Criadores de mercado

Permanent Liquidity Providers (PLPs) are required to quote bid and offer prices (firm orders) at all times and for a defined quantity of securities in the continuous trading group, while remaining within a maximum spread. PLPs must enter their quotes 15 minutes before the opening auction, throughout the main trading session, and during interim auctions resulting from "volatility interruptions", when an order is sent to the order book outside the static or dynamic thresholds.

Auction Liquidity Providers (ALPs) only quote bid/offer prices (firm orders) during the order accumulation period prior to the auction’s matching phase. An ALP only acts as Liquidity Provider for shares traded at single or double auctions.

For equities, the Liquidity Provider’s commitments vary according to liquidity and price range:

Next 150 PLPs: dealing solely with stocks in the Next 150 index, these liquidity providers differ from standard PLPs in that they commit to higher volumes and narrower spreads.

Liquidity providers for lower-priced stocks (less than €5): these can be either Permanent or Auction Liquidity Providers, depending on the trading group of the stock in question. They differ from the two main types of Liquidity Provider (PLPs and ALPs) in that they have an adapted set of commitments. These LPs quote prices for smaller quantities and spreads that are expressed in euros rather than in percentages. Lower price requirements are also available for the Next 150 segment.

The quality of the service provided by Liquidity Providers is monitored by Euronext's Cash Market Quality department, whose role involves managing the contracts of Liquidity Providers on both equities and structured products, and monitoring their performance and commitments. As a result, the department has a special business relationship with the market members that conduct this activity.

The Cash Market Quality department supplies Liquidity Providers and issuers with a monthly analysis of their performance on the market.