Cboe Europe has announced plans to introduce a pan-European trading service that will allow retail investors to execute trades at or better than the European Best Bid and Offer (EBBO) free of charge. The new service is expected to go live on September 8, 2025, pending regulatory non-objection in the Netherlands and the UK.
The offering is designed to improve execution outcomes for retail clients by leveraging Cboe Europe’s existing Lit order book and footprint across 18 European equity markets. Cboe said the solution will provide brokers with a single access point to over 8,000 stocks and ETFs and will include a Retail Liquidity Provider (RLP) Program to incentivize market makers to post retail-focused quotes at EBBO.
“Developed through close collaboration with our retail broker participants seeking to trade at EBBO or better”
Retail orders submitted through the service will have the opportunity to interact with both RLP and non-RLP quotes, with RLP quotes receiving priority when prices are equal. Orders will also be eligible for execution across Cboe’s Dark and Periodic Auctions mechanisms, where further price improvement may be available.
Alex Dalley, Head of European Cash Equities at Cboe Global Markets, commented, “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.”
Participating brokers must complete a Retail Order Attestation form to access the service, allowing Cboe to identify and route retail flow appropriately. Market data feeds for RLP and non-RLP activity will be provided separately, enabling clearer visibility of activity across Cboe’s Lit books.
Existing participants will be able to connect through their current infrastructure, and many are already transmitting retail-attested orders through Cboe systems.
Cboe Global Markets operates 27 markets across five asset classes globally. It reported strong retail participation in its U.S. options and equities markets and recently announced plans to introduce 24×5 trading for U.S. equities, subject to regulatory clearance.
In Europe, Cboe operates exchanges in the UK and the Netherlands, offering a range of services including Lit and Dark books, auctions, and VWAP-crossing mechanisms. The group holds a combined 25 percent market share in European equities trading.
