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 SEF

Cboe SEF (Swap Execution Facility) brings Cboe’s track record of innovation to the Non-Deliverable Forwards (NDFs) market. With the launch of Cboe SEF, market participants can trade NDFs on emerging market currencies for the first time on Cboe’s award-winning technology. Cboe SEF delivers a next-generation market model that incorporates:

  • Fully anonymous CLOB with firm all-to-all trading available to all Participants
  • Configurable firm and non-firm streaming quotes for tailored liquidity needs
  • Curated liquidity pools to meet Participants’ execution criteria
  • Diverse network of Participants resting passive liquidity
  • Wide distribution network for Market Makers
  • Pre-trade Net Open Position (NOP) credit checks and real-time risk management
  • EMTA-standard contracts