Cboe Global Markets today announced plans to launch Cboe LIS powered by BIDS in Canada, bringing to the region an enhanced block trading service based on a successful model that it first introduced in Europe with BIDS Trading.

Planned for launch on February 1, 2022, the new Canadian offering, which is subject to regulatory approval, will combine block trading capabilities from MATCHNow and BIDS to create an enhanced market center for block-sized liquidity for buy-side and sell-side participants. With its expansion into the Canadian market, Cboe will also continue to extend its global equities block trading network to new geographies beyond the U.S. and Europe.

MATCHNow is one of the largest Canadian equities alternative trading systems (ATSs) and a leading provider of Conditionals, through which MATCHNow currently facilitates sell-side to sell-side block trading. BIDS operates the largest block trading ATS by volume in the U.S.1, facilitating interaction between the buy-side and sell-side for block trades.

Cboe acquired MATCHNow and BIDS in August 2020 and January 2021, respectively.

Cboe LIS powered by BIDS in Canada will integrate MATCHNow’s Conditionals Book with BIDS’ innovative trading model – creating an enhanced Conditionals offering enabling market participants to trade block-sized orders, while helping to reduce market impact. With the planned launch of the Canadian offering, Cboe expects to also continue to expand its suite of products and services in geographies beyond the U.S. and bring BIDS’ industry-leading block trading capabilities to a new region.

Cboe will leverage BIDS’ proprietary technology to facilitate block trading on MATCHNow’s Conditionals platform. In addition, the MATCHNow Conditionals platform is planned to be further extended to a global network of more than 460 buy-side participants through BIDS’ unique sponsored access model. By linking MATCHNow’s sell-side participants to BIDS’ buy-side participants, Cboe LIS is expected to deliver a greater source of block-sized liquidity to the Canadian marketplace and increase matching opportunities for all participants.

Cboe and BIDS began working together in 2016 to launch Cboe LIS in Europe, an indication of interest (IOI) negotiation and execution platform for European equities. Powered by BIDS technology, Cboe LIS has grown to become one of the largest block trading platforms in Europe. During the first quarter of 2021, Cboe LIS in Europe accounted for approximately €450 million in average daily notional value traded and reported a record market share of 24.1 percent.

Trading in MATCHNow’s Conditionals has steadily increased since its launch in January 2019, culminating in multiple volume records in March 2021, including an all-time monthly high of 17.4 million shares traded, representing approximately $576.3 million in notional value. In addition to this growth, MATCHNow recently received regulatory approval to introduce an opt-in feature that will allow firm (resting) dark orders to interact and match with Conditionals, further enhancing matching opportunities in its Conditionals Book.

Cboe maintains BIDS Trading L.P. as an independently managed and operated trading venue and broker/dealer, which is separate from, and not integrated with, the Cboe U.S. securities exchanges.