European Single Stock Options

Trade single stock options from across Europe on one, efficient marketplace, alongside the largest pan-European equities exchange

Cboe Europe Derivatives (CEDX) is building a pan-European marketplace for single stock options. CEDX will begin offering options on leading European companies from 6 November 2023, with clearing provided by Cboe Clear Europe, the leading pan-European clearing house, subject to regulatory approvals.

Key Features

Clearing Efficiencies
All CEDX products are cleared by Cboe Clear Europe, one of the region’s largest cash equities CCPs. This allows for significant operational and margin efficiencies. With the introduction of single stock options clearing, the use of underlying stocks to provide offsets against matched equity option positions will be available*. This equates to a potential initial margin reduction for a covered call position of around 70%**.
Domestic Settlement
Stock settlement (on options exercise and assignment) takes place in domestic CSDs, removing unnecessary costs and allowing for netting with relevant cash equities transactions.
Market Structure
CEDX is leveraging Cboe’s US options leadership to promote deep and liquid on-screen options markets in Europe, helping to attract new participants and grow the market overall.
Lower Fees
CEDX will offer a simple tariff structure for equity options with lower trading and clearing fees compared to competing products. CEDX’s market data and connectivity fees are waived until the end of 2024.
Broad Product Coverage
CEDX offers a single access point to hundreds of pan-European single stock options, creating simplicity and unrivalled cost efficiencies for participants.

(*subject to regulatory approvals, **Based on Cboe Clear Europe estimates.)

Product Coverage

Phase One

Phase one is scheduled for November 6 2023, covering 133 equity options from 12 European countries (Belgium, Denmark, France, Finland, Germany, Italy, the Netherlands, Norway, Spain, Sweden, Switzerland and the UK). These products amount to 70% of current ADV and open interest for the top 600 European equity options.

See list of phase one product coverage here.

Phase Two

Options on stocks from a wider range of countries will be introduced, starting from February 2024.

Timeline to launch

New multicast groups heart beating in PROD 6 March 2023
Participant testing to commence in CERT
Test symbols only, for simple book, complex book and block trading functionality
24 April 2023
Additional functionality available for testing in CERT
As above, adding minimal representative symbols and AIM, C-AIM, C-RFQ and Closing process functionalities
29 May 2023
Full representative symbology available for testing in CERT
As above for full symbology rather than test symbols
24 July 2023
All functionality available for participant testing in CERT
As above, adding complex with equity leg functionality
21 August 2023
Weekend testing
  • 7 October 2023
  • 28 October 2023
  • 4 November 2023
Launch of Phase 1 Single Stock Options 6 November 2023
Launch of Phase 2 Single Stock Options February 2024

Contact Us

Elena Patimova

Director, Derivatives Sales
Phone: (+44) 773.199.1453
E-mail: [email protected]

Taotao Xing

Director, Derivatives Sales
Phone: (+44) 789.498.9464
E-mail: [email protected]


This information is not being provided as part of an offer or sale of any futures or options products to any persons located within the United States.