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Cboe Europe, operator of the largest pan-European stock exchange by value traded and a division of Global Markets, Inc., has announced plans to launch a retail-focused trading service 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. It will operate on Cboe Europe's Lit order book and offer brokers free execution of retail orders at or better than the European Best Bid and Offer (EBBO) across 18 European markets.
The new service will provide access to over 8,000 European stocks and ETFs within Cboe Europe's regulated exchange environment. To support the launch, Cboe Europe is introducing a dedicated Retail Liquidity Provider (RLP) Programme, designed to enhance retail execution quality by incentivising market makers to post orders at the EBBO exclusively for interaction with retail order flow.
Through the service, retail customers will be able to access some of the best available Lit liquidity in European equities. 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
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 the service, brokers will be required to complete a Retail Order Attestation form, which enables designated retail orders to access retail-specific pricing and functionality. 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.
The service will feature separate market data feeds for RLP and non-RLP orders, enabling brokers to consolidate their view of all orders on Cboe Europe's 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. The company has strong retail participation in its US options and equities markets, and recently announced plans to introduce 24x5 trading for US equities, subject to regulatory approval and industry developments, to meet growing demand from global investors to access US markets.
Cboe Europe operates exchanges in both the UK (Cboe UK) and the Netherlands (Cboe NL) with a combined market share of 25 per cent, 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).
