Central Limit Order Book

Cboe FX Central offers an innovative take on the traditional Central Limit Order Book (CLOB) model, rewarding liquidity providers in real-time for the value they provide. Participants receive market data on one of three channels dynamically assigned based on the quality of liquidity they have posted to the market. Increased competition results in deep, liquid markets, benefiting liquidity consumers. All market participants are able to earn faster market data as a result of their liquidity contributions, rather than their market maker status or the fees they pay.

Instantly Executable Prices
  • Fully anonymous all-to-all model with firm prices available to all counterparties
  • Pre-trade risk management is facilitated by the Cboe FX ECN credit infrastructure
Robust Market Data
  • Disseminated on three distinct channels with increasing latency based on the market participant's relative position in the order book
  • Top of book liquidity providers earn real-time data
  • Passive liquidity resulting in a trade is rewarded with real-time data for a period of time
Market Quality
  • Randomized batch order processing and a systematically enforced MQL prevent fleeting quotes and lead to an improved execution experience
Seamless Workflow
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To learn more, please contact [email protected]