Cboe Completes Migration of C2 Options Exchange to Bats Technology

Cboe completed its ‎fourth migration in five months and expects to move all ‎‎exchanges onto Bats technology by 2019‎

Cboe Global Markets has finally migrated its C2 Options Exchange‎ to the ‎trading platform of Bats Global Markets, which was acquired in 2016, as the ‎trading venues continue their consolidation across all financial asset ‎classes. The switch-over process was finalized on May 14, per a company ‎statement. ‎

The merger takes advantage of Bats’ proprietary trading technologies, but the integration complexity of the two ‎companies has encouraged Cboe to make switchover timetables and dates ‎more public.‎ Upon completion of the planned migrations, all of the company’s ‎equities, options and futures markets will trade on proprietary Bats ‎technology.‎

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The migration of C2 to Bats technology follows similar migrations ‎over the past months, including Cboe Futures Exchange (CFE) in ‎February 2018. ‎ The planned migration of Cboe Options, the firm’s flagship options ‎exchange, is on track for October 7, 2019, subject to regulatory approval. ‎

To this end, the exchange operator has dedicated a website for current C2’s customers to aid ‎them in their transition to BATS protocols. An overview ‎of the integration plan and detailed roadmap for C2’s migration is available ‎on the Cboe integration website at https://batsintegration.cboe.com/c2.‎

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Furthermore, Cboe announced ‎additional key dates for the Cboe Options migration. By November 16, 2018, it plans to make available the technical ‎specifications for the C1 ‎Exchange migration and anticipates certification to ‎start by March 1, 2019.

On November 5, 2018, Cboe plans to roll out its new floor terminals (PAR 2.0), which ‎is expected to complete by the by year-end.‎

Commenting on the news, Ed Tilly, CEO of Cboe, said: “The C2 migration continues our ‎journey toward offering our customers a single, world-class trading platform across all our ‎equities, options and futures markets. Along with the successful Index Platform migration, ‎Cboe Futures Exchange migration and the conversion of SPX options to a hybrid options ‎marketplace, this is the fourth significant technology project so far this year.”

Chris ‎Isaacson, CIO of Cboe, added: “Though we have now completed our ‎fourth migration in five months, we remain laser focused on our goal of moving all Cboe ‎exchanges onto Bats technology by October 2019. We look forward to the expected ‎completion of the final migration next year and continuing to innovate with leading-edge ‎technology across all Cboe exchanges and platforms.”‎

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