Cboe Japan Completes Successful Technology Migration

November 15, 2023
  • Cboe Japan has successfully completed the transition to Cboe technology on November 13, 2023, marking completion of a two-year integration effort. 
  • The technology migration follows Cboe's acquisition of Chi-X Japan in July 2021 and will serve as the foundation to help Cboe expand in Japan and Asia-Pacific. 
  • Cboe BIDS Japan, is the migration of Kai-X, making it the second BIDS Trading offering in the Asia-Pacific region.

Chicago and Tokyo | November 15, 2023 – Cboe Global Markets, Inc. (Cboe: CBOE) a leading provider of global market infrastructure and tradable products, has successfully completed the migration of Cboe Japan to its advanced technology platform on Monday November 13, 2023. Formerly known as Chi-X Japan, Cboe Japan was acquired by Cboe Global Markets in July 2021 and rebranded as such in February 2022.

“Following Cboe’s acquisition of Chi-X, our dedicated focus has been on delivering measurable enhancements to the Japanese market, made possible only by Cboe, while building a foundation for future growth.” said Chris Isaacson, Executive Vice President and Chief Operating Officer, Cboe Global Markets. 

Reinforcing the company’s commitment to enhancing the Japan market, Isaacson said “This effort involved migrating Chi-X’s platform to Cboe technology, so that Japanese customers can access Cboe’s world-class innovations, wide range of markets, asset classes, data and product offerings, all designed to enhance their experience with greater efficiency and tailored to their unique needs.”

The migration to Cboe’s technology platform equips Cboe Japan with the performance and capacity to accommodate more than double the peak volume directed at Cboe Japan’s Alpha and Select markets, and more than double the market data volume generated by other markets in Japan. Already on Wednesday November 15th, Cboe Japan traded more volume compared to any day last week on the legacy system. 

Isaacson continued: “As an innovative PTS (Proprietary Trading System) provider, Cboe Global Markets has deployed technology that provides feature rich, low latency access to all participants, meaning all Cboe Japan participants now benefit from a globally consistent, locally optimized technology platform that ensures equitable, feature rich access for all.”

Toru Irokawa, Cboe Japan Representative Director & President, acknowledged the substantial industry-wide effort involved in migrating to Cboe’s technology platform. 

“I cannot emphasize more, my gratitude to our customers, vendors, regulators and other market participants for their strong engagement and support over the past year. The collaboration has been pivotal in executing a seamless technical and operational migration.” He also noted, “With these strong foundations in place, Cboe Japan looks forward to expanding the range of products, services and trading solutions offered to the Japan market.”

Cboe also introduced Cboe BIDS Japan, an enhancement post migration of the Kai-X platform, offering a new and innovative large-in-scale trading solutions to the Japanese equities market. The migration follows the successful launch of Cboe BIDS Australia, making it the second BIDS Trading offering in the Asia-Pacific region. 

The launch of Cboe BIDS Japan is planned in two phases. The first phase, which is now live alongside the technology migration, allows brokers to access the BIDS pool through their trading algorithm. The second phase, expected to roll out in the first half 2024, will enable broker-sponsored buy-side access through the BIDS Trader front-end. 

Additional information on Cboe Japan can be found at www.cboe.com/jp. Information on BIDS Trading is available at www.bidstrading.com and Cboe BIDS Trading Service.


About Global Markets

Cboe Global Markets (Cboe: CBOE), a leading provider of market infrastructure and tradable products, delivers cutting-edge trading, clearing and investment solutions to market participants around the world. The company is committed to operating a trusted, inclusive global marketplace, providing leading products, technology and data solutions that enable participants to define a sustainable financial future. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, FX and digital assets, across North America, Europe and Asia Pacific. To learn more, visit www.cboe.com. 

About Cboe Japan

Cboe Japan is a leading PTS (Proprietary Trading System) for Japanese equities, providing members and investors with better trading opportunities at lower cost under highly transparent rules, independent of any brokers and/or trading firms. It operates multiple markets; both lit & dark, all for trading Japanese equities each serving the different needs of market participants. Cboe Japan has experienced strong and sustained growth and has achieved significant milestones including a record-high daily lit market share of 5.785% on January 26, 2023. For more information visit: www.cboe.com/jp




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