Technical interface changes

What MICs will be supported by the two venues?

Please refer to our Market Identifier Codes page.

Will there be any reference data file format changes?

  • Symbol reference data file:

    The mic column shall be populated with the value of CEUX for symbols uniquely listed on the NL regulated market.

    The bloomberg_bats and reuters_ric_bats columns present in the symbol reference file for each environment will be as described in Table 2 below. Use of these exchange codes is subject to agreement with Bloomberg and Refinitiv.

    Venue Bloomberg Exchange Code
    Refinitiv (Reuters) Exchange Code
    BXE EB .BS
    DXE I2 .DXE
    Table 2: Exchange Codes
  • Trade data file:
    The contra column in the Trade Data File will be populated with the value of CEUX for DXE for all order book executions.
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What will the pricing be for UK and NL venues?

The fee schedules that apply for Cboe UK and Cboe NL can be found here.

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Regulatory Data and Transaction Reporting

Do I need to supply an additional long code mapping file via the Identifier Management application for any order activity on the NL venue?

No. Long to short code mappings shall apply to both the UK and NL venues; Participants will therefore only be required to upload their mappings once for them to apply to both venues. As a consequence of this participants will not be able to use a different mapping per short code for each venue.

Will I need to provide transaction reporting information if the current transition period is extended?

If the transition period is extended then the current requirements will continue, whereby only Non-UK or EEA Participants (current third country firms such as Swiss or Cayman regulated firms) on each venue respectively will be required to submit transaction reports to Cboe UK and NL separately, in order for Cboe to meet its obligation to the FCA and AFM respectively.

Will I need to provide transaction reporting information if the transition period ends on 31 December as scheduled?

Cboe UK will be required to transaction report for transactions conducted on the RIE by members who are not UK regulated, except for EEA firms operating through a branch and who are subject to FCA transaction reporting requirements under the temporary permissions regime. Cboe NL will be required to transaction report on behalf of any non-EEA members trading on its markets (which includes UK domiciled firms).

What trading activity is in scope if I do need to transaction report?

The only on-exchange activity that is potentially exempt from transaction reporting is exchange trade reports (ETRs) that are used for settlement purposes (sometimes referred to as End of Day ETRs).

What solutions are on offer in the event I need to transaction report?

  • Cboe Regulatory Transaction Reporting Gateway:
    Participants should use the Cboe Regulatory Transaction Reporting Gateway (RTRG) service to submit transaction reports to Cboe Europe who will then forward them onto the required regulator. The specification for this service can be found here and Participants who need to begin using this service should contact Trade Desk to begin on-boarding.
  • Cboe Deal Capacity Offering:

    The introduction of participant short code information on orders through MIFID II means that (if used correctly) Cboe Europe have the information required to generate transaction reports for clients conducting trading activity in a Deal (Principal) capacity. Participants opting in to this offering will have transactions for their order book executions generated and sent to the required regulator by Cboe. Please note that at this time, ETRs are excluded from this service and therefore any non EOD ETR transactions will need to be submitted to Cboe Europe via the RTRG. Participants wishing to use this offering should contact their Account Manager who can provide the next steps.

    Participants can opt in to this offering at a bank code (clearing firm) level. Any bank codes that have opted in, which submit orders matching the below, along with any non EOD ETRs, will be rejected:
    • AOTC (Agency) orders
    • MTCH (Riskless) orders
    • Orders submitted without both an execution and investment short code
    • Orders submitted with non-registered short codes. For a registration to be considered valid, it must be uploaded by 5am UK time on the day it is to be used. Any registrations after this time will not take effect until the next trading day.
    In addition, Participants must:
  • Unavista:

    Participants that use Unavista to transaction report to competent authorities may also be able to use it to report details of Cboe transactions to Cboe UK and Cboe NL.

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Cboe LIS

What are the plans regarding Cboe LIS in the event of a transition deal being established with no share trading obligation?

Cboe NL will prepare to offer the LIS service and will prepare its participants to be ready for an end of year launch, however in the event of a transition and no EU STO, then it may take the decision not to launch. Therefore EU participants should retain their Cboe UK membership and connectivity.

In the event of an EU Share Trading Obligation (STO) do the above plans changes?

In the event of an EU STO being implemented Cboe NL will launch with the LIS product, supporting EEA stocks in 16 markets with the execution MIC of LISZ.

Post January 2021, Cboe UK will continue to offer the LIS product on all 18 markets under the LISX MIC, as it does today.

For further information please refer to Cboe LIS.

Are there different LIS thresholds for LISX vs LISZ?

No. Trading on both the UK LIS (LISX) and NL LIS (LISZ) for EU symbols will only be supported using the higher LIS ‘lis_local’ value in the DXE Reference Data file. IOIs (Indications of Interest) sent with lower values will be rejected.

