CBOE Global Markets Inc. (Cboe: CBOE | Nasdaq: CBOE) has announced the successful integration of CBOE’s Futures Exchange (CFE) to its proprietary technology platform by BATS Global Markets. The trading on new technology platform went live on 5:00 p.m. CT on Sunday, February 25 with total 159,492 contracts changed hands and 98 trading firms accessing the platform at the end first trading session.
The new technology platform offers a new order-by-order market data (PITCH) feed, providing microsecond timestamps offering greater visibility into CFE, enhanced bandwidth, more than 80 percent latency reduction and enhanced risk control and self-trade prevention mechanism. The platform also features a complex spread order handling and adds a fully featured web portal for trading and clearing firms.
The new technology integration was a result of a merger deal executed between the firms last year and is a part of multi-year technology integration strategy. The next transition in sight is the Cboe’s C2 exchange which will be migrated to Bats technology on May 14, 2018, and migration date for Cboe Options Exchange is expected to be announced in April. Cboe is also planning to add two new technology enhancement in 2018 with the migration of S&P 500 Index (SPX) options to Hybrid trading planned sometime in the second quarter and introduction of new floor terminals in the second half of 2018.
Ed Tilly, Chairman and CEO of Cboe, said: “As we said at the start of this process, we are laser-focused on executing a seamless technical and operational integration of our exchange platforms. The flawless migration of CFE to Bats state-of-the-art technology is a major step in this journey. This and our successive migrations will culminate in our ability to offer our customers a common, world-class trading experience across all our equities, options and futures markets. Chris Isaacson and his team did an extraordinary job in hitting this key milestone on schedule, and I want to congratulate them on a job well done.”
Chris Isaacson, Chief Information Officer of Cboe, said: “Better technology makes better markets, and delivering a best-in-class platform to our futures trading customers was our priority when it came to CFE. Our goal was to make the trading experience more efficient and user-friendly, and match that with the same great customer service we’ve always offered our customers globally. It is worth noting that our ability to keep to an aggressive timeline for our technology migration is due to the dedication of our fantastic team and the diligent preparations of our customers.”