Cboe Global Markets, Inc. (Nasdaq: CBOE) has just announced the successful migration of Cboe C2 Options Exchange (C2) to its proprietary Bats technology, marking the latest step in the company’s multi-exchange, multi-year technology integration.
Trading on the new technology platform opened at 8:30 a.m. CT on Monday, May 14. At the end of the trading session at 3:15 p.m. CT that day, more than 36 participants had accessed the new platform, trading a total of 312,127 contracts. This compares to 32 participants trading 552,572 contracts on Friday, May 11, the final operational day of the prior C2 technology platform.
New and enhanced features of the platform include better order handling and functionality, expanded support for complex orders, superior risk management and execution costtracking; enhanced market data with microsecond timestamps, new feeds and greater post-trade visibility; robust tools, like a full-featured customer web portal and latency dashboard; and improved performance with significantly decreased latency and enhanced order bandwidth.
Ed Tilly, Cboe Chairman and Chief Executive Officer, said:
The C2 migration continues our journey toward offering our customers a single, world-class trading platform across all our equities, options and futures markets. Along with the successful Index Platform migration, Cboe Futures Exchange migration and the conversion of SPX options to a hybrid options marketplace, this is the fourth signficiant technology project so far this year. Chris Isaacson and his team continue to lead a seamless technical and operational integration.
Chris Isaacson, Chief Information Officer of Cboe, added:
Though we have now completed our fourth migration in five months, we remain laser focused on our goal of moving all Cboe exchanges onto Bats technology by October 2019. The extraordinary efforts of the Cboe team matched with the diligent, detailed preparations of our customers have enabled the tremendous execution of these significant migrations. We look forward to the expected completion of the final migration next year and continuing to innovate with leading edge technology across all Cboe exchanges and platforms.
The migration of C2 follows the successful launch of a new Index Platform on January 22, 2018, the move of Cboe Futures Exchange to Bats technology on February 25, 2018, and Cboe’s conversion of SPX options to a hybrid options marketplace on April 30, 2018. The final migration of Cboe Options, the firm’s flagship options exchange, is scheduled for October 7, 2019, subject to regulatory approval.
Cboe expects to release technical specifications for C1 by November 16, 2018, and anticipates certification to start by March 1, 2019. In addition, new floor terminals (PAR 2.0) will be rolled out starting November 5, 2018, to be finished by year-end, subject to regulatory approval.