Cboe FX

Cboe FX

Cboe FX Overview


TT® provides access to the Chicago Board Options Exchange (Cboe) SPOT FX, which is an OTC market that offers trading FX spot instruments. Cboe completed its acquisition of the Hotspot FX market in January of 2015 and rebranded it as Cboe FX.

Cboe Exchange API

TT® supports the following:

  • Prices: Itch protocol
  • Orders: FIX protocol

Matching Algorithms

Cboe FX matches orders with a unique priority based on the following:

  1. Price

  2. Firm versus Non-Firm

  3. Time

Cboe FX Matching Engine

Cboe FX has two matching engine locations - New York and London. Each location has a separate matching engine for each type of market, Sweepable and Full Amount.

  • New York Sweepable: Currently supported on TT.
  • London Sweepable
  • London Full Amount
  • New York Full Amount

Currently, TT offers connectivity through the New York Sweepable location. Contact your TT representative if you are interested in obtaining access to the London Sweepable location.

Market Depth

Currently, the exchange provides a maximum of twenty (20) levels of market depth for all products. TT receives market depth directly from the exchange and forwards it to the client trading applications.

Cboe FX Trading Hours

Cboe FX is a 24 hour exchange. The trading hours of the platform begin on each Sunday at 5:00 p.m., United States Eastern Time (New York City), and end on the following Friday at 5:00 p.m., United States Eastern Time (New York City). The Platform is closed on Christmas Day and on New Year's Day.

In addition, the 'trade date' may differ from the 'calendar date'. For Cboe FX, a trade date start time is 5:00pm United States Eastern Time (New York City), which differs from a calendar date start time which is 12:00am United States Eastern Time (New York City).

This means that an order placed on Nov 17, at 4:30pm EST, the trade date is Nov 17 and the calendar date is Nov 17. While an order placed on Nov 17, at 5:30pm EST, the trade date equals Nov 18 while the calendar date is Nov 17.

Unsupported Exchange Functionality

The following Cboe FX functionality is not supported on TT:

  • Full Amount

  • Peg orders: Peg orders automatically adjust their price based on the user's chosen settings. This order is matched against all available prices on Cboe's electronic communication network (ECN).

  • Algo orders: Cboe FX allows users to use a special algorithm for foreign exchange trading via API, hosted by XTX Markets Limited. Users can submit orders through the algorithm, leading to transactions with the algo provider.

More details can be found at: https://cdn.cboe.com/resources/fx/operation.pdf .

Connectivity Options

The TT® platform provides connectivity to the exchange, so you do not have to contact the exchange regarding connectivity options. Refer to TT Access for more details about your connectivity options for connecting to TT.