Cboe Europe Sets out Updation to Brexit Program Participants

​Cboe Global Markets, Inc. (Cboe), one of the world’s largest exchange holdings companies, has released a public statement that reminds the obligations of Brexit Program Participants for certifying for a transaction reporting solution by Friday 30th October 2020.

According to the release, the impacted participants are required to fulfill the transaction reporting requirements that arise under Cboe’s Rules when conducting cross border trading.

Cross border trading is defined as trading activity conducted by a Participant that is not subject to a direct transaction reporting obligation in the jurisdiction in which the relevant Cboe venue is located. To ensure continuity of access on completion of the UK’s transition period, the Participants must finish a transaction reporting solution by Friday 30th October 2020.

Existing non-UK or EEA regulated firms will need to continue to transaction report on the relevant Cboe venue, as appropriate.

On completion of the UK’s transition period, the following Participants will additionally be in scope:

·UK regulated firms who plan on conducting trading activity on the Cboe NL venue (DXE)

·EEA regulated firms who plan on conducting trading activity on the Cboe UK venue (BXE/CXE)

Participants should use the Cboe Regulatory Transaction Reporting Gateway (RTRG) service to submit transaction reports to Cboe who will then forward them onto the relevant regulator. 

Participants are able to use service providers such as Unavista who have technically certified for RTRG though an individual Participant certification will still be required to ensure correct transaction report data is sent to Cboe. Please contact the Trade Desk to begin onboarding and certification.

The introduction of Participant short code information on orders through MIFID II means that (if used correctly) Cboe have the information required to generate transaction reports for clients conducting trading activity in a Deal (Principal) capacity. Participants opting in to this offering will have transactions for their order book executions generated and sent to the required regulator by Cboe.

Participants can opt-in to this offering at a bank code (clearing firm) level. 

To guarantee readiness, please ensure you have successfully certified and on-boarded for one of the above transaction reporting solutions by no later than Friday 30th October 2020. Any impacted Participants who have not certified for a transaction reporting solution by this date will risk having access to the out of jurisdiction Cboe venue (depending on entity registration) and will be suspended effective Monday 4th January 2021.