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Cboe Global Markets aims to launch Cboe LIS powered by BIDS Trading in Canada and use this model to extend its equities block trading network beyond the U.S. and Europe.
The exchange group completed its acquisition of MATCHNow, the largest equities alternative trading system in Canada in August last year. The Canadian offering will combine MATCHNow’s conditionals book with block trading capabilities from BIDS and is slated to launch on February 1 2022, subject to regulatory approval.
Bryan Blake, head of Canadian equities at Cboe, told Markets Media: “During highly volatile markets, the use of conditionals was up by nearly 30% as the buy side looked for new sources of unique liquidity. As we have these volatility episodes, conditionals are becoming an increasingly important tool in the buy-side traders’ toolkit.”
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BIDS Trading, which operates the largest block-trading alternative trading system by volume in the US, could begin to trade other asset classes in addition to expanding its core US equities business and growing internationally.
Bryan Harkins, president of BIDS Trading, told Markets Media: “We could become multi-asset class in parallel with expanding the core US equities business and expanding internationally. Fixed income is going through a massive transformation and my skill set includes improving workflows for electronic trading and that is something that we are going to look at.”
Cboe Global Markets completed its acquisition of BIDS Trading on December 31 last year. The exchange group maintains BIDS as an independently managed and operated trading venue and broker/dealer, separate from and not integrated with the Cboe US securities exchanges.
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Cboe Global Markets has expanded its geographical footprint by making an acquisition in Asia Pacific and grown its product suite with the regulatory approval of periodic auctions in the US.
In March this year Cboe announced it had agreed to acquire alternative market operator Chi-X Asia Pacific Holding from J.C. Flowers & Co. The acquisition provides Cboe with a point of entry into Australia and Japan.
David Howson, EVP, president, Europe and Asia Pacific at Cboe Global Markets, told Markets Media: “The Chi-X Asia-Pacific acquisition fits our global strategy of expanding geographical reach, product mix and asset class diversification.”