User Guide to Listings on Cboe Europe Equities
Cboe Trading Participants will trade, clear and settle securities listed on Cboe in the same way as the securities available on our secondary market order books. Below is a list of some of the differences to be aware of as you prepare to trade:
- ETFs/ETPs listed on Cboe’s Regulated Market will trade on one lit and one dark book, which will both be available on Cboe’s CXE environment. Trading will be available to anyone with existing access to the CXE environment.
- All reference prices for Cboe listed securities will be generated by Cboe, with opening and closing and daily high and low prices derived from the CXE lit and dark books.
Symbol Data and Reference Data File
It is common practice among ETF issuers to list the same ETF on multiple exchanges across Europe and often in the same currency. At present each exchange listing settles through the national exchange’s central counterparty in the domestic settlement depository. As such, each listed line has a unique reference code and static data that specifies, inter alia, the settlement location.
In order to minimise the impact on our customers, and the market as a whole, Cboe will adopt the following approach:
- Where Cboe lists an ETF that is also listed on another European exchange it will use that ETFs Uniform Symbology code (UMTF) and the exchange’s unique country code identifier to designate the relationship between the two listings. As an example, if “ABCD” ETF is listed on the London Stock Exchange it will carry the LSE’s exchange identifier code of “l” and the ETF’s UMTF code will be ABCDl. By usings the same symbol we preserve the fully fungible nature of the two listed instruments and ensure that our Smart Order Router and that of our customers can continue unaffected. In addition, our static data file for the security will carry information that allows participants to identify the security as “listed” on Cboe and stipulate the Central Securities Depositary (CSD) for the ETF.
- Where Cboe lists an ETF, or a line in an ETF, that is not also listed on another European exchange, we will identify this unique ETF with its own UMTF symbol and use our own exchange identifier code of “x”. The settlement location of the ETF can then be ascertained through the value in the CSD column in our static data file.
Cboe Listing Service Description, provides further information, including Static Price Collars, opening and closing price formulation and liquidity provision schemes. Alternatively, please contact [email protected].
In order to support the above requirements, Cboe has amended its Reference Data file format to carry the additional security related information required. Details of Cboe’s Reference Data Specification document can be found at:
For further information on Uniform Symbology please refer to http://en.wikipedia.org/wiki/Uniform_Symbology