Cboe Global Markets has announced the successful migration of Cboe Australia, formerly known as Chi-X Australia, to Cboe technology, marking the end of an 18-month integration effort.
Off the back of this, the market operator has also launched Cboe BIDS Australia as its first offering post-migration, which Cboe said will introduce a new large-in-scale trading service to the Australian equities market.
Since acquiring Chi-X in 2021, Cboe has been focused on delivering benefits to the Australian market that only it can uniquely provide, according to Cboe Global Markets executive vice-president and chief operating officer Chris Isaacson.
“Significantly, this required migrating Chi-X’s platform to Cboe technology, enabling Australian customers to benefit from our world-class innovations and seamlessly accessing Cboe’s diverse markets, asset classes, data, and product suite with greater ease and efficiency,” Mr Isaacson continued.
“As an innovative leader and globally trusted market operator, Cboe Global Markets has deployed technology that provides feature rich, low latency access to all participants. With the first deployment in APAC of the Cboe Latency Equalization capability, Cboe Australia participants all benefit from a high-performance technology platform that helps to ensure equitable access to all.”
Also commenting on the transition, Cboe Australia chief executive officer, Vic Jokovic, thanked its customers, vendors, regulators, and other market participants for their strong engagement and support over the past year.
“This collaboration was critical in executing a smooth technical and operational migration. With this foundation now in place, we look forward to expanding the products, services, and trading solutions we can provide in the Australian market.”
Looking forward, the launch of Cboe BIDS Australia is expected to occur in two phases. Already having commenced alongside the technology migration, the first phase involves brokers accessing the BIDS pool through their trading algorithms or via directed orders.
The second phase is set to occur in the coming months and will involve broker-sponsored buy-side access through the BIDS trader front-end.
The completed platform integration follows Mr Jokovic announcing his plans to retire as CEO of Cboe Australia last month, and is set to depart at the end of March. He will be succeeded by the current global co-head of equity trading at AllianceBernstein, Emma Quinn.
“When our planned major technology integration is completed, Cboe Australia will be positioned to realise the benefits of Cboe’s global network and resources, and I couldn’t be more excited for the future of this company as Emma takes the helm,” Mr Jokovic said at the time of his announcement.
