Cboe Completes MATCHNow Technology Migration

A week following the migration of MATCHNow to Cboe technology, Bryan Blake, Vice President, Head of Canadian Equites, shared an update with Cboe's North American Equities customers.

On Tuesday, February 1, Cboe successfully migrated MATCHNow to Cboe’s leading-edge technology, along with relocating our primary and disaster recovery data centers to new facilities. Getting to this point, after more than a year of preparation, was a tremendous street-wide effort and, on behalf of our entire team, I want to again extend our deepest gratitude to all of our customers, vendors, regulators and other market participants for your work. We are incredibly grateful for your strong engagement and collaboration with us throughout your preparations, which ultimately played a critical role in the resulting smooth technical and operational migration.

I am pleased to report that all our Subscribers have successfully switched over, are fully connected and have been actively trading this first week on the new platform. While volume the first few days was light as expected, it has been building steadily and we expect to quickly return to our pre-migration daily volume levels. We appreciate the feedback many of you continue to share with us, calling operations in this first week “seamless” and “without issue,” and that the expected benefits of the new platform, including reduced latency and familiar Cboe technology and processes, are being realized.

Along with the technology migration, we were also excited to bring to market our first new offering post-migration with the launch of Cboe BIDS Canada last week, enabling us to extend our innovative Conditionals offering through the BIDS’ platform and their extensive global buy-side distribution network. Cboe BIDS Canada builds on the momentum that we established in our Conditionals book that was further enhanced by our willing to trade feature that links MATCHNow’s standing liquidity with our Conditionals book. As we highlighted during our final industry call last month, we are seeing incredible demand from buy-side firms, with over 165 expressing interest in Cboe BIDS Canada. Indeed, we have seen our first Conditionals trades on BIDS this week, and have eight sponsoring brokers now signed on, with our teams currently working to onboard others.

These are early – but exciting – days as we look to extend the benefits the combination of MATCHNow and BIDS brings to block trading and welcome more buy-side participation on the platform. The launch of Cboe BIDS Canada also sets the stage for further expansion as Cboe now looks to bring BIDS to the Asia Pacific region through the acquisition of Chi-X, beginning with Cboe BIDS Australia in early 2023, pending regulatory review and approval.

We could not be more excited to be live on Cboe technology and by the opportunities this will create. Cboe’s world-class technology powers all our equities, options, futures and FX markets, global data platform and investment solutions, and will serve as the foundation for Cboe to expand in Canada.

At the heart of everything we do, we remain committed to providing client-driven service and solutions that enhance your trading experience. Please continue to reach out to our team for any of your needs and look for us at our new home on the web.

For more details about the successful migration, read the press release.