MATCHNow plans to introduce IOC sweep of Cboe BIDS Canada book
Pending regulatory approval, MATCHNow expects to introduce in Q4 2022 a new opt-in feature allowing large Immediate or Cancel (IOC) orders to sweep Cboe BIDS Canada.
If approved, Subscribers will be able to opt-in to this new feature either at the order level using ConditionalFlag (FIX Tag 8002) or at the port level using the new IOC Sweep Condition port attribute.
MATCHNow expects to also introduce several other order interaction enhancements, pending regulatory approval. Subscribers will have the opportunity to participate in testing of these new features in the MATCHNow User Acceptance Testing (UAT) environment in two separate phases.
On the effective date, Subscribers will be able to opt in to allow large IOC orders to sweep Cboe BIDS Canada:
- (i) To automatically match with available firmed-up Conditionals or any unfilled remainder of firmed-up Conditionals, or
- (ii) To generate an invitation for a yet-to-be invited, Subscriber-originated Conditional to firm up in the Cboe BIDS Canada engine.
Qualifying large IOC orders must meet the minimum size threshold set out in UMIR 6.6 for dark orders to interact with lit orders, namely: (a) greater than 50 standard trading units and greater than $30,000 in notional value; or (b) greater than $100,000 in notional value.
Subscribers will be able to opt in using either ConditionalFlag or the IOC Sweep Condition port attribute, which will allow all IOC orders sent on a specified FIX port and large enough to qualify to automatically become eligible for Conditionals matching.