Cboe Global Markets announced the migration of Cboe Australia to the proprietary technology, a process that was completed on 27 March. Additionally, Cboe scaled its Australia operations with the planned launch of Cboe BIDS Australia on the same day.

Cboe Australia's Technology Migration

The technology integration came after Cboe's acquisition of Chi-X Australia in July 2021 and its rebranding to Cboe Australia in February 2022.

"Since Cboe acquired Chi-X, we have been focused on delivering benefits to the Australian market that only Cboe can provide," said the Executive Vice President and Chief Operating Officer of Cboe, 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."

Following the technology migration, Cboe Australia is now boasting its capabilities to handle the current and projected future capital markets trading volumes in the Australian equities markets. On top of that, Cboe highlighted its technology to be "feature-rich" with low latency.

"Executing the migration of Chi-X's technology platform was a tremendous industry-wide effort, and we thank our customers, vendors, regulators, and other market participants for their strong engagement and support over the past year," said Cboe Australia's CEO, Vic Jokovic.

"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."

Cboe BIDS Australia in Place

In addition, Cboe confirmed the recent two-phased launch of BIDS Australia. The first phase has limited access to BIDS for market participants, while the second phase will enable buy-side firms to access the service through the BIDS Trader front-end interface. Though Cboe said the second phase launch would be in the coming months, it did not provide any timeline.

Cboe acquired BIDS Trading, the largest block-trading alternative trading system (ATS) by volume in the US, in 2021. The acquisition provided Cboe, the operator of one of the largest derivatives exchanges in the US, with further inroads into the expanding world of off-exchange trading.

Subsidiaries of Cboe BIDS are already operating in Europe and Canada, and the Japanese subsidiary is also expected to initiate operations in the fourth quarter of 2023.

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