Cboe FX Launch Solutions for Institutional Trading and Liquidity provision

Ricardo Esteves

Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.

Cboe Global Markets

Cboe FX Launches One-to-One Execution Solution for Institutional Trading

May 24, 2019

Cboe FX Markets, Cboe’s platform for institutional foreign exchange (FX) trading, has launched a new one-to-one execution solution that allows institutional clients to create custom, relationship-based connections with one or more of their preferred counterparties to meet their specific trading needs and liquidity provisions.

Going by the name of Cboe FX Point, the solution allows institutional clients to leverage Cboe FX’s technology, credit and straight-through processing infrastructure for low-cost management of one-to-one trading relationships, enabling them to connect to multiple selected counterparties more efficiently.

Volatility in Forex Market

Bryan Harkins, Cboe’s Co-Head of Markets, commented: “With the launch of Cboe FX Point we’re streamlining relationship-based trading in the FX market and allowing clients to focus on what is most important – sourcing the unique liquidity they need to achieve an optimal trading outcome. One of the key benefits of utilising Cboe FX Point is that there is no technology development work for either makers or takers, which enables clients to reduce the costs and complexity of connecting to multiple counterparties.”

Mark Bruce, Head of Sales at Jump Liquidity, said: “The participation criteria is a great way for Cboe FX clients to identify genuine non-bank market makers, so we are proud to join Cboe FX Point at the highest level, as a Platinum Member. As Jump Liquidity continues to grow and focus on its direct trading business, Cboe FX Point will serve as an efficient and cost effective way for counterparties to connect to us for their spot FX and precious metals trading.”

Cboe FX Point offers liquidity providers different membership options based on expected levels of participation as well as allows for targeted and defined order flow between the liquidity taker and maker. Only the counterparties, liquidity takers and makers, are notified of executions, which reduces impact on the market.

In the first quarter of 2019, Cboe FX reported average daily value (ADV) traded of $36.5 billion, while market share reached an all-time quarterly high of 15.8%.
CBOE Global Markets has beat analysts’ estimates by a wide margin in the reported Q4 2018 financial results. Net revenue in the final quarter of 2018 was reported at $334.4 million, which 26 per cent higher from $265.6 million in Q4, 2017. The operating income during the quarter came in at $176.4 million which is 62 per cent higher compared to $108.7 million in Q4, 2017. On an adjusted basis, the operating income is 39 per cent higher to $222.6 million from $160.6 million.

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