Cboe BIDS Japan

The Leading Force in Block Trading Globally

Cboe BIDS Japan is a conditional message and firm order execution platform that allows counterparties to trade large parcels of Japanese equities and ETFs without institutional investors revealing their trading intentions to the wider market.

A Broker Neutral
Japanese Block Trading
Platform

Cboe BIDS Japan is built on the technology and success of BIDS Trading in the US, Europe, Canada and Australia, and is an innovative, anonymous broker neutral service on the Cboe Japan market. Cboe BIDS Japan provides buy-side and sell-side users with a source of deep, secure liquidity, and gives users the opportunity to deepen their institutional relationships.

Cboe BIDS Japan supports trading in all TSE-primary listed common stocks, ETFs and REITs. It allows block trades that are priced at or between the prevailing TSE BBO, as well as trades with price improvement that are priced at midpoint. All Cboe BIDS Japan trades are executed on ToSTNeT.

Access and Seamless Integration

Cboe BIDS Japan is powered by proven software used by the BIDS ATS, Cboe BIDS Europe and Cboe BIDS Australia. The BIDS Trader buy-side front-end interface seamlessly integrates into buy-side order and execution management systems, and Cboe Japan market participants can also provide conditional and firm order liquidity through FIX connections.

How it works

Liquidity is submitted to Cboe BIDS Japan via two avenues
Buy-side users (using the BIDS Trader software) and sell-side users (using algorithmic suites) submit conditional messages and/or firm orders into Cboe BIDS Japan to identify potential matches.
BIDS matches and issues invitation
The platform invites marketable conditional messages to “firm up”. For a buy-side user, a Sponsoring Participant must be selected to represent the firm order.
User firms up and selects broker
If the Sponsoring Participant's pre-trade risk controls are passed, a firm order is generated, submitted to the market, and reported to the Sponsoring Participant via a drop copy.
Order accepted by Cboe and matched
Matched firm orders are then sent to ToSTNeT for an execution under the selected Sponsoring Participant, which is reported to the Sponsoring Participant via a drop copy.
Trade Finished
The ToSTNeT trade is sent to JSCC for clearing.

Buy-Side Dealer Tools

Cboe BIDS Japan allows buy-side users to maintain control over their Conditional Message via the BIDS Trader software, which reads from their OMS/EMS. Features of BIDS Trader include:

Cost effective

Allowing buy-side users to better manage their broker commission payments through Sponsoring Participant selection, thereby strengthening existing relationships.

Protection

Filtering and scorecards to assist in protecting conditional message interaction.

Security

Ensuring information about conditional messages is not exposed unless there is a bona fide opportunity to trade.

Confidential

Ensuring low levels of information leakage on interactions. Counterparties are only aware that it meets the user’s MEQ and is marketable.

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Connected Brokers

View which brokers are currently connected to Cboe BIDS Japan.

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Connectivity

Sell-side FIX entry

Buy-side BIDS/OMS/EMS interface

Customer Coverage

Access open to buy-side firms via their OMS/EMS while still maintaining sell-side broker relationships.

Access open to sell-side firms that are Cboe Japan market participants.

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Trading Hours

Trading hours:
09:00 - 11:30, 12:30 - 15:00
Pre-open / pre-market periods:
08:20 - 09:00, 11:30 - 12:30

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