Cboe Europe Additional
Liquidity Provider Scheme (A-LPS)

The Cboe A-LPS (Additional Liquidity Provider Scheme) is a new innovative pricing model that rewards participants for setting the Best Bid or Offer (BBO) on the Cboe CXE Lit Book. We believe this pricing program will enhance the market quality on our CXE lit order book by increasing depth and tightening spreads, benefitting all market participants.

Cboe A-LPS launched on 1 May, 2020 for forty blue-chip Milan securities with the aim to run for a minimum of six months. Following a successful launch Cboe extended to wider markets by adding the most liquid securities listed in Paris, UK, Amsterdam, Madrid, Frankfurt, Brussels, Lisbon, Dublin and Nordics.

Blue chip Swiss-listed securities will be included in A-LPS from 4 February, 2021.

Please refer to the Symbol Reference Data file for a list of securities and associated min BBO setter size. To learn more, contact the sales team.

Download our fact sheet for more information:
Cboe A-LPS fact sheet

Cboe Europe Equities Liquidity Provider Program

The Cboe Europe Equities Liquidity Provider Program (LPP) has been designed to ensure deep liquidity in securities traded on the Cboe Europe Equities (Cboe) integrated order books. Registered Liquidity Providers post and maintain continuous bid and ask prices for their chosen securities, subject to certain commitments as set out below.

All symbols traded on Cboe Europe are eligible for all liquidity provider programs.

Key Liquidity Provider Commitments

Cboe has three Liquidity Provider Programs. Participants can choose to participate for one or more of these programs. Participants must post and maintain executable quotes on the integrated order book(s) for the chosen securities and complying with the time, size and price requirements, as set out in the table below:

  Required Size * Specified Price % Required Time Required Market Share
Program 1 €5,000 0.25% 80% n/a
Program 2 €5,000 As per RLP commitment 95% n/a
Program 3 None 2% 50% n/a
Program 4* €5,000 As per RLP commitment 95% 0.5%

Program 4 is applicable to the DXE environment only

LPP 1 Qualifying Symbols**

Symbol Name Symbol ISIN Currency Cboe Venue Qualifying Date

**A security available for trading on Cboe NL and specifically identified as eligible for LPP1 stipend credit payments as per the Cboe NL Trading price list criteria.

Features and Benefits of the LPP

Features of the LPP

  • A broad range of eligible securities
  • Straightforward application process
  • Ability to select or update registered securities via website login
  • Registered Liquidity Providers (RLP) can either register in a portfolio of their chosen securities or quickly select a specific index or market segment

Benefits for Registered Liquidity Providers

  • Recognition on the Cboe website as a registered liquidity provider, showing your firm’s commitment to providing liquidity
  • Customised reports for registered liquidity providers to track their performance

How to Become a Registered Liquidity Provider

Only direct trading Participants of Cboe are eligible to become registered liquidity providers. The three step process for Participants is:

  1. complete and sign the Liquidity Provider Addendum to the Participant Agreement, agreeing to the terms and obligations of the Program;
  2. choose the securities for which your firm would like to register; and
  3. identify and assign specific trading groups for the LPP.

Current Registered Liquidity Providers

Liquidity Provider CXE BXE DXE
BNP Paribas Financial Markets Yes Yes Yes
BRED Banque Populaire No No Yes
Citadel Securities (Europe) Limited Yes Yes No
Citadel Securities GCS (Ireland) Limited No No Yes
DRW Europe B.V. Yes No Yes
Erste Group Bank AG No No Yes
FlowTraders B.V. Yes No Yes
Goldenberg Hehmeyer LLP Yes No Yes
HRTEU Limited Yes No Yes
Headlands Technologies Europe B.V. Yes Yes Yes
Hudson River Trading Europe Limited Yes Yes No
Jane Street Financial Limited Yes Yes Yes
Jump Trading Europe B.V. Yes Yes Yes
Optiver V.O.F. Yes Yes Yes
Qube Master Fund Limited Yes No Yes
Raiffeisen Bank International AG No No Yes
Societe Generale London Branch Yes Yes No
Societe Generale SA No No Yes
Squarepoint Master Fund Ltd No No Yes
Tower Research Capital Europe BV No No Yes
Tower Research Capital Europe Limited Yes Yes No
UG Europe AG Yes No No
UTR8 BV Yes No No

Further details of the LPP can be found in the Participant Manual.

Key Documents

Participants who are interested in the LPP and would like to become a registered liquidity provider should review the following documents: