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IOIs on Cboe LIS

Indication of Interest (IOI) on Cboe BIDS Europe

IOIs submitted to Cboe BIDS Europe* interact in a manner similar to conditional orders on the BIDS ATS. An “Indication of Interest” is a buyer’s conditional, non-binding interest in buying a security. IOIs enable participants to query available liquidity in the market without having to place visible orders on an order book. The initial IOI submitted to Cboe BIDS Europe is a non-actionable IOI. When a potential match is found, the firm will be invited to “firm up” their IOI, giving them the opportunity to confirm an actionable IOI.

Cboe BIDS Europe is designed to provide buy-side traders with protection against information leakage surrounding their IOIs through several unique features:

  • Cboe BIDS Europe provides buy-side traders control of their IOI until it is firmed up, which is different than some other block trading platforms operating in Europe today.
  • Information disclosure and interaction is controlled by the trader via customisable trading tools, including minimum block size and counterparty scorecarding and filtering based on past trading behaviour, allowing users to customize their experience.

*BIDS Trading, Cboe BIDS Europe, and Cboe Europe are subsidiaries of Cboe Global Markets, Inc. The BIDS ATS is not a U.S. registered national securities exchange or a facility thereof.