Cboe Europe

Operating pan-European marketplaces to improve investor outcomes

What we do

Cboe Europe is a leading operator of pan-European equity and derivatives trading and clearing services, including the largest pan-European stock exchange by market share and the most connected open-access CCP. We operate the largest pan-European equity trade reporting service, as well as low-cost European equity market data and benchmark equity indices services. In September 2021, we launched Cboe Europe Derivatives (CEDX), a pan-European derivatives marketplace based in Amsterdam, which enables participants to access a vibrant equity derivatives market through a single access point, creating efficiencies in trading and clearing. We promote open, competitive and integrated European markets, bringing significant benefits to all market participants, particularly end investors.

European Offerings

Cboe Europe Equities

Cboe Europe Equities is the largest pan-European stock exchange by market share, offering trading in securities from 18 countries

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Cboe Europe Derivatives

Cboe Europe Derivatives is a pan-European equity derivatives marketplace delivering improved transparency and efficiencies

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Cboe Clear Europe

Cboe Clear Europe is a leading pan-European CCP, offering clearing services across 47 trading venues

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Our Story

2007-2011

2013-2014

2015-2016

2017-2022

2007

CHI-X Europe goes live

Chi-X Europe becomes the first pan-European stock exchange, launching ahead of the EU’s November 2007 Markets in Financial Instruments Directive (MiFID). MiFID enabled the emergence of alternative trading venues to challenge national exchanges, ushering in a new era of competition, innovation and lower fees for participants in European equity markets.

2008

BATS Europe launches

BATS Global Markets – an operator of US stock exchanges - launches a European venue in October 2008, called BATS Europe. Along with its philosophy of Making Markets Better, the move sees BATS bring its high-performance technology and innovative ethos to Europe, further enhancing competition in the trading of European equities for the benefit of participants and end investors.

2008

DTCC expands into Europe with EuroCCP

The Depository Trust & Clearing Corporation (DTCC) launches a European clearing house called EuroCCP. Mirroring developments in the trading landscape, EuroCCP’s aim is to create a competitive clearing environment and is an ardent proponent of open access, by seeking to offer its services to multiple venues to create efficiencies for users.

2011

BATS offers clearing choice

BATS Europe becomes the first venue to offer clearing choice. Participants can choose from one of three ‘interoperating’ CCPs - EuroCCP, LCH.Clearnet or SIX x-clear - in addition to its default CCP, EMCF. This groundbreaking move helps pave the way for true clearing competition and lower post-trade costs in Europe.

2011

BATS acquires CHI-X Europe

BATS Global Markets acquires Chi-X Europe in December 2011, establishing BATS Chi-X Europe as the leading venue to have emerged from MIFID in 2007. The venue is highly-valued by clients for its technological prowess, innovative ethos, competitive pricing and thought leadership role.

2013

EuroCCP and EMCF merge

EuroCCP merges with its Dutch rival EMCF, creating the largest pan-European cash equities clearing house by cleared volumes. The new company retains the EuroCCP name and is headquartered in Amsterdam. BATS Chi-X Europe becomes one of four equal shareholders in EuroCCP following the merger, alongside ABN Amro, DTCC and Nasdaq.

2013

Bats begins listings with rie licence

BATS Chi-X Europe gains a Recognised Investment Exchange (RIE) licence from UK authorities, giving it the same regulatory status as national exchanges and the ability to list securities. Bats uses the licence to launch a pan-European ETF listings market, which is now home to over 90 ETPs.

2013

Bats launches trade reporting service

BATS Chi-X Europe expands its product suite by launching BXTR, a comprehensive range of on-and-off exchange pan-European trade reporting services. This includes an Approved Publication Arrangement (APA), which allows firms to meet their off-exchange trade publication obligations under MiFID and is now Europe’s largest equities trade reporting service.

2015

Bats pioneers periodic auctions

BATS Chi-X Europe launches the first Periodic Auction service for European equities in November 2015, an innovation created in close consultation with market participants. Now the largest venue of its type, this mechanism helps to deliver better execution outcomes for end investors by minimising speed advantages and reducing market impact.

2016

Bats Europe launches own indices

Having been renamed Bats Europe – and accounting for close to 25% of European equity trading – the exchange launches its own suite of equity indices. These indices, which are all calculated using Bats’ market data, are a low-cost alternative to existing benchmarks and all managed under the same rules.

2016

Bats lis goes live

Bats Europe rounds out its suite of trading services with the launch of Bats LIS, in partnership with BIDS – a US-based trading venue operator. A dedicated block trading platform, it is accessible by both buyside and sellside participants. Now branded as Cboe BIDS Europe, it has become Europe’s largest block trading platform with consistently higher trade sizes than rival venues.

2017

Cboe Europe created through Cboe-Bats acquisition

US Derivatives exchange CBOE acquires Bats in February 2017, creating Cboe Global Markets. The European business becomes Cboe Europe, which is by now established as the primary competitor to national exchanges, offering investors a diverse range of pan-European execution mechanisms, market data and related services.

2019

Cboe NL goes live

Cboe Europe deepens its presence in continental Europe with the launch of an exchange based in Amsterdam, Cboe NL. This exchange offers trading in EU-listed securities and ensures European investors can retain access to Cboe’s range of trading services after the end of the Brexit Transition Period in 2020.

2020

Cboe acquires EuroCCP and Bids trading

Cboe acquires full ownership of EuroCCP in July 2020, creating a pathway to launch European derivatives trading and clearing. It also acquires BIDS in December 2020, following the successful partnership between the companies in Europe and giving it a foothold in the block trading segment of the US equities market.

2021

Cboe launches Cboe Europe derivatives

Cboe Europe Derivatives (CEDX) goes live on Cboe NL in September 2021, offering futures and options based on Cboe Europe equity indices. EuroCCP is its clearing provider. CEDX’s pan-European model allows participants to access a modern, efficient equity derivatives market through a single access point, streamlining trading and clearing.

2022

Cboe Europe becomes largest European stock exchange; EuroCCP branded as Cboe Clear Europe

Cboe Europe becomes the region’s largest stock exchange by notional value traded and market share in April 2022, a reflection of the improved execution certainty and lower fees it offers to participants. EuroCCP is rebranded as Cboe Clear Europe in November 2022, demonstrating its ownership structure as it pursues its next stage of growth.