Cboe Options Exchange Integration

The migration of Cboe Options Exchange (C1) to Bats technology is targeted for October 7, 2019.† As with the overall integration, we are focused on delivering a seamless transition to best-in-class technology and will provide ample notice for any technology or functionality changes.

†Subject to regulatory review.

C1 Migration Timeline

TARGET DATE*
MILESTONE
04/30/18
SPX A.M. settled options convert to the standard Hybrid trading platform.
10/15/18
Start of PAR 2.0 (new floor terminals) rollout.
11/16/18
Technical Specifications for C1 on Bats technology distributed to clients and available
on this integration website.
02/01/19
New physical connections to the new C1 platform will be accepted. C1 will have dedicated network infrastructure and customer connections, separate from our other U.S. equity and options exchanges.
03/04/19
Functional testing (order entry, market data, drop, etc.) of the new trading platform within the certification environment will be available. Certification testing may begin to be scheduled with the Trade Desk.
04/02/19
Logical order entry ports will be created on the new production trading platform for every login that exists on the current production trading platform for C1 effective this date. A single FIX Drop port will be created for every firm as well. C1 TPHs may begin ordering additional logical ports or requesting unnecessary ports be deleted within the new production environment. TPHs will be required to audit their production sessions to ensure they have a desirable number prior to the migration to the new production platform.
05/06/19
Daily (Monday–Friday) trading of TEST SYMBOLS ONLY in new C1 NY5 production environment.
06/15/19
Weekend test opportunity in new C1 production environment.
07/27/19
Weekend test opportunity in new C1 production environment.
08/24/19
Weekend test opportunity in new C1 production environment.
09/14/19
Weekend test opportunity in new C1 production environment.
10/05/19
Weekend test opportunity in new C1 production environment.
10/07/19
Completion of C1 migration to Bats technology.

We are committed to keeping you updated on our integration progress to align the collective products and resources of CBOE and Bats to better serve our valued customers.

*While target dates are subject to change and regulatory review, any updates will be communicated to TPHs via email, on the Cboe (cboe.com and markets.cboe.com) websites and on this webpage.

* While target dates are subject to change and regulatory review, any updates will be communicated to TPHs via email and on this webpage. IMPORTANT : Good-‘til-canceled(“GTC”) orders
existing on the legacy C1 platform at the close on Friday,October 4, 2019, will be cancelled after the close at 4:45PM ET and will need to be resubmitted on the new C1 platform.

C1 Technical Integration FAQs

Download the C1 Technical Integration FAQs for answers to your C1 integration questions. Have a question that isn’t answered? You may send questions to batsintegration@cboe.com or reach out to the C1 operations team.

DOWNLOAD FAQs

We are committed to keeping you updated on our integration progress to align the collective products and resources of CBOE and Bats to better serve our valued customers.

Technical Specifications

Download PDF Specification documents below.

We are committed to keeping you updated on our integration progress to align the collective products and resources of CBOE and Bats to better serve our valued customers.

*While target dates are subject to change and regulatory review, any updates will be communicated to TPHs via email, on the Cboe (cboe.com and markets.cboe.com) websites and on this webpage.

TECHNICAL SPECIFICATIONS

Download PDF specification documents below.

We are committed to keeping you updated on our integration progress to align the collective products and resources of CBOE and Bats to better serve our valued customers.

TRADING HOURS

Upon migration, we expect to change trading hours for VX so there will be a post-settlement session from 3:30–4:00PM for the same business day, and trading in VX and VXT for the next business day will open at 5:00PM, rather than at 3:30PM, as it is today.

 Trading hours are set separately for each product and are listed as Central Time (CT).

We are committed to keeping you updated on our integration progress to align the collective products and resources of CBOE and Bats to better serve our valued customers.