  • The CXE Reference Data file contains LIS ‘lis_local’ values which will be lower for trading EU symbols as these values have now been sourced from FCA FITRS
  • The DXE Reference Data file contains LIS ‘lis_local’ values which will be higher for trading EU symbols as these values remain sourced from ESMA FITRS
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Approved Publication Arrangement (APA) and Systematic Internaliser (SI) quoting services

Have Cboe launched the NL based APA and SI quoting services?

Yes. The NL based services launched on Monday 2nd September 2019.

Has Cboe’s previously announced technical implementation for controlling which APA a firm trade reports to changed?

No. As previously announced, the venue (UK or NL) associated with the bank code used for trade reporting into the Cboe APA is used to denote whether the trade report is targeting the UK or NL APA. Depending on the post Brexit plans of each firm using the APA, firms may need to request new bank codes (associated with the appropriate APA) and then populate the relevant bank code in the PartyID (FIX tag 448) field of the Trade Capture Report message on FIX and BOE interfaces.

On Multicast and TCP PITCH the Cboe Trade Flags field in the “Trade Message — Extended Form” and “Trade Message — Unknown Symbol” messages types is used to convey the Cboe Regulated Entity to which the trade was reported. As such, the Cboe Trade Flags field supports the following values:

Regulated Entity Description
‘-‘ ‘4‘ The trade was reported to Cboe on time and in the Main Session
‘1‘ ‘5‘ The trade was reported to Cboe ‘late’
‘2‘ ‘6‘ The trade was reported to Cboe out of the Main Session
‘3‘ ‘7‘ The trade was reported to Cboe late and out of the Main Session

Can I test my firm’s current and/or future Brexit APA and SI implementation in UAT?

The APA UAT (Certification) environment can be set up for either scenario by Cboe Trade Desk based on the bank code’s venue configuration described above.

What do I need to do to ensure my entity is reporting to the correct APA?

You should previously have informed Cboe of whether your firm would like to report through the UK or NL APA. If your plans have changed since you informed Cboe of the APA that you wished to use, you will need to inform us of your revised plans. Any new on-boarding firms will be required to specify which APA they wish to report through.

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My firm is UK domiciled and regulated by the FCA, can we trade on EU domiciled venues, such as Cboe NL?

Yes, Cboe NL (Cboe Europe B.V.) is on the FCA register as a UK Recognised Overseas Investment Exchange (ROIE) which permits UK domiciled, FCA regulated firms to trade on our Dutch venue. https://register.fca.org.uk/s/search?predefined=ROIE

Does ROIE status apply only to the securities that are listed on your Regulated Market? Can you confirm that we can access the full services of Cboe NL on all securities?

UK firms will be able to enjoy access to all services and trade all instruments under ROIE status. There is some misplaced confusion relating to legal entity, or Operator of a market where the ROIE status is applied, versus the operation of markets (MTFs and RMs). The venue Operator Cboe Europe B.V. is approved as an ROIE so all of its services and markets are available to UK domiciled, FCA regulated firms.

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Order Record Keeping

How should UK nationals trading on the Cboe venues be identified in the short code to long code mapping and transaction reports?

Currently, the UK National Insurance number is the 1st Priority scheme on both Cboe UK and Cboe NL. In the event of the UK leaving the EU on Thursday 31st December 2020, UK nationals should be identified according to the following scheme:

Venue 1st Priority 2nd Priority
Cboe UK (BXE, CXE) UK National Insurance number CONCAT
Cboe NL (DXE) Passport number CONCAT

What changes are required for Participant's short code to long code mappings?

Where a trader (as identified by a short code) is trading on only one venue, Participants should update the short code to long code mapping for that trader to the appropriate value for the venue they are trading on effective 4th Jan. Where the same short code is used across both Cboe UK and Cboe NL, it is not possible to associate two different identifiers with that short code. If Participants are not able to associate two different short codes (one for use on each venue) with the same trader, they should ensure that they collate the relevant NI and passport number information for each short code in preparation for submission to Cboe. Cboe are currently discussing various approaches to handle the processing and submission of this data in order to minimise effort and disruption for market Participants.

What changes are required for Participant's transaction reports submitted to Cboe?

Unless you are using our DEAL reporting service, it is your responsibility to provide the correct identifier in the transaction reports that are submitted to the relevant NCA via Cboe. If you are unable to provide this information from day 1 on Jan 4th, you will need to provide amended transaction reports to the NCA via Cboe as soon as possible. If you are using the DEAL reporting service, we will handle the resubmission of updated transaction reports on your behalf in line with the updates to short to long code mappings.

Will my firm or trader be prevented from trading if my long code data does not include a passport number instead of a NI for UK nationals for Order Record Keeping on Monday 4th January?

No, you will not be prevented from trading. Given the late nature of this change, we have confirmed with the AFM that, whilst we expect Participants to do all reasonable efforts to comply from day 1, if they are not able to they will be permitted to continue to use national insurance numbers for UK nationals for a limited period of time as from 4 January 2021.

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