European Expansion
SpiderRock Connect Expands into European Markets
SpiderRock is pleased to announce its strategic expansion into the European equity and derivatives markets, a significant milestone in our mission to provide institutional clients with high-performance derivatives trading solutions on a global scale. This move reflects our commitment to meeting the evolving needs of clients seeking seamless access to liquidity globally via advanced trading tools, starting in Europe.
The European rollout will occur in three structured phases:
ISV/Platform – Algo Execution (Fall 2025)
Initial deployment of the core SpiderRock software platform, featuring support for algorithmic execution in derivatives and equities across European listed markets. This rollout is delivered in partnership with member brokers of leading European exchanges, including Eurex, Euronext, and CEDX.Investment Firm – Block Auction Functionality (Q3–Q4 2026)
SpiderRock intends to become a member of several major European derivatives exchanges to introduce its auction-based trading functionalities. This initiative will expand the platform's algorithmic execution capabilities and provide institutional clients with access to deeper and more diversified liquidity pools through an automated crossing mechanism. All transactions will be executed on regulated exchange venues.Expansion and Enhancements (timeline to be determined)
SpiderRock will continue to invest in broadening exchange access, enhancing platform capabilities, and integrating its advanced analytics suite.
Exchange Access
The following is how to access the supported European exchanges:
- Eurex – accessible via direct connect (Sponsored Access).
- CEDX and Euronext (Amsterdam, Paris, Milan, and Brussels) – accessible through Morgan Stanley.
- Hedging markets – accessible only through Morgan Stanley.
Phase 1 – ISV/Platform and Algo Execution (Fall 2025)
SpiderRock will initially operate in Europe as a technology platform (ISV), providing access to both derivatives and cash markets through its full suite of algorithmic execution and risk management tools. SpiderRock's infrastructure is built to support equity and index options, as well as futures and options on futures. The platform will also enable spread strategies through broker-executed trades in the underlying assets.
Clients can leverage our SRSE API (hosted in AWS Frankfurt – FR2) and our web-based GUI tools to trade on Eurex, CEDX and Euronext (Amsterdam, Paris, Milan, and Brussels). Order entry and market data will be available for these exchanges upon launch. Connectivity to European exchanges will first be provided by our broker partners Marex and Morgan Stanley. Specifically, direct Eurex access will be enabled via Marex, while all listed derivatives and equity execution will be available through the Morgan Stanley infrastructure. Additional broker partners may be integrated in the future.
Platform Features
- Feature-rich execution and risk management platform
- Algos: Maker, Taker, TWAP-style algos
- Algos with limit price tied to the SpiderRock volatility
- Centralized ticker model for risk
- Development of historical data and analytics offering
- Orders can be tied to fair value (volatility surface) or alpha probabilities
- Surfaces and analytics available at launch
- Trade Tool with support for all listed exchanges
- Visual tools: live order montage and volatility surface view
Phase 2 – Investment Firm and Block Auction Functionality (Q3-Q4 2026)
In addition to offering our core platform as an ISV, SpiderRock will also be seeking authorization as an investment firm, enabling us to receive and transmit orders for, and execute orders on behalf of, our clients directly on European options exchanges. This trading network (the "SpiderRock Network") is essentially a system where, in responding to auctions, buyer and seller orders are presumptively matched on SpiderRock's platform, then forwarded to the exchange for execution pursuant to the rules of the subject exchange.
This expansion of the SpiderRock algorithmic execution offering is designed to provide additional liquidity access for traditional asset managers and institutional clients through an automated crossing mechanism. As part of this expansion, SpiderRock will also enhance its algo suite to support strategy orders, further broadening its execution capabilities. The European platform will continue to grow with the planned integration of ICE Europe, and connectivity to Euronext via Marex, reinforcing SpiderRock's commitment to comprehensive exchange coverage and efficient market access across the region.
Market Structure in the United States versus Europe
As SpiderRock expands into the European markets, we recognize key structural differences from the U.S. market environment in which our platform was originally developed. In the U.S. options markets, the Options Price Reporting Authority (OPRA) feed provides a consolidated view of all listed options exchanges through a single point of entry. This unified feed enables SpiderRock to maintain a single feed handler—our OPRA Binary Gateway—that translates all options tick and trade data from across the U.S. market, ensuring a complete, real-time view of options activity.
Under the Regulation National Market System (RegNMS) framework, U.S. markets also operate with a National Best Bid and Offer (NBBO), which enforces best execution by requiring exchanges to re-route orders to the venue offering the best available price. Together, these systems form the consolidated, fungible market structure that underpins much of SpiderRock’s platform architecture and data assumptions.
The European market environment differs significantly from that of the United States, primarily due to the absence of a unified symbology standard and a consolidated, fungible market structure. In Europe, the same underlying security can be cross-listed under different ticker symbols on separate exchanges, which are referred to by SpiderRock as exchange-specific native tickers.
The same underlying security may also be listed under separate ISINs, reflecting different trading currencies or a different Central Securities Depository (CSD) for settlement. Equity listings, while fungible, are primarily listed on their home country's main exchange and cross-listed to other venues. In contrast, derivatives, while similar in specification, are entirely non-fungible, meaning they are not interchangeable for settlement or trading purposes.
An ISIN is a 12-character alphanumeric code that uniquely identifies a specific security. It is used globally to ensure that each security (stock, bond, derivative, or fund) can be referenced unambiguously across markets, systems, and jurisdictions. The use of the ISIN ensures that, despite differences in exchange-specific native tickers, all listings of the same underlying security share the same identification number.
The European derivatives markets also lack both an NBBO equivalent and an OPRA-style consolidated feed that aggregates market data across all exchanges. This leads to fragmented liquidity, varied best execution practices, and the need to source market data from multiple exchanges independently. To bridge this gap and deliver a similar consolidated view for our clients, SpiderRock has integrated a third-party aggregated feed. This feed provides a unified data source across participating European exchanges, allowing us to adapt our platform for the region while maintaining broad market visibility.
Key Differences between American and European Derivatives Markets
| Feature | United States | Europe |
|---|---|---|
| Regulatory Framework | Highly centralized under Regulation NMS, SEC, CFTC, OCC, and FINRA. | Fragmented, governed by ESMA, delegated to national competent authorities (NCAs), and MiFID II. Less centralized enforcement. |
| Market Consolidation | RegNMS ensures fungibility of instruments and consolidated tape (SIP/OPRA) across all exchanges. | Currently no official unified consolidated tape; fungibility is not guaranteed across exchanges. |
| Options Clearing | Centralized via OCC (Options Clearing Corporation) for equity and index options. | Multiple CCPs, such as Eurex Clearing, LCH, and EuroCCP, depending on the venue and asset class. |
| Exchange Architecture | Multiple exchanges (CBOE, ARCA, BOX, ISE, etc.) all referencing a common NBBO (National Best Bid/Offer). | Multiple exchanges (Eurex, Euronext, CEDX etc.) with venue-specific books and no NBBO equivalent. |
| Best Execution | Mandated routing to exchange with the best price due to RegNMS. | Under MiFID II, "best execution" is a principles-based obligation rather than a strict formula. |
| Product Listings | Options often listed once and traded across exchanges, maintaining fungibility. | An instrument may be venue-specific, with no cross-exchange fungibility. |
| Market Hours | Standardized market hours and extended trading available. | Market hours vary by country and exchange, less consistency in pre-/post-market access. |