Euronext Block (MTF)

An MTF powered by AX Trading technology

An MTF powered by AX Trading technology

Helping you execute blocks safely

Euronext Block, an MTF powered by AX Trading technology, will allow participants to trade blocks proactively in a safe environment. Users can invite trusted counterparties to submit block liquidity using Euronext Block’s Invitation to Trade (ITT) mechanism. Euronext Block will support both buy-side and sell-side trading communities by bringing liquidity together in a single order book allowing true price discovery as well as enabling potential price improvement.

Today’s equity execution landscape is evolving. From 3 January 2018, MiFID II will bring significant changes to the way trades are done in the dark. Broker crossing networks will cease to exist and the double volume cap mechanism will be applied to both reference price waiver and negotiated trade volumes.

As appetite for block trading continues to grow, Euronext Block will help facilitate block trading by improving liquidity and allowing participants to signal trading interest to selected counterparty groups. Participants will be able to choose who they notify of their intention to trade as well as how much detail they want to disclose -depending on their trading strategy and how quickly they need an order to be filled.

At launch, trading will be available on over 2,000 instruments on 15 markets.

Why trade on Euronext Block

 
Large-in-Scale only

Euronext Block is a Large-in-Scale only block trading platform designed to help the market face the ever-increasing challenge of where to find natural liquidity, without disclosing trading intentions to the entire market, in 2018 and beyond. 

 
Invitation to Trade messaging

Participants can choose whether to distribute an Invitation to Trade (ITT) message to both buy-side and sell-side participants in order to attract natural liquidity from trusted sources. These ITTs can also be published on the Bloomberg ‘IOI’ function. A future release of Euronext Block will deliver custom distribution networks for ITTs. 

 
Conditional and Firm order types

Euronext Block will accept both conditional orders and firm orders. Firm orders will be immediately available for participation in upcoming auctions.
  

 
Controlled messaging

ITTs can be ‘blind’ or ‘disclosed’ depending on how much information the sender wants to make available to potential counterparties (size indicator, buy versus sell, price ‘in line’ or ‘away’). 

More reasons to trade on Euronext Block:

  • Price Discovery: 
    the Euronext Block matching engine will offer Primary Market midpoint pegged orders as well as limit and market orders, allowing true price discovery for natural liquidity.
  • Pro-rata volume execution mechanism:
    encourages members to submit large block orders to ensure the greatest number of shares traded for all participants.
  • Analytics:
    the platform is safeguarded by the use of peer group scorecarding. Additionally, Euronext Block has partnered with a third-party transaction-cost analysis provider that offers detailed post-trade analytics to evaluate the quality of block trading and ensure optimised execution performance.
  • Technology: 
    Euronext Block is available via FIX 4.2 API alongside Euronext’s existing trading platform in Basildon, UK. Based on leading-edge technology from AX Trading, with whom Euronext has a strategic partnership, it offers bespoke functionality and a dedicated development team to ensure quick time-to-market and ongoing platform enhancements.

How to access Euronext Block:

If you are an institutional investor:

Ask your broker/bank to execute your block orders through Euronext Block.

If you are a sell-side broker/bank:

Contact the Euronext Block team to gain access to Euronext Block. Existing SmartPool clients will be migrated over to the new platform. 

More information & contacts

Euronext Block team:

blockmtf@euronext.com

Client Coverage Centre:

CCC Belgium +32 2 62 00 586
CCC France +33 1 85 148 586
CCC Netherlands +31 2 07 219 586
CCC Portugal +351 2 10 608 586
CCC UK +44 20 76 608 586

Block trading holidays
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Date Title
25 Jul 2017