Chicago-based CBOE Holdings, the largest US options exchange, today announced that it will migrate its C2 Options Exchange (C2) to the trading platform of its newly acquired Bats Global Markets, the second largest stock exchange, as trading venues continue their consolidation across all financial asset classes.
The switch-over process is expected to be finalized by May 14, 2018, and C2 trading permit holders may begin basic connectivity testing in November. Certification will kick off later in December.
The merger will take advantage of Bats’ proprietary trading technologies, with the combined company expected to move all trading to the Bats platform. However, the integration complexity of the two companies has encouraged CBOE to make switchover timetables and dates more public.
To this end, it has dedicated a website for current C2 customers and market participants to aid them in their transition to BATS technology and protocols. An overview of the integration plan and detailed roadmap for C2 migration is available on the CBOE integration website at batsintegration.cboe.com/c2.
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In addition, customers will be given numerous testing opportunities throughout the first quarter of 2018 and into the second quarter to ensure preparedness for the switch-over of firm’s derivatives market.
According to a release, CBOE expects to incorporate the functionality offered by both technology platforms following the migration onto the Bats’ system. By using the Bats’ technology and the combined customer reach of CBOE Holdings and Bats, the company plans to broaden distribution of its expanded product line to provide more range and depth of products and services.
Chris Isaacson, Chief Information Officer at CBOE, commented: “We remain laser focused on executing a seamless technical and operational integration of the CBOE markets onto Bats technology. This is progressing well and remains on schedule and announcing the C2 migration plan is the logical next step in our process. All market participants expect us to execute a fully transparent, highly structured and efficient integration, and we fully intend to deliver on this.”
Added Eric Frait, VP of Business Analysis at CBOE added: “When the migration of the CBOE exchanges to Bats technology is completed, customers will have the ability to trade using a single platform to access a variety of market models and execution venues offering the greatest possible breadth of products available in the global marketplace today. It is our aim to provide our customers an unparalleled trading experience.”