It is the sheer magnitude of the growth on the market segment of warrants and certificates that has driven NYSE Euronext to consider the creation of new features specifically designed for this market.

Last year we headed on a mission to bring greater transparency and investment guidance tools to end investors. We built our segmentation tool that offers completely objective information regarding product characteristics. But this year we went further!

The Warrants and Certificates market is an unusual market segment where traditional price discovery mechanisms do not apply. The new features take this specificity into account and offers an adapted trading environment to both investors and product issuers. Price discovery on warrants and certificates does not follow the tradition pattern where the price is the result of the confrontation of offer and demand. Products are priced depending on several other factors one of which is the price of the underlying asset. The new features integrate this price discovery mechanism into its core matching principles.

We now offer investors access to reliable pricing mechanisms but also to transparent liquidity indicators which go beyond the traditional volume counts and market depth.