Euronext AVD orders in a nutshell
- Send a non-displayed order during the day, and trade at the opening auction or closing auction price
- Capture the auction imbalance after the regular auction process occurred
- By trading against other AVD orders without price impact, participants benefit from greater opportunities for block trading
- Price determination process at auction remains unchanged
- Access untapped auction imbalance, not available via MTFs, considering that Euronext auction imbalance accounts for 6% of auction volumes, equivalent to over €200 million daily untapped liquidity (average daily auction imbalance in 2024)
- Information leakage is prevented by the lack of publication of AVD orders and their imbalance