Cboe BIDS Australia (BIDS) will commence its operations in compliance with all necessary regulatory and other requirements on March 27th, 2023, the company confirmed today.
The launch of BIDS in Australia will occur in two phases, according to the official announcement. Initially, access to BIDS will be restricted to market participants of Cboe Australia. The launch date for the second phase, which allows buy-side firms to use the BIDS Trader front-end interface, has not been determined by Cboe Australia.
BIDS Australia is licensed to operate in the Australian market, and it provides block and large-sized matching and execution services. This enables anonymous bulk trading of equities by both buy and sell side traders, thereby reducing the risk of leakage.
Cboe’s acquisition of BIDS Trading, the largest block-trading alternative trading system (ATS) by volume in the US, in 2021, gave the operator of one of the largest derivatives exchanges in the US, Cboe, further access to the expanding world of off-exchange trading.
Cboe BIDS has already established subsidiaries in Europe and Canada, with Cboe BIDS Europe becoming the largest electronic block trading platform, accounting 36% of the market share, according to figures released in September.
While the Australian launch is scheduled for next week, Cboe BIDS’ Japanese subsidiary will initiate its operations in the fourth quarter of 2023.
The announcement stated:
Cboe Australia has amended the Operating Rules (Rules) and Operating Rules: Procedures (Procedures) to accommodate the launch of the launch of BIDS. The new Rules and Procedures apply from today, 20 March 2023, ahead of the BIDS launch.
