Trading Protocols
FX Platforms
ECN
Cboe's anonymous Order Book model, built on award-winning technology, features customized liquidity solutions designed to optimize the trading experience for market makers and liquidity takers.
- Spot
- SEF
Liquidity
Sweepable
Firm
Non-Firm
Execution
Anonymous
Disclosed
Aggressive
Passive
Curated
Products
Spot
Metals
NDFs
Data
GUI
FIX Bookfeed
ITCH
- Quotes from global FX's top bank and non-bank LPs, combined with buy-side passive interest, create deep, liquid markets with quality execution opportunities
- Participants may choose to interact with Firm or Non-Firm liquidity, or a combination of both on each of Cboe's independent NY5 and LD4 platforms
- A comprehensive set of connectivity options, both direct and through partner middleware providers, provide access to a secure, stable, low-latency environment
- Clearly defined Market Maker Standards, published daily volumes, and adherence to the FX Global Code highlight Cboe's commitment to transparency
- Cboe's credit structure, powered by FX's leading banks and prime brokers, features pre-trade risk controls and seamless management between our NY5 and LD4 venues
Full Amount
Cboe's Full Amount protocol ensures minimal information leakage and reduced slippage with single-ticket 'full amount' executions. Streaming quotes from the market's premier liquidity providers are consolidated into a best bid/offer at various size levels, resulting in an efficient tool to access and manage liquidity.
- Spot
- SEF
Liquidity
Single Ticket
Firm
Non-Firm
Execution
Anonymous
Disclosed
Aggressive
Passive
Curated
Products
Spot
Metals
NDFs
Data
GUI
FIX Bookfeed
ITCH
As a Market Maker
- Leverage Cboe's technology, credit, and clearing infrastructure to reduce cost, and to distribute pricing with the assurance of being the full size of the incoming order
- Utilize Cboe's reporting suite and liquidity management team to improve opportunities to win flow
As a Price Taker
- Price feeds are aggregated to show top of book quotes via ITCH, FIX Bookfeed, or GUI. Trades are only executed against a single quote that results in the Full Amount of the order being filled
- Utilize the same API as the Cboe FX ECN to discreetly transfer risk in size up to $100M with high fulfilment opportunity and low market impact
Central
Cboe FX Central offers an innovative take on the traditional Central Limit Order Book (CLOB) model, rewarding liquidity providers in real-time for the value they provide. Participants receive market data on one of three channels dynamically assigned based on the quality of liquidity they have posted to the market. Increased competition results in deep, liquid markets, and a democratic dissemination of market data.
- Spot
Liquidity
Sweepable
Firm
Non-Firm
Execution
Anonymous
Disclosed
Aggressive
Passive
Curated
Products
Spot
Metals
NDFs
Data
GUI
FIX Bookfeed
ITCH
- Fully anonymous all-to-all model with firm prices available to all counterparties
- Three distinct market data channels with increasing latency based on the market participant's relative position in the order book
- Top of book liquidity providers earn real-time data
- Passive liquidity resulting in a trade is rewarded with real-time data for a period of time
- Randomized batch order processing and a systematically enforced MQL prevent fleeting quotes and lead to an improved execution experience