Order Routing

The Cboe Europe Equities (Cboe) smart order routing (SOR) service enables trading participants to access the Cboe order books, as well as liquidity at European exchanges, MTFs and dark pools, with a single order. Cboe Select provides more choice for deploying trading strategies, whilst minimising market access complexities and costs of meeting best execution criteria in today’s fragmented European equities market.

Download the Fact Sheet for more information about SOR services.

Choose Your Venues

Liquidity Pools

Group 1: Cboe Europe Equities

Start with the deep liquidity of Cboe’s dark and lit order books.

Group 2: Liquidity Partner (LPs)

Add this group to access dark pool liquidity

Group 3: Exchanges and MTFs

Choose to access additional Exchanges and MTFs across Europe.

London Stock Exchange, Borsa Italiana, Deutsche Börse, Euronext, SIX Swiss Exchange, Nasdaq OMX, Turquoise and Wiener Börse.

Choose Your Approach

Routing Strategies

Parallel D: Best Price

Splits a routable order and sends it to multiple market centres simultaneously at the same price level. Liquidity is exhausted at each price level to the limit price.

Parallel 2D: Faster Execution

Splits a routable order and sends it to multiple market centres and multiple price levels simultaneously.

Dark Routing Technique

Dark Routing Technique (DRT) provides less market impact by executing against non-displayed liquidity at multiple dark pools.


Re-Route applies to orders that have completed the routing process and are resting on the Integrated Book. It monitors quotes from other market centres and proactively searches for more liquidity when marketable liquidity becomes available elsewhere.