{"id":23683,"date":"2023-07-20T11:41:41","date_gmt":"2023-07-20T10:41:41","guid":{"rendered":"https:\/\/globaltrading-lscura.dev.securedatatransit.com\/?p=23683"},"modified":"2024-11-11T15:07:13","modified_gmt":"2024-11-11T15:07:13","slug":"cboes-natan-tiefenbrun-reveals-more-detail-on-new-sweep-orders","status":"publish","type":"post","link":"https:\/\/www.globaltrading.net\/cboes-natan-tiefenbrun-reveals-more-detail-on-new-sweep-orders\/","title":{"rendered":"Cboe&#8217;s Natan Tiefenbrun reveals more detail on new sweep orders"},"content":{"rendered":"<h3><i><span data-contrast=\"none\">Speaking to BEST EXECUTION, Tiefenbrun discusses how the\u00a0new sweep order types for\u00a0Cboe\u00a0UK and\u00a0Cboe\u00a0NL Periodic Auction Books (PABs)\u00a0will boost liquidity targeting for traders.<\/span><\/i><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"none\">The new PAB to Lit Sweep Order Types, which launched 17 July, allow participants to sweep the local\u00a0Cboe\u00a0PAB or Dark Book, before sweeping the local\u00a0Cboe\u00a0Lit book.<\/span><\/p>\n<figure id=\"attachment_23696\" aria-describedby=\"caption-attachment-23696\" style=\"width: 450px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-23696 size-medium\" src=\"https:\/\/globaltrading-lscura.dev.securedatatransit.com\/wp-content\/uploads\/2023\/07\/Natan-Tiefenbrun-new-scaled-e1690196735358-450x300.jpeg\" alt=\"\" width=\"450\" height=\"300\" \/><figcaption id=\"caption-attachment-23696\" class=\"wp-caption-text\">Natan Tiefenbrun, president, Cboe Europe<\/figcaption><\/figure>\n<p><span data-contrast=\"none\">Cboe\u00a0Europe president Natan Tiefenbrun said: \u201cThese new order types allow our participants to target liquidity in up to three of our execution mechanisms (Dark, Periodic Auction and Lit) through a single order. This makes it very simple and efficient for our participants to access greater size or price improvement opportunities, before accessing\u00a0Cboe&#8217;s Lit order books.<\/span><\/p>\n<p><span data-contrast=\"none\">\u201cWhat we\u2019re trying to do is attract both spread-crossing and passive posting flows to our Periodic Auctions. We already see more than 20% of spread-crossing orders finding price improvement in Periodic Auctions.\u201d<\/span><\/p>\n<p><span data-contrast=\"none\">The PAB\/Lit order type allows participants to use a single Accept-Or-Cancel (AOC) order to check the PAB for marketable contra liquidity (meeting any specified Minimum Acceptable Quantity and Price Improvement) in which case the order is accepted into the PAB book. If the order is not marketable in the PAB, it will immediately target the local Lit book using the original Time In Force of the order.<\/span><\/p>\n<p><span data-contrast=\"none\">The Dark\/PAB\/Lit order type will first sweep the Dark book as an effective IOC before targeting the PAB book as an AOC order. If it is not accepted into the PAB, it will immediately target the local Lit order book with the client-specified TIF.<\/span><\/p>\n<p><span data-contrast=\"none\">Dark on Expiry (DoE) functionality can be used as an additional functionality with both new sweeps above, whereby any unexecuted PAB order quantity will be routed to the local Dark book as an IOC following the end of the auction cycle.<\/span><\/p>\n<p>\u00a9Markets Media Europe 2023<\/p>\n<p><a href=\"#top\">TOP OF PAGE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Speaking to BEST EXECUTION, Tiefenbrun discusses how the\u00a0new sweep order types for\u00a0Cboe\u00a0UK and\u00a0Cboe\u00a0NL Periodic Auction Books (PABs)\u00a0will boost liquidity targeting for traders.\u00a0 The new PAB to Lit Sweep Order Types, [&hellip;]<\/p>\n","protected":false},"author":1324,"featured_media":23696,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[2369,2514],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.9 - 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