Sell-Side: How to Sign Up for Cboe BIDS Japan
Cboe BIDS Japan offers two methods for sell-side firms to access Cboe BIDS. The first is through direct dma/algo access, and second is through our sponsorship model.
Method 1: Direct Cboe BIDS Japan Participant
Step 1: Cboe Japan Equities Participation
Direct Cboe BIDS Japan users must be trading participants of Cboe BIDS Japan.
If your firm is not a trading participant of Cboe BIDS Japan but wishes to become one, please reach out to us [email protected], and we will assist you in the onboarding process.
Step 2: Certification
A Cboe BIDS Japan trading participant who wishes to use the service to submit Conditional Messages or firm orders into Cboe BIDS Japan via their dma/algo suites needs to complete Certification through the Cboe Japan Trade Desk. Certification can be completed Cboe Customer Web Portal, and the Cboe Japan Trade Desk can provide guidance where necessary.
Step 3: Go-live
Once certification is completed, Japan Trade Desk will set up the sell-side firm in Production and enable them to go-live when ready.
Method 2: Sponsoring Participant/Introducing Brokers
Both Sponsoring Participants and Introducing Brokers are eligible to be selected on the broker drop-down in BIDS Trader. Sponsoring Participants are limited to trading participants of Cboe BIDS Japan while Introducing Brokers are brokers who are not Cboe BIDS Japan trading participants but have a relationship with a Cboe Japan trading participant to facilitate trading, clearing and settlement.
Step 1: Cboe Japan Equities Documentation
To become a Sponsoring Participant or Introducing Broker, sell-side firms are required to complete our documentation process. Your Cboe Japan sales representative will walk you through the process upon request.
Step 2: Cboe BIDS Japan Connectivity
Cboe BIDS Admin, a web-based risk management tool, is provided to Sponsoring Participants/Introducing Brokers. Once the sell-side firm has completed all testing in UAT, we will provide access to the system in Production. The sell-side firm will advise when they're ready to proceed and we will establish their relationships with buy-side users in Cboe BIDS Japan (Sponsored Users) upon their request.
Step 3: Go-live
Sponsoring Participants and Introducing Brokers can go live with buy-side relationships once they have established mandatory risk limits in Cboe BIDS Admin. Once this has been completed, Cboe BIDS Japan will activate your relationship and the Sponsored User will be able to nominate the Sponsoring Participant/Introducing Broker in their dropdown in BIDS Trader.
Note: Sponsoring Participants are required to set limits for Introducing Brokers.
Additional Resources
The following documents are available in the Cboe Japan Equities Market Guide.
Note: Sell-side users connect directly to Cboe BIDS Japan via their existing physical connections. They can then serve as a Sponsoring Participant for buy-side users who trade through the BIDS Trader software, provided they meet certain requirements under the Cboe Japan operating rules.
Please contact Cboe BIDS Japan with any enquiries during the application process.