Cboe Global Markets

Release Notes

Dear Cboe Europe Equities Participants,

As part of Cboe's Brexit programme, Cboe would like to remind Participants about the transaction reporting requirement that arises under Cboe's Rules when conducting cross border trading. Cross border trading is defined as trading activity conducted by a Participant that is not subject to a direct transaction reporting obligation in the jurisdiction in which the relevant Cboe venue is located. To ensure continuity of access on completion of the UK's transition period, impacted Participants are required to certify for a transaction reporting solution by Friday 30th October 2020.

Impacted Participants

Existing non UK or EEA regulated firms will need to continue to transaction report on the relevant Cboe venue, as appropriate.

On completion of the UK's transition period, the following Participants will additionally be in scope:

* UK regulated firms who plan on conducting trading activity on the Cboe NL venue (DXE)

* EEA regulated firms who plan on conducting trading activity on the Cboe UK venue (BXE/CXE)

Trading activity in scope for Transaction Reporting

Cboe Europe Venue

Jurisdiction in which the trading firm is regulated

Trading Activity

Cboe NL (DXE)

External to EEA (i.e. UK, Swiss, etc.)

Order Book Executions
Cboe LIS Direct User **
Cboe LIS Designated Broker **
Single Party ETR not submitted for EOD settlement
Multi-Party ETR not submitted for EOD settlement
Third Party Broker ETR

Cboe UK (CXE/BXE)

External to UK (i.e. EEA, Swiss, etc.)

Order Book Executions
Cboe LIS Direct User
Cboe LIS Designated Broker
Single Party ETR not submitted for EOD settlement
Multi-Party ETR not submitted for EOD settlement
Third Party Broker ETR

Transaction Reporting Solutions

Cboe Regulatory Transaction Reporting Gateway
Participants should use the Cboe Regulatory Transaction Reporting Gateway (RTRG) service to submit transaction reports to Cboe who will then forward them onto the relevant regulator. The specification for this service can be found here and Participants who need to begin using this service should contact the Trade Desk to begin onboarding and certification.

Participants are now able to use service providers such as Unavista who have technically certified for RTRG though an individual Participant certification will still be required to ensure correct transaction report data is sent to Cboe. Please contact the Trade Desk to begin onboarding and certification.

Cboe Deal Capacity Offering
The introduction of Participant short code information on orders through MIFID II means that (if used correctly) Cboe 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.

Participants can opt in to this offering at a bank code (clearing firm) level. However, please note that, orders matching the below, along with any non EOD ETRs, that are submitted via bank codes that are opted in, will be rejected:

* AOTC (Agency) orders

* MITCH (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:

* use the 1st priority format given in Annex II of Delegated Regulation (EU) 2017/590 when identifying natural persons in their investment decision maker or execution decision maker long codes (see Cboe Identifier Management Specification)

Participants wishing to use this offering should contact their Account Manager who can provide the next steps.

Certification Deadline

To guarantee readiness, please ensure you have successfully certified and onboarded for one of the above transaction reporting solutions by no later than Friday 30th October 2020. Any impacted Participants who have not certified for a transaction reporting solution by this date will risk having access to the out of jurisdiction Cboe venue (depending on entity registration) and will be suspended effective Monday 4th January 2021.

Further details on the RTRG service can be found in the RTRG Specification. For any general membership and RTRG queries, please contact your Account Manager. If your query is regarding the technical onboarding please contact the Trade Desk.

Please contact the Trade Desk or your Account Manager if you have any questions.

All current and historical Cboe notices, including symbol universe updates, are available online at https://markets.cboe.com/europe/equities/notices/release_notes/.

Trade Desk,
Cboe Europe Equities
T: +44 20 7012 8901 (UK); +31 20 299 6801 (NL)
E: [email protected] | cboe.com >
* Cboe Europe Limited is a Recognised Investment Exchange regulated by the Financial Conduct Authority.
* Cboe Europe BV is licensed to operate a Regulated Market, Multilateral Trading Facility and Approved Publication Arrangement by the Dutch Authority for the Financial Markets.

** subject to regulatory approval