Cboe Australia has confirmed that operations under Cboe BIDS Australia (BIDS) will go live on 27 March 2023 after meeting final regulatory as well as other requirements.

Two-Phase Launch of Cboe BIDS Australia

In Australia, BIDS will launch in two phases. Initially, limited access to BIDS will be provided to Cboe Australia market participants. Cboe Australia did not determine the launch date of the second phase, which will enable buy-side Buy-Side The buy-side is comprised of firms in the financial industry that purchase securities and are accompanied by account investment managers, pension funds, and hedge funds.The buy-side is composed of those that buy and invest large sums of securities with the intention of generating a lucrative return or have their funds managed. The Buy-Side ExplainedIn terms of Wall Street, the buy-side includes investment institutions that purchase securities, stocks, or other financial instruments with the aim The buy-side is comprised of firms in the financial industry that purchase securities and are accompanied by account investment managers, pension funds, and hedge funds.The buy-side is composed of those that buy and invest large sums of securities with the intention of generating a lucrative return or have their funds managed. The Buy-Side ExplainedIn terms of Wall Street, the buy-side includes investment institutions that purchase securities, stocks, or other financial instruments with the aim Read this Term firms to access the service through the BIDS Trader front-end interface.

BIDS Australia operates with an Australian Market License, offering block and large-sized matching and execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term services. It allows buy and sell side traders to anonymously trade equities in bulk, thus minimizing the risk of leakage.

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.

The Dominance of Cboe

Subsidiaries of Cboe BIDS are already operating in Europe and Canada. Cboe BIDS Europe has become the largest electronic block trading platform with €464 million in average daily volume and €1.3 million in buy-side average trade size, according to the figures released last September. The European platform captures 36 percent of the market share.

While the Australian launch is coming next week, Cboe BIDS' Japanese subsidiary is also expected to initiate operations in the fourth quarter of 2023.

"Cboe Australia has amended the Operating Rules (Rules) and Operating Rules: Procedures (Procedures) to accommodate the launch of the launch of BIDS," the announcement noted. "The new Rules and Procedures apply from today, 20 March 2023, ahead of the BIDS launch."

Cboe Global Markets ended 2022 with a revenue of $1.7 billion, which is an uptick of 18 percent. It generated $457.1 million in net revenue in the fourth quarter of 2022, which is again an increase of 17 percent. Options contracts were the major revenue source, while Cboe's digital division "generated negative revenue." The diluted EPS for the year went down by 55 percent to $2.19, while the adjusted figure strengthened by 15 percent to $6.93.

Meanwhile, Cboe is expanding its services. Earlier this month, it launched a single market data feed, Cboe Options One Feed, providing a comprehensive and real-time view of options pricing.