LOCAL MARKET GLOBAL OPPORTUNITIES
Cboe Europe gives investors easy access to markets across Europe & the UK, helping reduce costs and improve efficiency. With a strong technology and customer focus, it’s a trusted platform for trading and clearing.
Cboe Europe is a leading operator of pan-European cash equity trading and clearing services, including the largest pan-European stock exchange by market share and the most connected open-access CCP. Through exchanges in the UK and the Netherlands, Cboe UK and Cboe NL, Cboe Europe provides a suite of equities trading services and solutions to meet the diverse needs of market participants. We also operate the largest pan-European equity trade reporting service, as well as low-cost European equity market data and benchmark equity indices services.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
A Cross-Industry Consensus on the EU Equity Consolidated Tape Proposal
Equity Market Resilience - Recommendations to Improve Market Resilience to Venue Outages
Our Vision for EU Equity Market Structure Reform
ESMA's Recommendations for MiFID II's transparency regime for equity instruments
Making MISP Work for Investors
Industry Letter on Interoperability in Equities Clearing
Let us know how we can help and we'll connect you with an expert from the right team.
Although European equity trading volumes declined from July levels, it was the strongest August on record, with trading activity shifting towards closing auctions following the MSCI rebalance.
European equity trading volumes shifted from Closing Auctions toward Central Limit Order Books and Non-Displayed venues during July, with Cboe remaining the largest exchange and the biggest market share gainer month over month.
European equity trading volumes continued to soften during May following the high-volatility period at the start of the year, with activity shifting from continuous trading to Closing Auctions following the MSCI rebalance. Cboe Europe was the largest equities exchange by market share, supported by its diversified trading mechanism offering.
