Cboe Closing Cross (3C)
Close the day at your chosen price
Cboe Closing Cross (3C) is a new post close trading service designed to provide a simple, cost-effective way for market participants to execute their end of day trading activities. 3C gives market participants the opportunity to choose the price they wish to trade at after the continuous trading session has ended.
3C functions independently from the listing exchange and does not depend on their closing auction price. With 3C, participants enter orders, set their “at limit” price and the 3C formulates a volume maximising cross every 15 seconds throughout the 25-minute session.
Cost Effective, One-Stop Shop
- With Cboe Europe’s pan-European coverage, 3C is a cost-effective, one-stop solution for customers looking to execute their post close trading activities across 18 European markets.
A Better Alternative
- Avoid the complexity and cost of other end of day trading sessions
- Easily navigate risk with no order lock-ins to allow cancellation at any point
- Seamless implementation simply use 9303=BU FIX tag to turn a normal limit order into an “at limit” order during the 3C trading phase.
- Technology you can trust when other auctions fail or get delayed
- Larger order size encouraged with minimum quantity feature
- Full pre-trade transparency in data feed and indicative crossing summaries
- For further details please refer to the Cboe Closing Cross (3C) Guidance Note.
Cboe Closing Cross (3C) Functionality Summary
- Available on the Cboe Europe BXE & DXE Order Books
- BXE MIC code: BATE
- DXE MIC code: CEUX
Accepted order types
- Only “at limit” orders accepted, which means orders can be entered and matched only at the specified limit price.
- All orders and executions will be on tick.
- Orders entered will be visible and subject to a 20% collar of the last traded price on the Cboe continuous market.
- 3C provides full order book transparency.
- All market participants are able to see in real time the price and size/quantity for all price levels that is predicted to execute in the cross.
Order Entry + Call Period
- Order entry opens at 16:30**.
- Call period begins once the Cboe BXE/DXE book has ceased continuous trading and will continue for 25 minutes**.
- Call periods last 15 seconds and run back-to-back; crosses will take place at the end of each call period.
- Any unmatched orders left at 16:55 will be canceled back**.
Note: All times UK time; 3C start times will reflect Cboe’s holiday hours schedule
Price Formation Process
- Orders can be canceled or amended until the cross takes place.
- Crossing price will be established based on maximum executable volume.
- In the event that there is more than one price with the maximum executable volume, a tie-breaking process will first look at closest to last traded price on the Cboe continuous market and finally, highest price.
- Once the price has been determined, allocation of executions will be determined based on size then time.
- Brokers can optionally choose the broker priority attribute, which provides priority in the execution allocation phase.
**From 17/7/20, Continuous Trading in Norway ends at 15:20, in Denmark 15:55, in Finland 16:25, in Sweden 16:25, in Switzerland 16:20, & in Ireland 16:28 (all times UK); and the BXE/DXE 3C session begins immediately thereafter running for 25 minutes.