NYSE Euronext constantly innovates in order to offer a trading environment perfectly adapted for warrants and certificates. This in turn has lead to more favorable transaction prices for the end investor.

NYSE Euronext has designed functionalities dedicated to the warrants and certificates market, using quote-driven principles 1. Price formation is therefore secured by the liquidity providers ensuring transaction reliability and accuracy. As of early 2010, warrants and certificates are traded on the Universal Trading Platform (UTP), the high speed matching engine developed by NYSE Euronext. With this cutting-edge technology, NYSE Euronext has introduced two new functionalities to the warrants and certificates market: the stop-on-quote order and the valuation price service.

• Each instrument is managed by the liquidity provider that offers continuous liquidity
• Without the compulsory presence of the liquidity provider, trades cannot be executed
• The quote boundary mechanism strictly prevents trades occurring above or below the liquidity provider quote, except in the case of a one-sided quote situation
• The innovative refresh mechanism
• Liquidity indicators which provide greater transparency

Reliability: continuous presence of the liquidity provider. A flag of one-sided quote situations provides crucial information to the investor regarding the status of the product.

Transparency indicators: several transparency indicators will enable investors to gauge the quality of the service offered by the liquidity provider. These indicators, available on the NYSE Euronext website are tools to help investors make better investment decisions. There is also active monitoring of the portfolio using the stop-on-quote order.