CHICAGO, June 6, 2017 /PRNewswire/ -- CBOE Holdings, Inc. (BATS: CBOE | NASDAQ: CBOE) today announced that C2 Options Exchange (C2), one of the firm's derivatives markets, is planned to migrate to Bats technology on May 14, 2018.
Beginning in November, C2 trading permit holders may begin basic connectivity testing, and in December, begin certification. Throughout the first quarter of 2018 and into the second quarter, there will be numerous 'dress rehearsal' opportunities for customers to ensure their preparedness for the move. Up until the migration, C2 will operate as is.
Chris Isaacson, EVP, Chief Information Officer at CBOE said: "We remain laser focused on executing a seamless technical and operational integration of the CBOE markets onto Bats technology. This is progressing well and remains on schedule and announcing the C2 migration plan is the logical next step in our process. All market participants expect us to execute a fully transparent, highly structured and efficient integration, and we fully intend to deliver on this."
Added Eric Frait, VP, Business Analysis at CBOE: "When the migration of the CBOE exchanges to Bats technology is completed, customers will have the ability to trade using a single platform to access a variety of market models and execution venues offering the greatest possible breadth of products available in the global marketplace today. It is our aim to provide our customers an unparalleled trading experience."
An overview of the integration plan, as well as a detailed FAQ for the C2 migration will be available on the C2 integration website, which will serve as the primary information resource for customers and market participants throughout this process. The next substantive update to these resources is planned for September, when updated technical specifications and a platform change matrix summarizing all C2 platform feature updates will be posted.
Today at 11:30 a.m. CT / 12:30 p.m. ET, CBOE will hold the second of a series of informational customer conference calls covering the technology integration, featuring Mr. Isaacson and Mr. Frait. The call will primarily cover the migration plans for C2 but will also include status updates on the CFE migration and the launch of a complex order book on Bats' legacy options exchange, EDGX.
To access the conference call, which is also available via webcast:
The C2 migration is the second scheduled exchange migration in a multi-year integration process. Earlier this year, the exchange group announced CBOE Futures Exchange (CFE) would be the first market to switch to Bats technology. This project remains on track for its planned switchover of February 25, 2018.
The final market to migrate will be Chicago Board Options Exchange. The date for CBOE's migration to Bats technology will be announced at a date in the future. The planned CFE, C2, and CBOE migrations and the launch of a complex order book remain subject to regulatory review.
About CBOE Holdings, Inc.
CBOE Holdings, Inc. (BATS: CBOE | NASDAQ: CBOE), owner of the Chicago Board Options Exchange, the Bats exchanges, CBOE Futures Exchange (CFE) and other subsidiaries, is one of the world's largest exchange holding companies and a leader in providing global investors cutting-edge trading and investment solutions.
The company offers trading across a diverse range of products in multiple asset classes and geographies, including options, futures, U.S. and European equities, exchange-traded funds (ETFs), and multi-asset volatility and global foreign exchange (FX) products. CBOE Holdings' 14 trading venues include the largest options exchange in the U.S. and the largest stock exchange in Europe, and the company is the second-largest stock exchange operator in the U.S. and a leading market globally for ETF trading.
CBOE Holdings is home to the CBOE Volatility Index (VIX Index), the world's barometer for equity market volatility; the CBOE Options Institute, the company's world-renowned education arm; CBOE Livevol, a leading provider of options technology, trading analytics and market data services; CBOE Vest, an asset management company specializing in target-outcome investment strategies; CBOE Risk Management Conferences (RMC), the premier financial industry forums on derivatives and volatility products; ETF.com, a leading provider of ETF news, data and analysis; and Hotspot, a leading platform for global FX trading.
The company is headquartered in Chicago with offices in Kansas City, New York, London, San Francisco, Singapore and Ecuador. For more information, visit www.cboe.com.
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CBOE®, Chicago Board Options Exchange®, CFE®, BATS®, BZX®, Livevol®, CBOE Volatility Index® and VIX® are registered trademarks, and CBOE Futures ExchangeSM, CBOE VestSM and CBOE Options InstituteSM are service marks of CBOE Holdings, Inc. and its subsidiaries. S&P® and S&P 500® are registered trademarks of Standard & Poor's Financial Services, LLC and have been licensed for use by CBOE. All other trademarks and service marks are the property of their respective owners.
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This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as may, might, should, expect, plan, anticipate, believe, estimate, predict, potential or continue, and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.
We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price competition and consolidation in our industry; decreases in trading volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes; increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; our index providers ability to maintain the quality and integrity of their indexes and to perform under our agreements; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to attract and retain skilled management and other personnel, including those experienced with post-acquisition integration; our ability to accommodate trading volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; our ability to protect our systems and communication networks from security risks, including cyber-attacks and unauthorized disclosure of confidential information; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing potential conflicts between our regulatory responsibilities and our for-profit status; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; our ability to manage our growth and strategic acquisitions or alliances effectively; unanticipated difficulties or expenditures relating to the acquisition of Bats Global Markets, Inc., including, without limitation, difficulties that result in the failure to realize expected synergies, accretion, efficiencies and cost savings from the acquisition within the expected time period (if at all), whether in connection with integration, migrating trading platforms, broadening distribution of product offerings or otherwise; restrictions imposed by our debt obligations; our ability to maintain an investment grade credit rating; potential difficulties in our migration of trading platforms and our ability to retain employees as a result of the acquisition; and the accuracy of our estimates and expectations.
We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
SOURCE CBOE Holdings, Inc.