Overview

Cboe FX brings the powerful benefits of an independent, transparent market structure to institutional foreign exchange trading. Our expanding model, which has grown to include disclosed trading solutions, outright deliverable forwards, and non-deliverable forwards (NDFs) through Cboe SEF, provides greater control of the trading process, enabling better trade execution and lower transaction costs for our global customer base.

Cboe Global Markets (formerly CBOE Holdings, Inc.) acquired Bats Global Markets, which owned Hotspot, in February 2017. To learn more about that transaction, click here.


Cboe Spot

Cboe Spot has its roots as the first electronic communication network (ECN) for the institutional FX market and continues to set the standard with deep liquidity, anonymous trading and innovative technology. The benefits of Cboe Spot include full depth-of-book view, centralized price discovery, anonymous market access through our network of prime brokers, streaming quotes from a diverse set of market participants, full amount trading with quote size up to $125m in notional value, and robust real-time pricing and reference data.

Cboe Forwards

Cboe is the first ECN to provide outright deliverable forwards on an anonymous central-limit order book, and the first platform to allow prime brokerage clients to post passive quotes. This allows for expanded trading activity from participants, who are now able to trade without being forced to cross the bid-offer spread.

Cboe SEF

The Dodd Frank regime mandates that certain market participants trade NDFs, which account for 19% of all forward currency trading globally*, on Swap Execution Facilities (SEFs). In November 2016, Cboe augmented its existing trading business in outright deliverable forwards by acquiring a SEF in order to offer NDF trading to participants, and Cboe SEF is currently onboarding clients ahead of an anticipated launch in 2017.

*According to the latest Bank for International Settlements (BIS) triennial survey.