Cboe will need to formally apply to the FCA for the APA designation in advance of the effective date of MiFID II. At the current time the FCA has not indicated what the timetable is for processing DRSP applications. However, it has a statutory obligation to deal with applications within a 6 month timeframe.
Current or prospective users of the Cboe APA services should note that the current TDM Service is audited annually against very similar standards.
MiFID II requires data to be published in a machine readable format. Cboe data formats meet required standards of machine readability, except for one area within BXTR where Cboe allows the reporting of trades in symbols unknown to us for Over the Counter trades or trades conducted on third-party MTFs. These are currently published here. To meet the machine readability requirements, and customers' requests, Cboe intends to start publishing such trades on our data feeds. Thereafter the web page will be decommissioned.
Use of the APA service will be conditional on firms ensuring they do not submit duplicate trade reports.