European Single Stock Options

Offering 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 launched options on leading European companies from November 2023, with clearing provided by Cboe Clear Europe. It is expanding its universe of products during Q1 2024, 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 is 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 offers a simple tariff structure for single stock options with lower trading and clearing fees compared to competing products. CEDX’s trading, 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.

(*Based on Cboe Clear Europe estimates.)

Product Coverage

Phase One

Our phase one products are now live, covering 127 equity options from 11 European countries (Belgium, Denmark, France, Finland, Germany, 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 during Q1 2024.

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Disclaimer

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.