Cboe Europe EBBO Retail Service
Trade your retail orders at better prices - for free
Access the best prices for shares and ETFs across 18 markets on Europe's largest stock exchange
Cboe Europe is launching a new, pan-European retail-focused trading service on its Lit order book which is designed to improve execution outcomes for retail investors trading stocks and ETFs. This service is designed to support the growth of retail trading in European equities, which now represents an estimated 10-12% of on-exchange activity.
This innovative service will leverage Cboe Europe's pan-European footprint to offer brokers free execution of retail orders at or better than the European Best Bid and Offer (EBBO) for over 8,000 securities across 18 European markets. To support the launch of this initiative, Cboe Europe is also introducing a dedicated Retail Liquidity Provider (RLP) Programme, incentivising market makers to post EBBO-level quotes exclusively for interaction with retail order flow.
Through this service, retail order flow 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 Auction order books, offering potential price improvement opportunities.
Why use Cboe EBBO
On-Exchange Environment
Operates within Cboe Europe's trusted, transparent and highly-regulated exchange environment - the largest pan-European stock exchange
Pan-European coverage
Execute retail orders across 18 European markets via a single connection - delivering broader market access than rival services
Free Execution
Retail orders flagged through our attestation process are exempt from execution fees and benefit from a CCP retail trade flag, offering flexibility in post-trade fee structures. Plus, all retail investors can access free real-time market data if their broker or app vendor supports it
Best available prices
Retail customers will be able to access some of the best available Lit liquidity in European equities as well as accessing Europe's largest Dark and Periodic Auction books
Dedicated Retail Liquidity
Our new RLP Programme enhances retail execution quality by committing market makers to offer competitive quotes guaranteeing execution at or better than the EBBO for retail flow
Integrated Liquidity Access
Retail-attested orders can interact with both dedicated retail liquidity providers and other passive liquidity, ensuring a more integrated order book that benefits all investors
Price Improvement Opportunities
Retail orders will also be eligible to benefit from free execution on other Cboe Europe trading mechanisms, including its Dark and Periodic Auction order books, offering potential price improvement opportunities
How can you participate in Cboe EBBO?
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