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

1. Liquidity is submitted to Cboe BIDS Japan 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 Japan 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 are then sent to ToSTNeT for an execution under the selected Sponsoring Participant, which is reported to the Sponsoring Participant via a drop copy.

5. Trade Finished: The ToSTNeT trade is sent to JSCC for clearing.