Cboe Europe is set to launch a trading service on its lit order book aimed at retail investors on 8 September 2025, pending UK and Dutch regulatory approval.
Specifically, the new service will allow retail investors to trade free of charge across 18 of Europe’s markets, either at or better than the European best bid and offer (EBBO).
The launch will be coupled with the introduction of a retail liquidity provider programme (RLP), which is expected to encourage market makers to post orders at the EBBO designed for retail order flow interaction, and ultimately enhance retail execution quality.
“Cboe is committed to the ongoing evolution of our equity trading services to strengthen European equity markets through the development of a vibrant and inclusive on-exchange ecosystem that benefits all investors,” said Alex Dalley, head of European cash equities at Cboe Global Markets.
“This service is our latest innovation, developed through close collaboration with our retail broker participants seeking to trade at EBBO or better in a simple and cost-effective way.”
The service is also expected to support diversity and integration in lit order books, and the exchange has said that retail orders will be able to interact with quotes from RLP and non-RLP participants to gain execution at the best prices.
The solution will form part of Cboe Europe’s exchange offering and existing Cboe Europe participants will be able to access the service through their current connectivity.
Cboe explained that the offering follows an increased interest in retail trading in the last few months.
In February 2025, Cboe Global Markets announced it would move its trading hours for US equities to a 24-hour model for five days a week, in response to a growing demand for expanded hours in the asset class.