TRADING VENUES

Cboe Europe Equities rolls out final MiFID II exchange software

Cboe Europe Equities says it expects to be fully MiFID II compliant by 2 January.

By Hayley McDowell hayley.mcdowell@strategic-i.com November 01, 2017 10:29 AM GMT

Cboe Europe Equities has launched its final exchange software and completed operational preparations for MiFID II.

The software incorporates various MiFID II functions including trade flagging, transaction reporting and data related to order record keeping.

The exchange, formerly known as Bats Europe, explained it expects to be MiFID II compliant by 2 January, one day before the official deadline.  

Chief operating officer of Cboe Europe Equities, David Howson, said the firm is “officially ready from a technical perspective to interface with our customers as required by MiFID II”.

“We can now move into the final stage of working with our regulator and our participants to make sure that they can interface with our systems,” he added.

Cboe Europe Equities also reported a 25% surge in average daily value traded in October to €139.2 million on its block trading platform Cboe LIS, with more than €3 billion traded overall on the platform throughout the month.

Howson commented: “With the broker crossing networks shutting down and the double volume caps coming into force under MiFID II, Cboe LIS and the Cboe Periodic Auctions book offer market participants a place to conduct their trading activity with minimal market impact.”

CBOE and Bats Europe recently rebranded and unveiled new corporate identities following the completion of their $3.4 billion merger earlier this year.

Bats Europe became Cboe Europe Equities, with its block trading platform, formerly known as Bats LIS, renamed Cboe LIS, and its FX business Hotspot rebranded to become Cboe FX.