|Key People||David Howson, CEO|
|Products||Pan-European Stock Market, Multilateral Trading Facility|
Cboe Europe (formerly Bats Europe) was formed when the two leading pan-European multilateral trading facilities, BATS Trading Europe and Chi-X Europe, combined in November of 2011. Chi-X Europe was acquired by BATS Global Markets, of which BATS Trading Europe was a subsidiary. BATS Chi-X Europe was promoted to exchange status by the Financial Conduct Authority in May 2013.
Bats Europe was acquired by CBOE Holdings as part of Cboe's acquisition of Bats Global Markets in February 2017. It was renamed Cboe Europe following the acquisition, and it is a wholly owned subsidiary of Cboe Global Markets, Inc. Cboe Europe is one of the largest pan-European stock market and trade reporting facility operators, with venues in both the UK (Cboe UK) and the EU (Cboe NL).
Cboe Europe is an order-driven pan-European securities exchange that allows participants to trade securities listed in major European markets. The exchange's pan-European offering covers all the components of the Euro Stoxx 50 Index, the eurozone's blue chip index.
Cboe Europe Equities offers trading in more than 6,000 securities across 18 European markets, over one platform and under one rule book. Cboe Europe also offers market data, benchmark indices and an equities block trading platform.
In addition, Cboe Europe’s leading trade reporting service, BXTR, reports the majority of over-the-counter equity market trading executed in Europe.
Connectivity and Services
Connectivity to Cboe Europe is available through a number of routes, such as network service provider, leased lines or co-location. The exchange uses the FIX protocol to enable order entry, amendments, cancellations and receipt of executions by trading participants. Market data is available either as a direct feed or via third-party vendors in a standardized format.
Main services include:
- Displayed order book
- Chi-Delta - non-displayed order book
- Chi-Vision - smart liquidity consolidation service
- Sponsored Access
Cboe Europe also offers a pan-European smart order routing (SOR) service that enable trading participants to access its order books, as well as liquidity at European exchanges, MTFs and dark pools, with a single order.
Clearing and Settlement
Clearing of trades on Cboe Europe takes place through the European Multilateral Clearing Facility (EMCF), which offers a wholesale cash market central counterparty (CCP) solution. EMCF has been the CCP for Chi-X Europe since launch.
In July 2020, Cboe completed the acquisition of the European clearing house EuroCCP, a move that set the stage for a planned launch of Cboe Europe Derivatives, an Amsterdan-based futures and options market. That launch is expected in the first half of 2021, pending regulatory approval.
Exchange for Physicals
In April 2015, BATS Chi-X Europe and ICAP announced new services designed to enable market participants to trade cleared equity index Exchange for Physical (EFP) transactions anonymously. As part of the new service, BATS enhanced its trade reporting facility, BXTR, by expanding its Exchange Trade Reporting (ETR) services to enable the cash basket of the EFP to be traded on-exchange. Transactions on the enhanced service, which is available to all participants, are facilitated via ICAP Fusion, the firm’s e-commerce portal for trading venues.
BXTR was the largest trade reporting facility in Europe. It is now Cboe Europe's trade reporting facility.
Chi-X Europe was created as a response to the EU’s Markets in Financial Instruments Directive (MiFID), which aimed to increase competition and drive down the cost of trading in Europe. Live trading in European equities began at Chi-X Europe on March 30, 2007. By January of 2010, around 1,200 equities and ETFs/ETCs were available for trading on Chi-X Europe. These stocks were listed in the following markets: United Kingdom; Germany; France; The Netherlands; Belgium; Switzerland; Sweden; Finland; Norway; Denmark; Austria; Italy; Portugal; Spain; Ireland. The majority of stocks in the leading indices in these markets are available for trading on Chi-X Europe. Additionally, stocks from a number of Mid cap indices are also available.
Chi-X Europe was the first Multilateral Trading Facility (MTF) to challenge traditional bourses including Deutsche Boerse AG, London Stock Exchange Group Plc and NYSE Euronext by offering lower fees and faster trading. It was owned by a consortium of global financial institutions following Instinet's strategy of rewarding the largest users of the platform with the opportunity to purchase equity stakes. The consortium included BNP Paribas, Citadel, Citigroup, Credit Suisse, Fortis, GETCO Europe Ltd, Goldman Sachs, Instinet, Merrill Lynch, Morgan Stanley, Optiver, Société Générale, and UBS. While Chi-X Europe was developed and launched by Nomura subsidiary Instinet, it is not a part of Instinet's Chi-X Global subsidiary, which was created a year later.
BATS Chi-X Europe launched its pan-European listings business in November 2013 with trading in two exchange-traded funds. The new ETF products are the iShares MSCI Emerging Markets UCITS ETF and the iShares MSCI World Minimum Volatility UCITS ETF. iShares is the ETF platform of asset manager BlackRock. 
