C2 Integration

The C2 Options Exchange migration to Bats technology was completed on May 14, 2018. C2 customers are now able to experience a more efficient, best-in-class trading platform.

Thank you to our customers for your efforts to migrate to our new platform.

†Subject to regulatory review.

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.

New Platform Briefing

Below are highlights of the C2 integration plan. For more detailed information, please see the
C2 Technical Integration FAQs.

  • C2 will retain its existing single-leg priority and allocation method. It will continue to be a straight Pro-Rata market without any DPM/PMM entitlements or Customer Priority overlays.
  • We expect most C2 order types and functionality to be supported by Bats technology. Please reach out to your business development or operations contact with questions or feedback. We will publish a C2 platform change matrix when we publish new C2 technical specifications.
  • The C2 platform will remain in its current location at Equinix NY4 until the expected migration to Bats technology in NY5 on May 14, 2018.†
  • Existing TPHs will not need to complete new registration materials with the migration. We anticipate each TPH will have a single permit, and in situations where a firm has multiple permits, they will likely be consolidated.
  • C2 will maintain a network point of presence (PoP) in NY4 indefinitely so that current (legacy) C2 TPH physical connections in NY4 can be used to access C2 once the platform has moved to NY5. Note that existing Bats latency-equalized connectivity in NY4 or NY5 may be utilized to access C2 upon its move to NY5. However, these legacy C2 connections will be slightly slower than access through latency equalized connections.
  • Logical order entry (BOE or FIX) will replace the existing concept of a login. Each TPH may maintain as many sessions as they are willing to purchase. These order entry sessions allow for higher message bandwidth, as well as for multiple Executing FIRM IDS (or EFIDs) to be associated with a session for clearing purposes.
  • The billing process will be changed with the migration. We will provide ample notice regarding pending billing changes.

Subject to regulatory review.

Migration Timeline

TARGET DATE*
MILESTONE
06/07/17
C2 migration timeline and FAQs available on integration website.
09/01/17
Technical specifications distributed to clients and available on integration website.
11/01/17
C2 certification logical ports can be used for heartbeating and limited functional testing of the new technology platform within the certification environment in NY5.
12/04/17
Full 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 CBOE Bats Trade Desk.
02/05/18
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 C2 effective this date. A single FIX Drop port will be created for every firm as well. C2 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.
02/24/18
Weekend test opportunity in new C2 production environment.
03/05/18
Daily (Monday–Friday) trading of TEST SYMBOLS ONLY in new C2 NY5 production environment.
03/17/18
Weekend test opportunity in new C2 production environment.
04/14/18
Weekend test opportunity in new C2 production environment.
05/12/18
Weekend test opportunity in new C2 production environment.
05/14/18
Completion of C2 migration to new technology in NY5.

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.

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.

C2 Technical Integration FAQs

Download the C2 Technical Integration FAQs for answers to your C2 integration questions. Have a question that isn’t answered? You may send questions to batsintegration@cboe.com or reach out to the C2 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.

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

November 13, 2018 at 11:30 a.m. CT

Dial-In (Toll Free)
:  1-877-883-0383
Dial-In (International):  1-412-902-6506

Participant Code
:  8611304

(Participants should dial in 10-15 minutes early to join the conference)

PREVIOUS CUSTOMER CALLS

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.

C2 HELP DESK (current platform)

(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