Cboe BIDS Europe is an indication of interest (IOI) negotiation and execution platform allowing market participants to trade large blocks of European equities without revealing their IOI to the wider market.
Pan-European Block Trading Platform
MIFID II buy-side demand has led to more innovation of block trading platforms. In turn, this has led to higher volumes that has helped the buy-side find natural contras. Cboe BIDS Europe is the fastest-growing block venue in Europe with trading available in more than 6,000 symbols across 17 major European markets including equities, depositary receipts and ETFs.
Access and Seamless Integration
This service is powered by proven software used by the BIDS ATS, combined with the Cboe Europe exchange infrastructure required for trade execution, clearing and settlement. Cboe BIDS Europe is fully compliant with MiFID II regulations. The BIDS Trader interface is seamlessly integrated into buy-side order management systems (OMS), with Cboe sell-side participants also able to enter IOIs through FIX connections.
How it works
IOIs submitted to the Cboe BIDS Europe system to identify potential matches.
The platform interacts with buy-side and sell-side to firm up the IOI.
A Designated Broker is selected by the buy-side trader to execute the transaction.
The trade is executed on-Exchange through the Cboe Recognised Investment Exchange.
The trade is sent to clear under Cboe’s interoperable model and reported to the Designated Broker via a drop copy or trade data files
The trade is reported through the Cboe CXE or Cboe DXE market data feed as an off-book, on-Exchange trade in real time
Buy-Side Dealer Tools
Cboe BIDS Europe allows buy-side traders to maintain control over their IOI via the BIDS Trader software, which reads from their OMS/EMS.
Filtering and scorecards assist in protecting IOI interaction
Flexibility to select Designated Brokers based on existing relationships
Directional information is not published and users are never aware of the identity of their counterparty
No information about IOIs is exposed unless there is a bona fide opportunity to trade
Minimum size requirements are based on the ESMA large in scale table for Cboe DXE, and the FCA large in scale values for Cboe CXE
