A Focus on Quality Markets
On any given day, Cboe is the largest equities market operator in the U.S., Europe and globally. Our deep, liquid exchanges provide customers with the ability to execute their trades efficiently and effectively. Additionally, each of our exchanges has a diverse membership base, which is essential to maintaining a healthy, quality marketplace.
- Top Global Exchange Operator – Cboe ranks as one of the largest equities market operators in the world given its significant market share in the U.S. and European equities markets.
- ETP Listing Venues – Both our U.S. and European markets offer ETP listings with liquidity provider schemes designed to create tighter spreads, more size at the Best Bid and Offer (BBO) and greater depth of liquidity.
- Strong U.S. Equities Market Share – With more than 20% of U.S. equities market share on any given day, the Cboe markets are deep and liquid.
- Largest Pan-European Equities Exchange – The largest pan-European exchange offering trading and listing services across 18 major European markets.
In the U.S.
- Leaders in Execution Quality – Cboe prides itself on being a leader in execution quality. According to the Cboe market quality statistics:
- During May, the BZX Exchange ranked 1st or 2nd in quality of trading in 71% of the stocks in the S&P 500® Index, as measured by effective spread.
- Combined, the BZX Exchange, BYX Exchange, and EDGX Exchange had the lowest effective spread in 17 of the top 25 exchange-traded products.
- Top Retail Destination – EDGX ranks #1 amongst exchanges for retail order flow with approximately 29% of the flow to the exchange being retail-based.
- Liquidity Profile of the Cboe Exchanges – The four Cboe U.S. Exchanges have complementary liquidity that serves the diverse needs of traders. The European offering includes both lit and dark order books to provide reliable and efficient options for Europe's traders.
- MTF to RIE – Cboe is the only multi-lateral trading facility to have received Recognised Investment Exchange status from the U.K. Financial Conduct Authority (FCA).
- European Market Structure Innovators – Cboe was the lead supporter of four-way interoperable clearing, common symbology and uniform tick sizes. It also is a shareholder in EuroCCP NV, Europe's largest cash equities counterparty, to drive further competition in post-trade services.
- Transparency Solutions for On- and Off-Exchange Reporting – Cboe's European Trade Reporting Services suite (BXTR) makes all post-trade data reported to Cboe accessible and transparent. Cboe is the first exchange to implement uniform trade reporting standards—market model typology—a big step toward a European consolidated tape.
- Liquidity Profile of Cboe Europe – The European offering includes both lit and dark order books to provide reliable and efficient options for Europe's traders.