Jun-18 € 192,620,551
Jul-18 € 272,524,515
Aug-18 € 230,686,717
Sep-18 € 253,810,575
Oct-18
€ 347,979,575
Cboe
LIS: Average
Daily National Value Traded
Nov-18
€ 293,750,861
(In Euros,
single counted)
€ 400,000,000
€ 350,000,000
€ 300,000,000
€ 250,000,000
€ 200,000,000
€ 150,000,000
€ 100,000,000
€ 50,000,000
p-
18
Oc
€ 0
Cboe LIS apart from other Large-
in-Scale trading platforms.
BIDS has a long history of deep
and extensive relationships with
the buy-side. They have spent years
integrating their BIDS Trader
system into buy-side order and ex-
ecution management systems and
now have a presence on buy-side
desktops across the globe. This in-
tegration creates a seamless work-
flow experience for the buy-side
trader and doesn’t require them to
significantly adjust their strategies
for executing their trades.
We also value BIDS’ broker-neu-
tral model that allows buy-side
traders to maintain their important
broker relationships.
Why do you think Cboe LIS is seeing
such strong adoption?
DH: I think we’ve really struck a
chord with market participants, par-
ticularly the buy-side who appreci-
ate they are able to maintain control
of their Indication of Interest (IOI)
up until the point of execution when
they turn it over to their designated
broker. As the designated brokers
are responsible for executing and
clearing the trade on our exchange,
our broker-dealer customers play a
critical role in Cboe LIS.
Cboe LIS by the Numbers (as of November 2018)
LIS Trading Market Share 23.0%
Total Value Traded Since Launch €77 billion
Q4 Average Daily Value Traded €321 million
Year-over-year increase in Value Traded 98.4%
2018 Average Trade Size (Buy-side) €1,351,759
2018 Average Trade Size (Overall) €1,041,929
Buy-side Firms Onboarded 173
[ A D V E R T O R I A L ]
Additionally, given that Cboe
LIS is open to both buy-side and
sell-side firms with order flow
from Europe and the U.S., we see
diverse liquidity that allows firms
greater crossing opportunities. We
continue to have a strong pipeline
of new customers that will further
diversify this order flow.
Ultimately, it’s all about listening
to our customers and working
with them to innovate and solve
marketplace challenges.
What concerns are you hearing
from buy-side about the current
state of the market?
DH: Of course, Brexit is a top con-
cern. And overall, while MiFID
II has been a lot of heavy lifting
for the buy-side, generally they are
pleased with the innovation and
new entrants into the market that
are really solving their marketplace
challenges.
Also, many buy-side firms we
speak with are also very concerned
about review of the tick size regime
and the potential elimination of
mid-point trading. They realise the
value in trading at the mid-point.
We believe that for all sizes of
orders, mid-point should remain
a valid execution price, on both
trading venues and systematic
internalisers and we will continue
to lobby that point with regulators
and politicians.
What’s next for Cboe Europe?
DH: Along with the rest of the
market, we’re focused on execut-
ing our Brexit strategy. Moreover,
we’ll continue to work with market
participants and regulators as they
fine-tune MiFID II. We believe it
is critical for regulators to take an
evidence-based and data-driven
analysis when reviewing market
structure. 2019 is shaping up to be
a busy year.
Issue 58 // TheTradeNews.com // 15