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Your Pan-European trajectory crossing service
Cboe BIDS VWAP-X is a first-of-its-kind, exchange-operated trajectory crossing service for European equities allowing participants to source and match scheduled volume which is executed at a forward benchmark price.
VWAP-X executes trades based on a standardised, exchange-regulated volume weighted average price (VWAP) methodology, helping investors to meet their participation-based algorithm schedules and price objectives.
It is being offered as a service of Cboe BIDS Europe, the region’s largest block trading platform, utilising its proven conditional trade negotiation and execution workflow.
Offers a venue-based solution for trajectory crosses, with pan-European stock coverage from 15 countries.
Encourages interactions between natural buyers and sellers with a common execution objective and benchmark.
Trades executed based on a standardised, exchange-regulated VWAP price methodology.
Easily accessible through the proven Cboe BIDS Europe infrastructure, the region's largest block trading platform, with established connectivity among Europe’s leading sell-side and buyside firms.
All trades are designated as off-book, on-exchange transactions, uniquely identified on data feed with new sub-MIC code of XWAP (Cboe UK) and centrally cleared.
VWAP-IOIs are submitted to the Cboe BIDS Europe system to identify potential matches.
Once a match is found, the firms are invited to 'firm-up' their IOI within a specified time period as part of a bilateral trade negotiation.
Once all firm-ups are received, eligible orders are matched with an agreed quantity, and a matching cycle then begins to determine the interval-VWAP execution price.
The trade is executed on-exchange and reported through the Cboe CXE market data feed as an off-book, on-exchange, trade in real time. Each execution is uniquely identified with the new sub-MIC code of XWAP (Cboe UK).
The trade is sent to clearing under Cboe Europe's interoperable clearing model.
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