Cboe Europe Equities Liquidity Provider Program

The Cboe Europe Equities Liquidity Provider Program (LPP) has been designed to ensure deep liquidity in securities traded on the Cboe Europe Equities (Cboe) integrated order books. Registered Liquidity Providers post and maintain continuous bid and ask prices for their chosen securities, subject to certain commitments as set out below.

All symbols traded on Cboe Europe are eligible for all liquidity provider programs.

Key Liquidity Provider Commitments

Cboe has three Liquidity Provider Programs. Participants can choose to participate for one or more of these programs. Participants must post and maintain executable quotes on the integrated order book(s) for the chosen securities and complying with the time, size and price requirements, as set out in the table below:

  Required Size * Specified Price % Required Time
Program 1 €5,000 0.25% 80%
Program 2 €5,000 As per RLP commitment 95%
Program 3 None 2% 50%

Features of the LPP

  • A broad range of eligible securities
  • Straightforward application process
  • Ability to select or update registered securities via website login
  • Registered Liquidity Providers (RLP) can either register in a portfolio of their chosen securities or quickly select a specific index or market segment

Benefits for Registered Liquidity Providers

  • Recognition on the Cboe website as a registered liquidity provider, showing your firm’s commitment to providing liquidity
  • Customised reports for registered liquidity providers to track their performance

How to Become a Registered Liquidity Provider

Only direct trading Participants of Cboe are eligible to become registered liquidity providers. The three step process for Participants is:

  1. complete and sign the Liquidity Provider Addendum to the Participant Agreement, agreeing to the terms and obligations of the Program;
  2. choose the securities for which your firm would like to register; and
  3. identify and assign specific trading groups for the LPP.

Current Registered Liquidity Providers

Liquidity Provider CXE BXE DXE
BNP Paribas Arbitrage SNC Yes Yes No
Cboe Europe Yes Yes Yes

Further details of the LPP can be found in the Participant Manual.

Key Documents

Participants who are interested in the LPP and would like to become a registered liquidity provider should review the following documents:

  1. Participant Manual - contains further details about the Program, minimum requirements and definitions.
  2. Liquidity Provider Addendum