Sun Trading signs up to Cboe’s MiFID II SI service

Cboe’s systematic internaliser service provides SI quote distribution, bilateral connectivity and trade reporting.

High-frequency trading (HFT) firm Sun Trading has signed up to Cboe European Equities MiFID II systematic internaliser (SI) service.

Sun Trading is currently operating as an SI in Europe under MiFID II providing two-sided quotes for more than 1,000 European securities.

Cboe’s SI service allows registered SIs to meet MiFID II over-the-counter pre-trade transparency requirements, including SI quote distribution, bilateral connectivity, matching services and trade reporting.

The SI quote distribution service was launched in 2013, although the exchange said 27 SIs have now signed up to use the service as a result of MiFID II.

“Firms like SunTrading want to provide their clients with choice and efficiency when interacting with their clients as an SI,” said Mark Hemsley, president of Europe for Cboe.

Earlier this month, it was announced Sun Trading will be acquired by multi-asset quant trading firm Hudson River Trading, signalling the continued decline of HFT providers dealing with low volatility and increasing costs.

The acquisition is expected to close in the first quarter this year, and it is subject to regulatory approval. Terms of the acquisitions were not disclosed.