Overview
TT® provides access to Chicago Board Options Exchange (Cboe) FX, which is an OTC market that offers trading of spot FX, spot precious metals, and FX Non-Deliverable Forwards (NDFs). 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:
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Price
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Firm versus Non-Firm
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Time
Cboe FX Matching Engine
Currently, TT offers connectivity through the New York Sweepable matching engine.
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:
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Full Amount
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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).
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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.