Cboe Global Markets

Release Notes

Dear Cboe Europe Equities Participants,

Effective Friday 23rd April 2021, in line with changes announced by the UK FCA on Large In Scale thresholds for EU securities traded on UK venues, Cboe UK LIS (LISX) will permit executions in EU securities in compliance with the UK FITRS Large In Scale values. Currently, both Cboe UK (LISX) and Cboe NL (LISZ) venues apply the same, higher LIS threshold for EU securities to incoming Indications of Interest (IOIs) as previously announced.

From the above mentioned effective date, LISX will apply the LIS threshold applicable under the UK regulatory regime sourced from FCA FITRS. These differing LIS thresholds mean that Participants will be able to enter IOIs in EU securities and trade on LISX with a notional value which is potentially lower than that of the LISZ venue.

Reference Data

Effective Friday 23rd April 2021, Participants should consume the Cboe UK "CXE" reference data file when determining the applicable LIS value for EU securities traded on LISX. Participants trading in LISZ should continue to consume the Cboe NL "DXE" reference data file.

Reference data files for CXE and DXE are available here.

Routing Logic

Participants that are Direct Brokers and have access to LISX and LISZ for EU securities are recommended to continue routing to LISZ in the first instance (where the IOI is > EU LIS), and then route to LISX for any IOIs that fall below the EU LIS levels, but are greater than the UK LIS thresholds.

Manual Users via BIDS Trader

Users interacting via the BIDS Trader application or other manual interfaces will have the option to opt-in or opt-out in order to be included or excluded from trading at UK LIS levels. If Users do choose to opt in to this new functionality, then the remaining quantity that falls below the LISZ LIS value will move to LISX, rather than being cancelled back. In addition, Users have the ability to set minimum quantity levels on their IOIs to control the size of executions. Please get in touch with your designated Cboe LIS Sales representative to discuss this further.

Market Data

Please note there will be no changes to the dissemination of market data.

Testing

The changes described above are now available in the Cboe LIS test (Certification) environment. Please contact Trade Desk for any help with testing.

Production

The changes will come into effect in Production on Friday 23rd April, 2021.

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.