Unlocking the Potential of the European Derivatives Market

There is an opportunity to improve the equity derivatives market and unlock its true potential through the creation of a transparent, efficient, lit, truly pan-European market. Our mission is to build a modern and vibrant pan-European equity derivatives exchange designed to grow the market in Europe and create new opportunities and efficiencies for market participants to express their views and manage their equity exposure.

Read more on how Cboe is bringing competition to Europe’s equity derivatives market here.

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A Single Access Point for Pan-European Equity Derivatives Trading and Clearing

Our pan-European model affords all market participants the ability to access a modern, efficient equity derivatives market through one single access point, streamlining trading and clearing.

  • Robust market infrastructure that provides efficiencies for customers, and promotes the growth of European capital markets.
  • First phase of a one-stop shop for equity derivatives trading, built on a modern platform.
  • Product and asset base that delivers collateral and margin benefits against derivatives positions.

Transparent, Efficient Market Structure & Design

Cboe has a long history of expertise in providing transparent, efficient, lit markets for U.S.-listed equity derivatives. We’re leveraging this expertise and world-class technology to grow a better marketplace for trading European equity derivatives.

  • Central Limit Order Book model that promotes deep and liquid on screen markets.
  • Tried and tested automated price improvement auction mechanism for client orders.
  • Modern technology platform built leveraging Cboe’s global markets expertise.

Cboe European Derivatives technical specifications can be found on the Technical Specifications page.

Holistic Product Design

We’ve designed our products with customer needs on top of mind. Homogenous contracts based on highly-correlated benchmarks, coupled with market-friendly contract specifications and cost-effective pricing.

Product Suite

  • Products will be based on Cboe Europe Indices, highly-correlated benchmarks powered by Cboe market data*.
  • Consistent contract design principles - all indices and contracts built the same way.
  • Initially, Cboe Europe will offer futures and options on six key European country benchmarks.
Cboe UK 100
Cboe Eurozone 50
Cboe Netherlands 25
Cboe Switzerland 20
Cboe Germany 30
Cboe France 40
  • Over time, Cboe plans to offer futures and options based on additional European country benchmarks, single stock products and shorter duration index option products.

Market-friendly Contract Specifications

  • Right-sized index futures contracts vis-à-vis options, enabling more precise delta hedging.
  • Appropriately calibrated tick sizes enabling more granular price increments.

Technical Specifications

As specifications become available they will be published to the Technical Specifications & Connectivity resource. Any CEDX specifications currently published are draft and therefore subject to change. Participants are encouraged to check the above resource regularly for updates to the specifications, each of which has a version history to allow readers to identify what has changed between revisions.

*With the exception of Cboe Switzerland 20

Coming in Early 2021

Cboe Europe Derivatives is subject to regulatory approval by the Dutch Authority for the Financial Markets.

Q4 2020
Network Connectivity Available - See Early Participant Testing

Initial Participant and Vendor Certification and Platform Testing Begins

Draft Rulebook, Participant and Trading Manual Published

2nd & 3rd Market Maker Working Group Meetings

Full Contract Specifications Published

Series of Regular Client Webinars

First Half 2021
Participant and Vendor Certification and Platform Testing Begins

Exchange Launch with Phase 1 products

Dates subject to change and regulatory approval

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