Cboe Europe Enhances Cboe LIS Block Trading Platform with Directed IOI Service

Fazzaco learned that Cboe Europe, a pan-European exchange operator and subsidiary of Cboe Global Markets, Inc. (Cboe: CBOE), has enhanced Cboe LIS, its block trading platform, with the addition of Directed Indication of Interest (DIOI) functionality.

This service is designed to allow brokers to target Directed IOIs to a group of their buyside clients. The DIOIs are made visible only to those firms with a contra order in the Cboe LIS system and with whom the client has an established relationship. DIOIs can be flagged using industry-standard qualifiers, which specifies whether liquidity originates from a client or principal flow. A key feature of the service is that DIOI responses are tracked, which enables Cboe LIS to provide brokers with aggregate statistics to help them measure usage of the service.

The Directed IOI service was launched with Morgan Stanley as its first sellside client, and Cboe and BIDS are in talks to add further brokers in the coming months.

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Natan Tiefenbrun, Head of European Equities, Cboe Europe, said: "This innovative new service demonstrates our commitment to working with both the buyside and sellside to solve their workflow challenges and improve execution outcomes. It offers an enhanced and more secure workflow for the delivery of block IOIs from brokers to their clients, through a regulated-exchange environment. We believe it improves the ability of both buyside traders and sellside high-touch and sales-trading teams to access unique sources of block liquidity, automate their workflows and control information leakage."