, December 8, 2017
Cboe Global Markets, Inc. (Cboe: CBOE | Nasdaq: CBOE), one of the world’s largest exchange holding companies, has announced increasing usage of complex order functionality on its Cboe EDGX Options Exchange, one month after the new technology was launched.
The expanded functionality went live on October 23, 2017, with 10 significant customers making use of it in the first days of trading. Average daily complex order volume during the first month was 63,9181 contracts traded. On November 17, 2017 a record 94,326 contracts were traded, accounting for as much as 26.9% of Cboe EDGX options volume.
Chris Isaacson, Executive Vice President and Chief Information Officer, said: “We are very encouraged by the number of customers already using the new foundational complex order technology that is expected to power Cboe markets, which was launched a mere eight months after Bats was acquired. Our combined team, which is concurrently working to migrate all Cboe markets to Bats technology, is to be commended for delivering this critical first step of the technology integration on schedule and at the highest standard.”
The new features create one of the most efficient and adaptable complex order books in operation and include new order handling, risk management and trade-through protections. Specifically:
Complex order types are available to all customers;
New-order entry protocols give customers real-time control over which instruments are traded;
Orders are matched continuously, with complex orders allowed to trade against other complex orders or against “simple” orders to enable higher fill rates;
Fully deterministic legging logic applies, with no best effort or delays;
Depth, Top and Auction market data feeds are provided, with a variety of uses designed to best fit customer profiles;
Unique complex pegging logic that ensures the display of orders at executable prices.
More information about the plans for the Cboe EDGX complex order book are available here. More information about the technology integration is available here.
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