Cboe Europe to Launch Pan-European EBBO Trading Solution for Retail Investors

• New trading service designed to allow retail investors to trade at the best available prices free of charge
• Service leverages Cboe's pan-European footprint to offer retail brokers single access point to equities and ETFs across 18 European markets
• Builds on Cboe's global leadership in serving retail investor community across multiple asset classes

AMSTERDAM and LONDON, July 8, 2025 /PRNewswire/ -- Cboe Europe, operator of the largest pan-European stock exchange by value traded and a division of Global Markets, Inc. (Cboe: CBOE), today announced its plans to launch a retail-focused trading service on its Lit order book designed to enhance execution outcomes for retail investors trading stocks and ETFs across Europe. The service is scheduled to go live on 8 September 2025, subject to receiving the required regulatory non-objections in the Netherlands and the UK.

With Cboe Europe's extensive pan-European market coverage and customer base, this service will offer brokers free execution of retail orders at or better than the European Best Bid and Offer (EBBO)¹ across 18 European markets². The service will operate as part of Cboe Europe's trusted, transparent and regulated exchange environment, which offers access to over 8,000 European stocks and ETFs. To support this launch, Cboe Europe is also introducing a dedicated Retail Liquidity Provider (RLP) Programme, designed to enhance retail execution quality by incentivising market makers to post orders at the EBBO which are exclusively for interaction with retail order flow.

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%³ - 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, here.

About Cboe Global Markets

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 www.cboe.com.

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Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel, increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our global operations, growth, and strategic acquisitions or alliances effectively; increases in the cost of the products and services we use; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, counterparty investment, and default risks, associated with operating our clearinghouses; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing our business interests and our regulatory responsibilities; the loss of key customers or a significant reduction in trading or clearing volumes by key customers; our ability to maintain BIDS Trading as an independently managed and operated trading venue, separate from and not integrated with our registered national securities exchanges; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the accuracy of our estimates and expectations; and litigation risks and other liabilities. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings made from time to time with the SEC.

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¹ Cboe calculates the EBBO using prices from Cboe's BXE, CXE and DXE order books, the listing exchange and Turquoise.
² Cboe is currently unable to calculate an EBBO for stocks listed in the Czech Republic, Hungary and Poland.
³ H1 2025, on-exchange activity only

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