VX FUTURES
TRADING STATE
Pre-Open
Open
Halt
Post Settlement Open
Close
Close Time for Expiring Instruments
Market Order Acceptance Time**
SUN.
4:00PM
5:00PM
MON. –THURS.
4:45PM
5:00PM
3:15PM
3:30PM
4:00PM
8:00AM on expiration Wednesday
8:30AM–3:15PM
FRI.
3:15PM
3:30PM
4:00PM
8:30AM–3:15PM
VXT FUTURES
TRADING STATE
Pre-Open
Open
Close
Close Time for Expiring Instruments
SUN.
4:00PM
5:00PM
MON. –THURS.
4:45PM
5:00PM
3:13PM
3:13PM on Tuesday prior to expiration Wednesday
FRI.
3:13PM
VXTY FUTURES
TRADING STATE
Pre-Open
Open
Close
Close Time for Expiring Instruments
Market Order Acceptance Time**
SUN.
MON. –THURS.
6:00AM
7:00AM
3:15PM
2:00PM on expiration Wednesday
7:00AM–3:15PM
FRI.
6:00AM
7:00AM
3:15PM
7:00AM–3:15PM
VU FUTURES
TRADING STATE
Pre-Open
Open
Close
Close Time for Expiring Instruments
Market Order Acceptance Time**
Limit Up/Limit Down Start Time
Limit Up/Limit Down End Time
SUN.
MON. –THURS.
6:00AM
7:30AM
3:15PM
3:15PM on Tuesday prior to expiration Wednesday
8:30AM–3:15PM
7:30AM
8:30AM
FRI.
6:00AM
7:30AM
3:15PM
8:30AM–3:15PM
7:30AM
8:30AM
VA/VAO FUTURES
TRADING STATE
Pre-Open
Open
Close
Close Time for Expiring Instruments
SUN.
MON. –THURS.
6:00AM
8:30AM
3:15PM
3:15PM on Tuesday prior to expiration Wednesday
FRI.
6:00AM
8:30AM
3:15PM

**Market orders are only accepted after the product has opened.

Customer Communications

We are committed to keeping you updated on our integration progress to align the collective products and resources of CBOE and Bats to better serve our valued customers.

Read the customer letter from Chairman and CEO Edward Tilly and President and COO Chris Concannon:
Read Letter
Read the official press release for the CBOE + Bats Integration:
Read Press Release
Read the CBOE, C2 and CFE Integration Plan for migrating to the Bats technology platform:
Read Integration Plan
Our second customer integration call took place on June 6, 2017.

CUSTOMER CALL #2

DATE: 6.6.17
TIME: 11:30 am – 12:30 pm CT
DIAL IN (TOLL FREE):
1-877-883-0383
INTERNATIONAL DIAL IN:
1-412-902-6506
PARTICIPANT CODE:
4834486

JOIN THE WEBCAST

UPCOMING CUSTOMER CALL

(THERE ARE CURRENTLY NO SCHEDULED CALLS)

PREVIOUS CUSTOMER CALLS

Date: 11.13.18
Technology Integration Call #6 – C1 Migration Plan
View Transcript / View Presentation
Date: 4.5.18
Technology Integration Call #5 – C1 Migration Plan
View Transcript / View Presentation
Date: 1.9.18
Technology Integration Call #4 – Key Upcoming Migration Dates
View Transcript / View Presentation
Date: 9.26.17
Technology Integration Call #3 – Index Migration Plan
View Transcript / View Presentation
Date: 6.6.17
Technology Integration Call #2 – C2 Migration Plan
View Transcript / View Presentation
Date: 3.29.17
Technology Integration Call #1 – CFE Migration Plan
View Transcript / View Presentation
You may find details from our first customer integration call regarding the migration of CBOE, C2 and CFE to Bats’ technology below. Our second customer integration call will take place this summer. Please stay tuned for details.

Provide Feedback

You are encouraged to contact our teams with any questions or feedback. Customer demand will be taken into account as decisions are made, so your feedback is critical in creating a marketplace that best serves your needs.

Cboe Operations Support Center

(866) 728-2263
helpdesk@cboe.com
Cboe Trade Desk

(913) 815-7001
tradedesk@cboe.com
Cboe NOC (Network Connectivity Support)

(913) 815-7005
noc@cboe.com