Cboe Europe Equities to change Dark-Lit Sweep order type behaviour
Cboe Europe Equities is updating the behaviour of the Dark Lit Sweep order type on the Cboe NL DXE platform.
As a result of the change only orders with a TimeInForce (FIX Tag 59) of ‘Immediate or Cancel’ (IOC) or have an order type of Market will sweep the dark order book when using the Dark Lit Sweep (‘u’) RoutingInst (FIX Tag 9303).
The change will be in DXE effective July 15, 2022.
Following this change, all other TimeInForce values will continue to be accepted, but will not interact with the dark book, and will only be routed to the DXE lit order book.
Cboe notes that this change does not apply to the Cboe UK BXE & CXE platforms, where all Dark Lit Sweep orders, irrespective of TimeInForce value, will access both dark and lit order books.
This change is currently available for testing in the DXE Certification environment.
