Cboe BIDS Australia is powered by proven software used by the BIDS ATS, Cboe BIDS Europe and Cboe BIDS Canada. The BIDS Trader buy-side front-end interface seamlessly integrates into buy-side order and execution management systems, and Cboe Australia market participants can also provide conditional and firm order liquidity through FIX connections.

1. Liquidity is submitted to Cboe BIDS Australia via two avenues: Buy-side users (using the BIDS Trader software) and sell-side users (using algorithmic suites) submit conditional messages and/or firm orders into Cboe BIDS Australia to identify potential matches.

2. BIDS matches and issues invitation: The platform invites marketable conditional messages to “firm up”. For a buy-side user, a Sponsoring Participant must be selected to represent the firm order.

3. User firms up and selects broker: If the Sponsoring Participant’s pre-trade risk controls are passed, a firm order is generated, submitted to the market, and reported to the Sponsoring Participant via a drop copy.

4. Order accepted by Cboe and matched: Matched firm orders result in an on market trade execution on Cboe Australia, which is reported to the Sponsoring Participant via a drop copy.

5. Trade Finished: The trade is sent to CHESS for clearing and the selected Sponsoring Participant clears and settles their market side of the transaction. The trade is reported through the CXA PITCH market data feed as an on market trade in real time.