Cboe Closing Cross (3C)
Close the day at your chosen price
*No fees until 2021*
Cboe Closing Cross (3C) is a new post close trading service designed to provide a simple, cost-effective way for market participants to execute their end of day trading activities. 3C gives market participants the opportunity to choose the price they wish to trade at after the continuous trading session has ended.
3C functions independently from the listing exchange and does not depend on their closing auction price. With 3C, participants enter orders, set their “at limit” price and the 3C formulates a volume maximising cross every 15 seconds throughout the 25-minute session.
Cost Effective, One-Stop Shop
- With Cboe Europe’s pan-European coverage, 3C is a cost-effective, one-stop solution for customers looking to execute their post close trading activities across 18 European markets.
A Better Alternative
- Avoid the complexity and cost of other end of day trading sessions
- Easily navigate risk with no order lock-ins to allow cancellation at any point
- Seamless implementation – simply use 9303=BU FIX tag to turn a normal limit order into an “at limit” order during the 3C trading phase.
- Technology you can trust when other auctions fail or get delayed
- Larger order size encouraged with minimum quantity feature
- Full pre-trade transparency in data feed and indicative crossing summaries
- For further details please refer to the Cboe Closing Cross (3C) Guidance Note.
Cboe Closing Cross (3C) Functionality Summary
|Accepted order types||
|Order Entry + Call Period||
Note: All times UK time; 3C start times will reflect Cboe’s holiday hours schedule
|Price Formation Process||
**From 17/7/20, Continuous Trading in Norway ends at 15:20, in Denmark 15:55, in Finland 16:25, in Sweden 16:25, in Switzerland 16:20, & in Ireland 16:28 (all times UK); and the BXE 3C session begins immediately thereafter running for 25 minutes.