Cboe Global Markets

Release Notes

Dear Cboe Europe Equities Participants,

Further to the previous notice sent on Wednesday 16th September, Cboe Europe Equities (Cboe) would like to update Participants on the Large In Scale (LIS) product launch on Cboe NL, subject to regulatory approval.

Detailed in the table below are the key milestones in the launch of Cboe NL LIS:

Description

Environment

Date

Comments

IOI entry and Drop copy ports available to order

Certification & Production

Now Available

In production this will allow participants to configure network connectivity and establish connections

Designated Brokers will be able to update their client risk controls to restrict client access to LISX or LISZ. This restriction should be entered now, but won't take effect until 1st January 2021

Production

Now Available

To enable Designated Brokers to protect against any applicable Share Trading Obligation(s). Please speak to your Account Manager for further information

Participants can perform full end to end testing

Certification

02/11/20

Cboe NL LIS is available to test with full functionality

LIS Symbol and Tick file no longer supported

Certification

02/11/20

Participants should download the CXE and DXE Symbol Reference Data Files. Refer to 'Reference Data' below.

Test symbols can be entered and receive execution fills

Production

04/12/20

Test symbols only*, other stocks will be rejected.

LIS Symbol and Tick file no longer supported

Production

11/12/20

Participants should download the CXE and DXE Symbol Reference Data Files. Refer to 'Reference Data' below.

Go-Live: Participants can submit IOIs and receive executions in LISZ

Production

11/12/20

Cboe NL LIS is live with full functionality

* test symbols are not sent to clearing and will not be seen in the trade data file or market data.

Participant & User access
In order to access the liquidity available on the new LISZ book, Participants or users will need to fulfil the below requirements:

* Valid clearing arrangements on Cboe NL (DXE) venue.

* LIS order (IOI) entry sessions nominated for European flow (Participants will need to request new IOI entry ports in order to access the EU liquidity). Your Account Manager will be in contact to notify you of your existing port configuration.

* Drop copy or Trade Data file access on Cboe NL (DXE); This is optional for Participants that will use the Cboe LIS Drop copy.

* Designated Brokers in our LISX and LISZ venues will be asked to review their clients' access to Cboe UK and Cboe NL so that they can remain within any Participant obligations (Share Trading Obligation).

* Users/Clients of Designated Brokers are required to complete the Cboe LIS user form here prior to going live.

Market Data
Participants are reminded that executions received back from Cboe NL LIS on IOI entry, Drop Copy sessions, and also published on market data feeds/channels will display the 'LISZ' MIC code and should be prepared to receive and process this value.

Reference Data
The public, private connection, back-up and certification URLs for the LIS Symbol Reference Data File and the LIS Tick File described in the Reference Data Specification will be removed so will no longer be accessible from the dates defined in the above table. Instead Participants will be required to download the CXE and DXE version of the Symbol Reference Data Files from these dates onwards.

Participants must ensure they download the correct file(s) for the venue(s) they will be trading on, as the symbols supported and the values in some of the columns differ between the UK (CXE) and NL (DXE) venue. The 'supported_services' column should be used to determine whether a symbol is supported on the UK LIS (CXE) or NL LIS (DXE) venues as per the below:

* The CXE Reference Data file only will contain an 'L' if supported on Cboe UK LIS.

* The DXE Reference Data file only will contain an 'N' if supported on Cboe NL LIS.

Pricing
Cboe NL LIS ports will be free of charge until 31st January 2021. All other prices remain unchanged.

Testing
The changes described above will be available in the Cboe LIS test (Certification) environment effective Monday 2nd November, 2020. Please contact the Trade Desk in order to facilitate testing.
Participants will also be able to test their Production setup using Cboe Test symbols only effective Friday 4th December, 2020.

Production
As per the table above, effective Friday 11th December, 2020 Cboe NL LIS (LISZ) will be live.

Documentation
Symbol Reference files
Price lists
Cboe LIS Service Request Form
Brexit Microsite

Please be aware that Cboe's Brexit plans may be impacted by future political or regulatory developments. Please contact your Account Manager if you have any questions.

All current and historical Cboe notices, including symbol universe updates, are available online at http://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.