Cboe BIDS Canada to introduce order interaction enhancements
Effective January 17, 2023, Cboe BIDS Canada will introduce the following order interaction enhancements:
- Allow Firmed-Up Buy-Side Conditionals to Interact with all Firm Orders on MATCHNow
- Clean Up Feature
- Buy-Side Auto-Firm-Up Feature
Allow Firmed-Up Buy-Side Conditionals to Interact with all Firm Orders
Sponsored Users (or buy-side firms) will be able to opt in, at the moment of firm-up, to make their firmed-up Conditionals available for matching with Liquidity Providing orders resting in the MATCHNow matching engine, or IOC orders that arrive while the order is resting in the MATCHNow matching engine, to the extent that the firmed-up Conditionals (or any residuals thereof) cannot be matched within Cboe BIDS Canada.
This feature will allow the Sponsored User to elect to convert the residual of any firmed-up Conditional to a Day Order and, at the same time, to reduce the MinQty associated with the original order, thereby allowing it to match with other Liquidity Providing orders or IOC orders in the MATCHNow matching engine at any time during the trading day.
Clean Up Feature
Sponsored Users will be able to attempt to match any uncommitted (typically smaller) amounts of liquidity that they have left over in Cboe BIDS Canada by routing such opted-in uncommitted shares (which essentially become firm orders at the moment of opt-in) to the MATCHNow matching engine. Sponsored Users will be able to make the election at any time during the trading day by selecting the Clean-Up button on the BIDS Trader interface.
Buy-Side Auto-Firm-Up Feature
At any time during the trading day, Sponsored Users will be able to elect (or to revoke election) to have their Conditionals be automatically and immediately firmed up should an invitation to firm up be sent to the Sponsored User’s (buy-side firm’s) trader.
The three features described above are and will remain available for testing in the MATCHNow certification/UAT environment until January 17, 2023.