Best of Book (BoB)

Euronext’s Best of Book (BoB) is a Best Execution service exclusively for retail orders.
It provides the best prices available in Europe for equity and ETF retail orders through the main European stock exchange thanks to dedicated liquidity providers.

Get the best price for your retail orders and meet MiFID II best execution requirements

Are you looking for Best Execution for your equity and ETF retail orders? Choose Best of Book!

• Access equities and ETFs without the need to connect to multiple platforms
• Trade a true price within the Euronext’s Central Order Book, where the liquidity is the deepest in Europe
• Meet MiFID’s best execution requirements
• Benefit from a potential price improvement versus the European Best Bid and Offer (EBBO)* thanks to a dedicated pool of liquidity providers competing for your business
• Receive best execution reports from an independent data provider. Enable retail investors to measure the execution quality objectively
   

Best of Book is available for stocks and ETFs through the following Euronext regulated markets**: Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris.

Access is open to direct and non-direct members of Euronext.

*The EBBO is a benchmark price based on third-party best execution analysis. It is the best possible price available across all the European venues on which the instrument could have been traded at the time of the trade.
**BoB ETF only available on the most liquid ETFs across Euronext markets.

Euronext helps brokers offer best execution to retail clients

Euronext is helping brokers to offer Best Execution to their retail clients with Best of Book, the Best Execution service dedicated to retail investors' orders, to ensure a fair trading environment according to MIFID II best execution requirements.

The rise of retail: challenges for banks and brokers

European financial markets have seen a strong rise in trading from retail investors since the start of the Covid-19 pandemic, resulting in the emergence of new investor profiles and investment strategies that have considerably and unexpectedly shaken up the trading landscape.

Retail investors are eager to explore growth opportunities in products traded on the exchange such as stocks or ETFs, but also to try their hands at trading the latest financial vehicles such as cryptocurrencies or NFTs.

They are also increasingly demanding cost-effective, fair and transparent trading solutions, challenging retail banks and brokers to continuously reinvent their services and stand out from their competitors, including newly launched neo-brokers that seemingly offer free and simplified trading platforms. In reality, many of these alternative low-cost platforms hide a model where the retail investor ends up losing out with an unfavourable execution price, making the overall cost of trading higher than it would be elsewhere.

Best Execution under MIFID II

At the same time, European regulation MiFID II sets out best execution rules requiring banks and brokers to execute orders on terms most favourable to their clients, taking into account both execution costs (trading fees) and market quality (price, timing, and likelihood of execution). Typically, this involves connecting to a range of venues to secure the most favourable execution solution for a given order.

Euronext Best of Book: helping brokers guarantee best execution for their retail clients

Euronext Best of Book is simple, safe, impartial and transparent, and is open to any bank or broker across Europe.

Brokers need to be a Euronext trading member – either direct or indirect – and then connect to Best of Book as a Retail Member Organisation (RMO). By simply flagging their retail clients’ orders with a dedicated RMO tag, these will be routed onto Best of Book. Onboarding is easy, and for existing Euronext members, very little IT development is required as the access is through their existing connection with no additional latency or cost.

Best of Book is available for stocks and ETFs through the following Euronext regulated markets:
Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris.

Brokers will also receive daily and monthly best execution reports, provided via an independent data provider, so that they can monitor their best execution performance. Additionally, Euronext can produce individual client reports based on Client IDs with best execution details, which can be communicated to individual clients directly.

BoB enables brokers to offer the best execution prices and a fully transparent service to their retail clients who want to invest on the Exchange, guaranteeing that they are defending the interests of this important client group.

You can be sure you are getting the best price for your retail orders. BoB prices are measured against the European Best Bid and Offer (EBBO*).

_{*The EBBO is a benchmark price based on third-party best execution analysis. It is the best possible price available across all the European venues on which the instrument could have been traded at the time of the trade.}