Stock exchange Cboe Australia has completed its technology migration, increasing its capacity to launch products and increase market competition.
An 18-month integration effort from Chi-X Australia’s platform to Cboe technology, it was described by Cboe chief executive, Vic Jokovic, as a “tremendous industry-wide effort” supported by customers, regulators and vendors.
The completion would enable it to better meet current and projected future capital markets trading volumes for the entire Australian equities marketplace, the firm said.
“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,” he said.
Cboe acquired Chi-X Asia Pacific in March 2021 and, at the time, described the move as a way to provide a single point of entry into Australian and Japanese markets as well as expand its global equities business.
As part of the change, it launched Cboe BIDS Australia, which was described as a broker-neutral block trading platform that allowed counterparties to trade large parcels of Australian equities and ETFs without revealing their trading intentions to the wider market.
It followed the success of BIDS trading in Canada, Europe, and the US, and would support trading in over 2,000 equities and ETFs.
The launch of Cboe BIDS Australia was expected to occur in two phases. The first phase, launched in conjunction with the technology migration, would involve brokers accessing the BIDS pool through their trading algorithms or via directed orders.
The second phase, expected to occur in the coming months, would involve broker-sponsored buy-side access through the BIDS Trader front end.
Last week, it was announced that former commissioner of the Australian Securities and Investments Commission (ASIC), Cathie Armour, would join the Cboe board.
