- MATCHNow successfully migrated to Cboe technology on
February 1, 2022, marking completion
of a year-long integration effort
- Cboe BIDS Canada is first new offering to launch
post-migration
- Technology integration follows Cboe's acquisition of MATCHNow
in August 2020 and will serve as the
foundation to help Cboe expand in Canada
CHICAGO, Feb. 8, 2022 /CNW/ -- Cboe Global Markets,
Inc. (Cboe: CBOE), a leading provider of global market
infrastructure and tradable products, today announced it
successfully migrated MATCHNow to Cboe technology on February 1, 2022. Along with this technology
migration, Cboe has launched Cboe BIDS Canada, bringing a new and
enhanced block-trading offering to the Canadian equities
market.
MATCHNow is Canada's largest
equities dark pool, offering execution for institutional,
proprietary and retail orders by combining frequent call matches
and continuous execution opportunities in a fully confidential
trading book. MATCHNow's Conditionals Orders, which enable
subscribers to electronically indicate block size liquidity in
MATCHNow, are meeting market participants' demand for more choice
and flexibility, providing a valuable source of additional
liquidity in Canada's equities
markets. MATCHNow, based in Toronto, was acquired by Cboe in August 2020.
MATCHNow Technology Migration
"Since Cboe
acquired MATCHNow, we have been laser focused on the full
integration of our companies and defining how we can further serve
the Canadian market as one team," said Chris Isaacson, Executive Vice President and
Chief Operating Officer of Cboe Global Markets. "Significantly,
this included migrating MATCHNow's platform to Cboe so that
Canadian customers can benefit from our world-class technology and
access Cboe's diverse markets, asset classes, data and product
suite with greater ease and efficiency."
"Executing the migration of our technology platform and
relocation of our primary and disaster recovery data centers was a
tremendous industry-wide effort and we thank our customers,
vendors, regulators and other market participants for their strong
engagement and support over the past year," said Bryan Blake, Vice President and Head of Canadian
Equities at Cboe Global Markets. "This collaboration played an
important role in the resulting smooth technical and operational
migration and with this foundation now in place, we look forward to
expanding the products, services and trading solutions we can
provide customers."
Cboe BIDS Canada Launch
Cboe
successfully launched Cboe BIDS Canada on February 1, 2022, marking its first new Canadian
offering following its integration of MATCHNow. With this offering,
Cboe brings BIDS' leading block trading capabilities to Canadian
investors.
Bryan Blake continued: "We are
pleased to build on MATCHNow's success with the launch of Cboe BIDS
Canada, the next evolution of our Conditionals offering. By
extending MATCHNow's Conditionals book through the BIDS' platform
and extensive global buy-side distribution network, Cboe BIDS
Canada will bring greater block-sized liquidity to benefit the
Canadian block-trading market. These are early – but exciting –
days as we are already seeing strong buy-side interest and look
forward to welcoming even more client engagement on the
platform."
The new offering leverages BIDS Trading's proprietary technology
to facilitate block trading on MATCHNow's Conditionals platform –
providing an enhanced Conditionals offering that enables market
participants to execute block trades, while helping to reduce
market impact.
BIDS operates the largest block trading ATS by volume in the
U.S., facilitating interaction between the buy-side and sell-side
for block trades. Working with BIDS, Cboe launched Cboe BIDS Europe
(formerly Cboe LIS), a European equities block trading venue, in
2016. Since its launch, Cboe BIDS Europe has grown to become one of
the largest block trading platforms in Europe, with a record month in January 2022 handling 29 percent of the
large-in-scale market in Europe
and accounting for approximately €600 million in average daily
volume.
"We are pleased to extend BIDS' block-trading capabilities into
Canada and provide our users
around the world with access to a new market," said Adel Sarhan, Vice President of Product at BIDS
Trading. "The BIDS model has served investors well in the U.S. and
Europe, and we expect it will
benefit the Canadian block trading market by providing additional
liquidity and matching opportunities. We look forward to further
extending this successful model to Australia and Japan in the near future, pending regulatory
review and approval, as we continue to execute on our vision to
create a global trading network spanning North America, Europe and Asia
Pacific."
Additional information on MATCHNow can be found at
www.cboe.com/ca/equities. Information on BIDS Trading is available
at www.bidstrading.com.
About Cboe Global Markets, Inc.
Cboe Global Markets (Cboe: CBOE), a leading provider of market
infrastructure and tradable products, delivers cutting-edge
trading, clearing and investment solutions to market participants
around the world. The company is committed to operating a trusted,
inclusive global marketplace, providing leading products,
technology and data solutions that enable participants to define a
sustainable financial future. Cboe provides trading solutions and
products in multiple asset classes, including equities, derivatives
and FX, across North America,
Europe and Asia Pacific. To learn more, visit
www.cboe.com.
Media
Contacts
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Analyst
Contact
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Tim
Cave
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Kenneth Hill,
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+1-646-856-8734
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+44 (0)
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1-312-786-7559
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atu@cboe.com
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tcave@cboe.com
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khill@cboe.com
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SOURCE Cboe Global Markets, Inc.