Your Market Advantage

The Periodic Auctions Book provides a reliable place to execute orders within the Cboe EBBO, combining true price formation with an execution model that rewards larger orders. As Europe's pioneering periodic auction mechanism, it delivers the transparency required by MiFID II (in accordance with RTS 1) while protecting your trading intentions.

Key benefits include:

• Price Improvement Opportunities - Trade throughout the spread with EBBO collar protection*
• Minimal Market Impact - 4,000x slower than continuous books, prioritizing size over speed
• Built-in Protections - Randomized durations, MAQ safeguards, and real-time surveillance
• Reduced Information Leakage - Only indicative price and size published, not individual orders
• Seamless Integration - Access via sweep orders across multiple Cboe books with one entry

*EBBO (Cboe UK) and EBBO + 1 tick (Cboe NL)

How It Works

For more information, visit the Periodic Auctions resources page here.

It's as Easy as a FIX Tag to Participate

Existing Participants connected to BXE and DXE can enter orders into the book by simply using FIX tag 9303=BP. Participants can leverage the same clearing arrangements, connectivity and FIX or BOE ports for order entry for the Periodic Auctions book.

Metrics Behind Matches

We provide transparency into the data behind our Periodic Auctions book by posting statistics for broker priority allocations. The following table shows the percentage of notional executed on Cboe Europe Periodic Auctions which are broker priority allocated.