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Cboe Global (CBOE) to Introduce FX Central Limit Order Book

Zacks

Cboe Global Markets, Inc.’s CBOE leading platform Cboe FX Markets has confirmed plans to introduce a central limit order book (CLOB), known as Cboe FX Central for foreign exchange (FX) trading.

The new platform Cboe FX Central is expected to go live on Jun 29 and will offer the option to trade in spot EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CAD, USD/CHF, and USD/CNH. The launch of Cboe FX Central will intensify competition and increase innovation in the FX market. The platform extends the traditional central limit order book model by rewarding liquidity providers with faster market data when their liquidity is at or close to the best bid or offer.

Cboe FX Central market data will be available at three different speeds (real-time, 3 millisecond delay, 10 millisecond delay).

The benefits of Cboe FX Central include no requirements of average daily volume, easy access to real-time data than the current primary markets, and assistance to market participants in the form of better prices for their orders, which motivates liquidity providers to enhance the quality and depth of order book.

Cboe FX’s suit of trading services includes a firm order book (Cboe FX Central), sweepable order book with the curated firm and non-firm liquidity (ECN) and full amount trading, which provide clients with a solution for larger order risk transference with low market impact (Full Amount).

Cboe offers trading across a diverse range of products in multiple asset classes and geographies, which include global foreign exchange among other products. On the Cboe FX platform, the institutional FX services take place under the Global FX segment of CBOE Global Markets. Revenues in the Global FX segment increased 21.6% in the first quarter of 2020.

The Cboe FX platform utilizes a price-firmness-time priority market model, combined with a pricing model where customers are charged either a flat or tiered commission rate based upon the notional amount traded on the platform.

Shares of this Zacks Rank #3 (Hold) company have underperformed the industry in the past year. The stock has lost 14.2% against the industry’s increase of 0.1%. Nevertheless, its diversified product portfolio and strong liquidity position should drive the stock going forward.

Stocks to Consider

Some better-ranked stocks from the finance sector include MarketAxess Holdings Inc. MKTX, Deutsche Boerse AG DBOEY and Green Dot Corporation GDOT. While MarketAxess sports a Zacks Rank #1 (Strong Buy), Deutsche Boerse and Green Dot carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

MarketAxess operates an electronic trading platform that enables fixed-income market participants to trade corporate bonds and other types of fixed-income instruments worldwide. It surpassed estimates in three of the last four quarters, with the average positive surprise being 1.09%.

Deutsche Boerse operates as an exchange organization in Europe, the United States, and the Asia-Pacific and engages in electronic trading of derivatives, foreign exchange, operating Eurex Repo over the counter trading platform and electronic clearing architecture. It came up with four-quarter average positive surprise of 15.38%.

Green Dot operates as a financial technology and bank holding company in the United States. It offers deposit account programs, consumer and small business checking accounts, network-branded gift cards, secured credit cards and other financial services. It surpassed estimates in each of the last four quarters, with the average positive surprise being 247.59%.

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