Cboe Global Markets

Sell-Side: How to Sign Up for Cboe BIDS Australia

Cboe BIDS Australia offers two methods for sell-side firms to access Cboe BIDS. The first is through direct dma/algo access, and second is through our sponsorship model.

Method 1: Direct Cboe BIDS Australia Participant

Step 1: Cboe Australia Equities Participation

Direct Cboe BIDS Australia users must be trading participants of Cboe Australia.

Existing Cboe Participants can proceed to Step 2.

If your firm is not a trading participant of Cboe but wishes to become one, please reach out to us [email protected], and we will assist you in the onboarding process.

Step 2: Certification

A Cboe trading participant who wishes to use the service to submit indications of liquidity or firm orders into Cboe BIDS via their dma/algo suites needs to complete Certification through the Cboe Australia Trade Desk. Certification can be completed via the Cboe Customer Web Portal, and the Cboe Trade Desk can provide guidance where necessary.

Step 3: Go-live

Once certification is completed, the local Trade Desk will set up the sell-side firm in Production and enable them to go-live when ready.

Method 2: Sponsoring Participant/Introducing Broker

Both Sponsoring Participants and Introducing Brokers are eligible to be selected on the broker drop-down in BIDS Trader. Sponsoring Participants are limited to trading participants of Cboe Australia while Introducing Brokers are brokers who are not Cboe Australia trading participants but have a relationship with a Cboe Australia trading participant to facilitate trading, clearing and settlement.

Step 1: Cboe Australia Equities Documentation

The sell-side firm completes the following documents based on which services they intend to support:

  • Sponsoring Participant

    • Existing Cboe Australia trading participants are eligible to become Sponsoring Participants. To become a Sponsoring Participant, the sell-side firm is required to complete our Sponsoring Participant Agreement (SPA).

  • Introducing Broker

    • Sell-side firms who are not trading participants of Cboe Australia, may be able to become Introducing Brokers. To do so, they need to sign our Connectivity Agreement and have a relationship with a Sponsoring Participant who can facilitate the trading, clearing and settlement of transactions for the Introducing Broker.

    These documents are available upon request from the Cboe BIDS Australia team.

Step 2: Cboe BIDS Australia Connectivity

Cboe BIDS Australia provides Sponsoring Participants/Introducing Brokers with Cboe BIDS Admin, a web-based risk management tool. Once the sell-side firm has completed all testing in UAT, we will provide access to the system in Production. The sell-side firm will advise when they're ready to proceed and we will establish their relationships with buy-side users in Cboe BIDS Australia (Sponsored Users) upon their request.

Step 3: Go-live

Sponsoring Participants and Introducing Brokers can go live with buy-side relationships once they have established mandatory risk limits in Cboe BIDS Admin. Once this has been completed, Cboe BIDS Australia will activate your relationship and the Sponsored User will be able to nominate the Sponsoring Participant/Introducing Broker in their dropdown in BIDS Trader.

Note: Sponsoring Participants are required to set limits for Introducing Brokers.

Additional Resources

The following documents are available in the document library.

Note: The Sponsoring Participant/Introducing Broker method involves using Cboe provided services to allow orders to be submitted to an order book. Trading participants using this method should be mindful of the AOP system requirements under the ASIC Market Integrity Rules (Securities Markets) 2017, including assessing whether the use of BIDS requires an initial certification or a material change review. Please refer to the Automated Order Processing (AOP) Client Information Pack for more details.

Please contact Cboe BIDS Australia team with any enquiries during the application process.