CFE Integration

The CFE migration to Bats technology was completed on February 25, 2018. CFE 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.

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 Features

  • Revised trading hours that coincide with other futures markets
  • Standard futures pricing of spread orders
  • Simple and spread orders handled in the same order book ensuring synchronous legging
  • New order-by-order market data feed (PITCH) with microsecond timestamps offering greater visibility into CFE
  • Limit Up/Down levels for major products
  • Enhanced risk controls and self-trade prevention
  • New Block/ECRP Reporting Tool
  • Full-featured Customer Web Portal for trading and clearing firms
  • Bandwidth/Port Order rate thresholds raised 100x
  • More than 80% latency reduction

Subject to regulatory review.

Migration Timeline

TARGET DATE*
MILESTONE
03/30/17
An FAQ will be available regarding exchange-specific functionality for CFE on this website. Topics covered will
include connectivity, certifications, market data, and billing.
05/01/17
Technical specifications for CFE will begin to be made available on this website as will a Platform Change Matrix summarizing any platform feature updates to be aware of related to the technology migration.
07/03/17
CFE TPHs may begin to request access to the Customer Web Portal, which will provide tools for ordering physical and logical connectivity per the integration schedule. The Customer Web Portal also contains other tools that can be utilized to manage firm features associated with the Bats production platform.
07/03/17
Firms may begin ordering new physical connectivity directly into the latency-equalized network infrastructure for the new CFE production trading platform.
09/01/17
CFE TPHs may begin ordering logical ports within the new certification environment.
09/01/17
Basic connectivity testing available using new CFE certification logical ports accessing the certification environment in NY5.
09/14/17
CFE certification logical ports can be used for heartbeating and limited functional testing of the Bats technology platform within the certification environment in NY5.
10/02/17
Full functional testing of the new trading platform within the certification environment will be available. Certification testing may begin to be scheduled with the CFE Trade Desk.
10/02/17
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 CFE effective this date. A single FIX Drop port will be created for every firm as well. CFE 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 Bats production platform.
10/02/17
Basic connectivity testing available for new CFE production logical ports accessing the Bats production platform in NY5.
10/16/17
New CFE production logical ports can be used for heartbeating and functional testing of the Bats production platform in NY5.
11/06/17
Daily (Sunday–Friday) trading of TEST SYMBOLS ONLY in production in new CFE NY5 production environments.
11/18/17
Weekend test opportunity in new CFE production environment.
12/06/17
Basic connectivity testing available for new CFE DR logical ports at 400 S. LaSalle.
12/09/17
Weekend test opportunity in new CFE production environment.
01/20/18
Weekend test opportunity in new CFE production environment.
02/10/18
Weekend test opportunity in new CFE production environment.
02/24/18
Final Weekend Test/Dress Rehearsal before go-live of CFE in NY5.
02/25/18
Completion of CFE migration to Bats 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.

Implementation Guides

Download PDF documents below.

CFE FIX Implementation Guide
DOWNLOAD
CFE BOE Implementation Guide
DOWNLOAD 
CFE PITCH Implementation Guide
DOWNLOAD

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.

Regulatory Documents

Download PDF documents below.

Migration CFE Rulebook
DOWNLOAD
Migration CFE Policies and Procedures
DOWNLOAD 

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.

Fee Schedules

Download PDF documents below.

CFE Fee Schedule Effective January 1, 2018
DOWNLOAD
CFE Fee Schedule Effective February 1, 2018
DOWNLOAD 

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.

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**
Limit Up/Limit Down Start Time
Limit Up/Limit Down End Time
SUN.
4:00PM
5:00PM
5:00PM
MON. –THURS.
4:45PM
5:00PM
3:15PM
3:30PM
4:00PM
8:00AM on expiration Wednesday
8:30AM–3:15PM
3:30PM
8:30AM
FRI.
3:15PM
3:30PM
4:00PM
8:30AM–3:15PM
8:30AM
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
XBT FUTURES
TRADING STATE
Pre-Open
Open
Halt
Post Settlement Open
Close
Close Time for Expiring Instruments
Limit Up/Limit Down Start Time
Limit Up/Limit Down End Time
SUN.
4:00PM
5:00PM
5:00PM
MON. –THURS.
4:45PM
5:00PM
3:15PM
3:30PM
4:00PM
2:45PM on expiration Wednesday
5:00PM
4:00PM
FRI.
3:15PM
3:30PM
4:00PM
4:00PM

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

CFE Technical Integration FAQs

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

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

UPCOMING CUSTOMER CALL

There are no calls currently scheduled.

PREVIOUS CUSTOMER CALLS

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
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 Business Development or Operations team with any questions or feedback.

CFE TRADE DESK (Bats technology platform)

312.786.8700
cfetradedesk@cboe.com