Our plan

To allow our Participants to continue trading EU-listed symbols post-Brexit, Cboe is establishing Cboe EU Equities (Cboe EU), a Market Operator in the Netherlands, for the trading of EU-listed symbols. Cboe will also continue to operate its UK-regulated trading venue, Cboe UK Equities (Cboe UK), for the trading of UK and Swiss-listed symbols.

EU Location

Cboe has filed its application with the Dutch Authority for the Financial Markets (AFM) to establish a MiFID II compliant Market Operator and Approved Publication Arrangement (APA) in the Netherlands.

If you are interested in working for Cboe in Amsterdam, please see our job postings.

Services

Subject to regulatory approval, Cboe’s intention is to offer similar trading services in both the UK and EU entities, including a Regulated Market, Multi-Lateral Trading facility, Approved Publication Arrangement and Benchmark Administrator.

The Trading Venues will list/admit to trading non-overlapping universes of instruments, with UK and Swiss trading segments on the existing Cboe UK venue and all EU segments on the Cboe EU venue.

On-Boarding Approach

Cboe is actively working to make on-boarding and documentation very similar to the current structure to help streamline the process for existing and new Participants. Firms wishing to become Participants of the new Cboe EU entity should note there will be an on-boarding process regardless of whether they are an existing member of the Cboe UK venue.

Draft membership documentation is available to firms. The draft membership documentation includes the following:

  • Participant Application Form
  • Participant Agreement
  • Rule Book
  • Participant Manual

Prospective Trading Participants should note that documentation is all subject to regulatory approval at this time. Please view our On-Boarding section for more information.

Users of the Cboe Europe APA should note that there will be a new agreement governing use of the new AFM Regulated APA. This agreement will be published in due course.

High Level Architecture

The Cboe UK and Cboe EU venues will operate on a common platform architecture, but each will have dedicated infrastructure including: matching engines, order handler components, drop copy and outbound market data feeds. Cboe will operate both venues from its current UK data centres and trading participants will be able to access both venues over existing network connectivity.

All information related to the Cboe EU venue is subject to regulatory approval as the authorisation process in the Netherlands is ongoing.