Servizi
Cboe Europe Announces Launch of Cboe BIDS VWAP-X, New Service Enabling Trading at VWAP Price
Natan Tiefenbrun , President, North American and European Equities, Cboe Global Markets, said: "As with all our trading innovations, this new service is being driven by industry demand with the aim of allowing end investors to achieve better execution outcomes. We believe the secular growth in systematic and passive investing has led to an increase in participative trading strategies which typically seek to achieve an average price over a defined time period. This new service enables natural buyers and sellers to cross their participative order flow at a VWAP price without incurring spread costs. A complement to our existing range of order book offerings, Cboe BIDS VWAP-X provides users with a venue-based solution for matching scheduled volume based on an exchange-regulated VWAP methodology."
Stephen Berte , President, BIDS Trading, said: "Cboe BIDS VWAP-X demonstrates our commitment to innovation and developing new products that meet the evolving needs of our clients and the equities marketplace. We are excited for this new service to help make BIDS an even more integral part of clients' toolkit for accessing the widest possible range of liquidity in Europe ."
Cboe BIDS VWAP-X will allow market participants to submit conditional VWAP indications of interest (IOIs) into the service. Once a potential match is found, firms will be invited to firm-up their IOIs, and after eligible order quantities are matched a standard matching cycle will take place to calculate the interval-VWAP trade price. Trades will be reported as off-book, on-exchange executions in real-time, allowing them to be centrally cleared through Cboe Europe's interoperable clearing model.
The service will benefit from BIDS' established protections against information leakage surrounding IOIs, including disclosure and interactions controlled by customisable tools and counterparty score-carding and filtering based on past trading behaviour.
At launch, the service will be accessible by sell side participants through FIX connectivity. Customer testing will begin in Q3 2024, ahead of a launch in early Q4 2024, subject to regulatory approvals.
Cboe BIDS VWAP-X will have a competitive pricing model, which will be transparent and publicly available. Pricing details will be shared closer to the launch date.
For additional information please contact the sales team ( saleseurope@cboe.com ) or read the FAQ .
Cboe Global Markets (Cboe: CBOE), the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, FX, and digital assets, across
North America , Europe and
Asia Pacific . Above all, we are committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. To learn more about the Exchange for the World Stage, visit
www.cboe.com .
CBOE-C
CBOE-OE
View original content: https://www.prnewswire.co.uk/news-releases/cboe-europe-announces-launch-of-cboe-bids-vwap-x-new-service-enabling-trading-at-vwap-price-302190612.html