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Comment: Published by Scroll Versions from this space and version 1.4.31

Table of Contents

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Change Summary

Warning
titleGo-live Date

15th December 2023

 Cboe SEF Authorized Trader Order Entry Operator ID.

Whisperer Client Impact

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titleContext

Whisperer Clients using cboefx_fixproxy NDF SEF sessions as both maker and taker on FullAmount and ECN will be impacted.

OEOID is the regulatory field applicable for SEF deals and is Equivalent to MiFIDExecutingDecisionMaker Regulatory field.

Change Overview from CboeFX

Cboe SEF Authorized Trader Requirement

Overview

Mandatory Change

Background

  • CboeFX SEF

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  • will require Participants to provide an Order Entry Operator ID (OEOID)

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  • which is provided to them after registering an Authorized Trader with

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  • CboeFX Member Services.

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  • Authorized Trader

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  • should have a unique OEOID and an Authorized Trader may not use the OEOID of any other natural person or entity.

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  • This is required for all NDF Orders and Quotes.
  • Please refer to the CboeFX notice and faq documents for more details (both attached below).  

Affected Venues

Change

  • Clients must provide OEOID in the PartyID for  PartyRole OrderOriginationTrader for NDF messages as follows:
    • Making - MassQuote messages
    • Taking - NewOrderMultileg, MultilegOrderCancelReplaceRequest and OrderCancelRequest messages

Timeline

  • 15th December 2023 - PROD - Clients will be required to provide the OEOID.

Whisperer Client Impact

Warning
titleImpact

Whisperer Clients using cboefx_fixproxy NDF SEF sessions for FullAmount and ECN platforms as either Maker or Taker will be impacted.

Clients can provide the OEOID as the PartyID for PartyRole OrderOriginationTrader.

Providing this value is mandatory for NDFs.

Note: Orders and Quotes will be rejected by CboeFX if the OEOID is not provided in the messages where it is required.

Note: CboeFX currently have a bug in their maker sessions, where NDF quotes without the OEOID are still being accepted.

MarketFactory added support for this in release 2023.11.17.WE. 

Change Details

Clients will be able to pass on OEOID by providing it as the PartyID for PartyRole OrderOriginationTrader. 

  • Makers - Provide the value in the MassQuote messages
  • Takers - Provide the value in the NewOrderMultileg, MultilegOrderCancelReplaceRequest and OrderCancelRequest messages


Documentation

Attachments

Technical Details

FIX API
A new custom field OEOID will be introduced:

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Y

Effective December 
15, 2023

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OEOID will be required for the following messages:

Cboe SEF ECN

    • New Order Single
    • Order Cancel
    • Order Cancel Replace Request
    • Quote
    • Quote Cancel

Cboe SEF Full Amount

    • Full Amount Quote (Maker)
    • Full Amount Quote Cancel (Maker)
    • Full Amount New Order Single (Taker)

Cboe SEF will not validate the content of the field and will not echo back the value in any outbound messages.

Price Feed (aka Liquidity Provider Proprietary API)

For each Price Feed session, a default OEOID (corresponding to an Authorized Trader registered with Cboe SEF) agreed upon with the Participant will be configured. Cboe SEF would associate all quote messages with such OEOID.

Alternatively, Participants can enhance their proprietary API to provide Cboe SEF with the OEOID value for quote messages.

Additional Information

If you have any questions regarding this Notice to Participants, please contact the Trade Desk at [email protected].