Cboe U.S. Treasuries
Bringing Large Size, Low Impact Trading to the On-the-Run U.S. Rates Market
Cboe's Full Amount technology consolidates streaming quotes from the market's premier dealers into a single best price at each desired size level, resulting in an efficient tool to access and manage liquidity. Liquidity consumers transact against the best quote from a single liquidity provider that satisfies the full amount of the order to ensure minimal information leakage and reduced slippage.
As a Liquidity Provider
Leverage Cboe's technology to anonymously distribute pricing with the assurance of being the full size of the incoming order.
As a Liquidity Consumer
Transfer risk in size with efficiency and low market impact, while potentially earning price improvement on each trade.
Access & Reporting
Clients, who must be FICC members, may access Cboe U.S. Treasuries using FIX order entry or the market's leading vendors. Real-time market data is available via ITCH.
Liquidity is customized to enhance execution quality, driven by Cboe's liquidity management and analytics suite.
How Cboe U.S. Treasuries Works
Engagement
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Cboe actively engages with Participants to construct and refine Full Amount liquidity pools based on quantitative and qualitative measures.
Liquidity
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Liquidity consumers receive streaming top-of-book quotes across the on-the-run curve, in various sizes.
Streaming
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Configured liquidity providers continuously quote in prescribed sizes, filling aggressing Immediate-or-Cancel orders in a single-ticket.
Low Impact
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Top of book prices are disseminated for each security and size via ITCH market data. Orders will never 'sweep' the market.
Cboe Fixed Income Markets, LLC ("Cboe Fixed Income") is a registered broker-dealer with the U.S. Securities and Exchange Commission, and is a member of the Financial Industry Regulatory Authority, Inc. (www.finra.org). Cboe Fixed Income does not provide services to retail customers.