Information Technology
Cboe Europe to Launch Pan-European EBBO Trading Solution for Retail Investors
Through this new service, retail customers will be able to access some of the best available Lit liquidity in European equities. In addition, retail orders will also be eligible to benefit from free execution on other Cboe Europe trading mechanisms, including its Dark and Periodic Auctions order books, offering potential price improvement opportunities.
Alex Dalley , Head of European Cash Equities, Cboe Global Markets, said: "Cboe is committed to the ongoing evolution of our equity trading services to strengthen European equity markets through the development of a vibrant and inclusive on-exchange ecosystem that benefits all investors. This service is our latest innovation, developed through close collaboration with our retail broker participants seeking to trade at EBBO or better in a simple and cost-effective way. We look forward to leveraging our pan-European footprint, unrivalled range of trading mechanisms and strong industry relationships to enhance the trading experience for retail investors and the firms that support them."
To participate in this service, brokers will be required to complete a Retail Order Attestation form, which enables designated retail orders to access retail-specific pricing and functionality. To support diverse and integrated Lit order books, these retail orders can interact with quotes from both RLPs and non-RLP participants, with executions occurring at the best available prices. When prices are equal, RLP quotes are given priority, and any remaining unmatched quantity may then interact with other available liquidity in the Lit order book. We will have separate market data feeds for RLP and non-RLP orders, enabling brokers the ability to consolidate their view of all orders on our Lit order books.
Existing Cboe Europe participants can access the service through their current connectivity, with many already handling retail order flow and actively sending retail-attested orders.
Cboe operates 27 markets across five asset classes globally and continues to strengthen its competitive position in serving the global retail investor community. It has strong retail participation in its U.S. options and equities markets, and recently announced plans to introduce 24x5 trading for U.S. equities, subject to regulatory approval and industry developments, to meet growing demand from global investors to access U.S. markets.
Cboe Europe operates exchanges in both the UK (Cboe UK) and the Netherlands (Cboe NL) – with a combined market share of 25% - offering a comprehensive suite of equity trading services including Lit and Dark books, Periodic Auctions, Cboe BIDS Europe, Cboe BIDS VWAP-X, and Cboe Closing Cross (3C).
For more information visit our retail trading service webpage, .
Cboe Global Markets (Cboe: CBOE), the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives and FX across North America , Europe and Asia Pacific . Above all, we are committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. To learn more about the Exchange for the World Stage, visit .
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Cboe calculates the EBBO using prices from Cboe's BXE, CXE and DXE order books, the listing exchange and Turquoise.
Cboe is currently unable to calculate an EBBO for stocks listed in the
Czech Republic , Hungary and
Poland .
H1 2025, on-exchange activity only
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