Trading Protocols

FX Platforms

ECN

Cboe's anonymous Order Book model, built on award-winning technology, features customized liquidity solutions designed to optimize the trading experience for market makers and liquidity takers.

Quotes from global FX's top bank and non-bank LPs, combined with buy-side passive interest, create deep, liquid markets with quality execution opportunities
Participants may choose to interact with Firm or Non-Firm liquidity, or a combination of both on each of Cboe's independent NY5 and LD4 platforms
A comprehensive set of connectivity options, both direct and through partner middleware providers, provide access to a secure, stable, low-latency environment

Clearly defined Market Maker Standards, published daily volumes, and adherence to the FX Global Code highlight Cboe's commitment to transparency
Cboe's credit structure, powered by FX's leading banks and prime brokers, features pre-trade risk controls and seamless management between our NY5 and LD4 venues

Full Amount

Cboe's Full Amount protocol ensures minimal information leakage and reduced slippage with single-ticket 'full amount' executions. Streaming quotes from the market's premier liquidity providers are consolidated into a best bid/offer at various size levels, resulting in an efficient tool to access and manage liquidity.

As a Market Maker

Leverage Cboe's technology, credit, and clearing infrastructure to reduce cost, and to distribute pricing with the assurance of being the full size of the incoming order
Utilize Cboe's reporting suite and liquidity management team to improve opportunities to win flow

As a Price Taker

Price feeds are aggregated to show top of book quotes via ITCH, FIX Bookfeed, or GUI. Trades are only executed against a single quote that results in the Full Amount of the order being filled
Utilize the same API as the Cboe FX ECN to discreetly transfer risk in size up to $100M with high fulfilment opportunity and low market impact