Order Books & Order Types

Cboe Europe Equities operates the BXE and CXE lit order books and the BXE and CXE dark order books which match at the midpoint of the PBBO. Together, these four order books account for nearly 25% of overall European equities trading on a daily basis.

Cboe also operates a separate lit Periodic Auctions book that independently operates intra-day auctions throughout the day. Click here for more information.

Cboe’s block trading platform, Cboe LIS, is an indication of interest (IOI) negotiation and execution platform allowing market participants to trade large blocks of European equities without revealing their IOI to the wider market. Click here for more information.

Execute Trades with Cboe Order Types

There are four categories of order types on our lit order books: visible order types, interbook order types, hidden order types and peg order types. The dark order books have two order types: midpoint peg orders and minimum acceptable quantity.

Please review our Market Guide for brief descriptions of each of our standard order types. Cboe's interbook order types are designed to be a simple solution for access to multiple Cboe order books. See below for more information on these unique order types.

Interbook Orders

The interbook order types - Dark Lit Sweep, Dark to PAB Sweep, Lit Sweep and Dark Sweep - offer Participants an efficient way to access liquidity in both dark and/or both lit or periodic auction order books with a single order. These orders offer the most opportunities of execution in the specified type of liquidity with a single order without routing to external venues.

The Cboe Sales team can also provide more information on our order types: [email protected], +44 20 7012 8906.