CBOE - Powered by BIDS

Overview

Cboe Large-In-Scale (LIS) Service

Cboe LIS* is an indication of interest (IOI) negotiation and execution platform allowing market participants to trade large blocks of European equities without revealing their identities or IOIs to other users or the broader market. IOIs submitted to Cboe LIS interact in a manner similar to BIDS conditional orders on the BIDS ATS. All trades are executed on-Exchange through the Cboe Registered Investment Exchange (RIE) and are reported through the Cboe CXE market data feed as an off-book, on–Exchange trade in real time.

For more information about Cboe LIS and Cboe Europe please go to: Cboe Large In Scale Service

Key Features of Cboe LIS

  • Trade Large-in-Scale size only (LIS is defined by ESMA under MiFID II rules)
  • Designated Broker Model
  • BIDS Trader workflow – same for US and EU (with local customizations)
  • Facilitation of SWAPS
  • Large, existing network of EU & US trading firms: both buy-side and sell-side

Access to Cboe LIS

  • Institutions can access Cboe LIS directly through the BIDS Trader front end; the same workflow with local customizations.
  • BIDS Trader is integrated into most major Commercial OMS and EMS platforms and multiple proprietary platforms.

Cboe LIS European Designated Broker

Institutions trade on Cboe LIS through a designated broker model, which is similar to the sponsored user model offered by BIDS Trading. This model allows institutions to choose from a list of “designated brokers” to clear and settle trades just as if a client traded with them directly. Designated brokers have a pre-existing relationship with an institution and are members of Cboe European Exchange, so they can clear and settle the trade. An institution must select a designated broker prior to submitting a firm order to trade through Cboe LIS.
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*BIDS Trading is not affiliated with Cboe. BIDS affiliate, BIDS Global Services, has licensed certain technology to Cboe for the purpose of operating Cboe LIS.