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CBOE Holdings Announces Next Stages of Technology Integration Plan
Traders Magazine Online News, June 8, 2017
CBOE Holdings announced that C2 Options Exchange (C2), one of the firm’s derivatives markets, is planned to migrate to Bats technology on May 14, 2018. Beginning in November, C2 trading permit holders may begin basic connectivity testing, and in December, begin certification. Throughout the first quarter of 2018 and into the second quarter, there will be numerous ‘dress rehearsal’ opportunities for customers to ensure their preparedness for the move. Up until the migration, C2 will operate as is.
Chris Isaacson, EVP, Chief Information Officer at CBOE said: “We remain laser focused on executing a seamless technical and operational integration of the CBOE markets onto Bats technology. This is progressing well and remains on schedule and announcing the C2 migration plan is the logical next step in our process. All market participants expect us to execute a fully transparent, highly structured and efficient integration, and we fully intend to deliver on this.”
Added Eric Frait, VP, Business Analysis at CBOE: “When the migration of the CBOE exchanges to Bats technology is completed, customers will have the ability to trade using a single platform to access a variety of market models and execution venues offering the greatest possible breadth of products available in the global marketplace today. It is our aim to provide our customers an unparalleled trading experience.”
An overview of the integration plan, as well as a detailed FAQ for the C2 migration will be available on the C2 integration website, which will serve as the primary information resource for customers and market participants throughout this process. The next substantive update to these resources is planned for September, when updated technical specifications and a platform change matrix summarizing all C2 platform feature updates will be posted.
Today at 11:30 a.m. CT / 12:30 p.m. ET, CBOE will hold the second of a series of informational customer conference calls covering the technology integration, featuring Mr. Isaacson and Mr. Frait. The call will primarily cover the migration plans for C2 but will also include status updates on the CFE migration and the launch of a complex order book on Bats’ legacy options exchange, EDGX.
The C2 migration is the second scheduled exchange migration in a multi-year integration process. Earlier this year, the exchange group announced CBOE Futures Exchange (CFE) would be the first market to switch to Bats technology. This project remains on track for its planned switchover of February 25, 2018.
The final market to migrate will be Chicago Board Options Exchange. The date for CBOE’s migration to Bats technology will be announced at a date in the future. The planned CFE, C2, and CBOE migrations and the launch of a complex order book remain subject to regulatory review.
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