On April 3, 2014, the exchange said it had started offering tiered pricing to its customers, meaning a sliding scale of rebates to customers placing orders to trade on its platform and savings to customers who accept the orders. The move was designed to recapture market share from competitors the London Stock Exchange and NYSE Euronext, which already offered tiered pricing.
In September 2014 BATS announced a partnership with independent exchange BX Swiss that allows it to offer cross-listings for ETFs and trade reporting services for Swiss stocks.
Also in 2014, BATS Chi-X Europe started trading in Turkey's most liquid stocks.
BATS Chi-X Europe introduced a block-trading initiative in the second half of 2015 in advance of the European MiFID II rules that will restrict dark-pool trading. The regulations, which took effect in 2017, were set up to cap trading away from public exchanges except for the biggest orders. BATS' European arm had been part of a consortium of banks and asset managers developing a block trading venue, but later removed itself to launch its own venue. 
In 2015 the exchange introduced continuous auctions for share trading, allowing investors to trade large blocks of shares without worrying about being fastest to market. Auctions are typically held at the beginning and end of the trading day but BATS was the first to offer them throughout the day. The new order book was set to go live on October 19, 2015.
In early 2017 Bats Europe teamed up with the financial information provider FactSet to launch two new indices designed to provide insight into the impact of Brexit ahead of Article 50 being triggered by the UK government. Dubbed the Bats Brexit 50/50 indices, they are designed to act as barometers for assessing how Brexit will affect UK companies by analyzing the performance between those that generate a large portion of revenues from the UK.
In March of 2017 the company launched Bats LIS, a buy-side focused block trading service for the European equity market.
In 2019, Cboe Europe announced that Cboe Europe B.V., its new subsidiary based in Amsterdam, received authorization from the Dutch Ministry of Finance to operate a Regulated Market (RM), Multilateral Trading Facility (MTF) and Approved Publication Arrangement (APA), regulated by the Dutch Authority for the Financial Markets (AFM). Cboe also continued to operate its Recognised Investment Exchange (RIE) in the UK, offering the same services at both entities. Post-Brexit, Cboe plans to make all EEA-listed symbols available for trading on the Netherlands venue, while UK and Swiss-listed symbols will trade on the UK venue.
- Chi-X Europe Says Volumes Almost Doubled in Second Quarter (Bloomberg, 12 July 2010)
- My corporate jet is easyjet: meet the platform boss taking on the LSE (City AM, 18 May 2010)
- Het is nog steeds David tegen Goliath (De Tijd, 26 May 2010)
- MTFs’ index campaign gains widespread support (The Trade, 1 April 2010)
- The winds of change at Chi-X Europe (Finextra, 30 March 2010)
- Uppstickaren pressar Stockholmsbörsen (Svenska Dagbladet, 18 March 2010)
- Competitors’ rates must fall further – Chi-X’s Haynes (The Trade, 15 February 2010)
- Chi-X Europe CEO plans to keep low-fee strategy] (Reuters, 15 February 2010)
- Chi-X overtakes NYSE Euronext as second busiest European equities market (Financial News, 20 Jan 2010)
- Hemsley sees BATS take flight. Financial News.
- Markets/Cboe.com/Europe/Equities/Overview. Cboe.
- European Equities Trading. Bats Europe.
- Cboe to Launch Dutch Derivatives Hub in 2021. Reuters.
- BATS CHI-X EUROPE AND ICAP ANNOUNCE NEW SERVICES TO PROVIDE EXCHANGE FOR PHYSICALS (EFP) TRADING AND CLEARING. ICAP.
- BATS Global Markets Reports Year-on-Year Market Share Gains; Becomes #1 Listing Venue for January with 85% of U.S. ETF Listings. BATS Global Markets.
- BATS Exchange Completes Rollout of All Securities. BATS Europe.
- BATS Europe Gives Fortis Latest Clearing Deal. SecuritiesIndustry.com.
- BATS Europe announces smart order router. Automated Trader.
- Chi-X Europe’s Misra Quits for ‘Other Interests’. BusinessWeek.
- Chi-X Shareholders. Chi-X.
- BATS Chi-X Europe launches European listings business. BankingTech.com.
- BATS Chi-X Europe to launch pan-European listings business. Reuters.
- Bats Chi-X bids to win back Europe market share. The Financial Times.
- Bats seeks European expansion with senior hire. Financial News.
- BATS CHI-X EUROPE EXPANDS INTO TURKISH STOCKS. BATS Chi-X Europe.
- Bats Plans Block-Trading Service to Prepare for Dark-Pool Rules. Bloomberg Businessweek.
- Bats Chi-X Europe to start continuous auctions for share trading. The Financial Times.
- BATS Chi-X Europe launches auctions order book. Banking Technology.
- Bats Europe launches Brexit indices. The Trade.
- CBOE Trader e-News. CBOE.
- Cboe Receives Authorisation to Operate Netherlands Venue. Cboe.
- Cboe Receives Authorisation to Operate Netherlands Venue. Cboe.