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IOIs on Cboe LIS

Indication of Interest (IOI) on Cboe LIS

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

  • Cboe LIS 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.

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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.