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?

Retail Brokers	Retail Liquidity Providers
Brokers must complete a retail attestation form to designate eligible retail order flow. All retail-attested orders trade free of execution charges Brokers can choose to execute orders at the European Best Bid and Offer (EBBO) or better. Access the complete suite of order types—including sweep orders—across Cboe Europe's Lit, Dark, and Periodic Auction books. Retail order that access our Lit books are eligible to trade versus RLP and non-RLP orders, whoever has a better price. If RLPs do not have enough size present at a price level, retail orders will access the excess quantity on the regular lit book.	Join the new Retail Liquidity Provider (RLP) scheme to support improved execution quality for retail investors. RLP will only interact with retail-attested order flow Choose from four RLP security groups— Blue Chips, Mid Caps, Small Caps, and ETPs—with liquidity discounts available for fulfilling obligations across multiple groups RLP orders receive matching priority when prices are tied—executing ahead of non-RLP orders on the Lit book

Retail Brokers

Retail Liquidity Providers

Brokers must complete a retail attestation form to designate eligible retail order flow.
All retail-attested orders trade free of execution charges
Brokers can choose to execute orders at the European Best Bid and Offer (EBBO) or better.
Access the complete suite of order types—including sweep orders—across Cboe Europe's Lit, Dark, and Periodic Auction books.
Retail order that access our Lit books are eligible to trade versus RLP and non-RLP orders, whoever has a better price. If RLPs do not have enough size present at a price level, retail orders will access the excess quantity on the regular lit book.

Join the new Retail Liquidity Provider (RLP) scheme to support improved execution quality for retail investors.
RLP will only interact with retail-attested order flow
Choose from four RLP security groups— Blue Chips, Mid Caps, Small Caps, and ETPs—with liquidity discounts available for fulfilling obligations across multiple groups
RLP orders receive matching priority when prices are tied—executing ahead of non-RLP orders on the Lit book

Resources

Retail Order Participation Order Attestation Form

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