The Auction Volume Discovery (AVD) order type for equities helps market participants easily source additional liquidity currently untapped during auction periods.

Euronext's response to the increasing demand for liquidity at auctions

Euronext Auction Volume Discovery (AVD) orders in a nutshell

Leverage the auction imbalance

Capture the auction imbalance after the regular auction process occurred

Auction Volume Discovery orders will allow participants to leverage the auction imbalance as well as provide them with unique block trading opportunities.

Submit non-displayed Auction Volume Discovery orders

Send non-displayed Auction Volume Discovery orders during the trading day

Market members will be able to submit non-displayed Auction Volume Discovery orders throughout the trading day. These orders will trade at the official opening or closing auction price without contributing to its determination process.

Matching at the opening or closing auction

Trade at the official opening auction or closing auction price without contributing to its determination process

At the opening or closing auction uncrossing, Auction Volume Discovery orders will first match against the auction imbalance. The remaining AVD orders will then execute against other AVD orders. Any unexecuted AVD order will expire at the conclusion of the respective auction.

The AVD Story: Where Liquidity Meets Innovation (December 2025)

Euronext Auction Volume Discovery (AVD) benefits

  • Benefit from from greater opportunities for block trading by trading against other AVD orders without price impact
  • Leverage the unchanged price determination process at auction
  • 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)
  • Secure your strategy - AVD orders and their imbalance are not published, preventing any information leakage.

    At the opening or closing auction uncrossing, Auction Volume Discovery orders will first match against the auction imbalance. The remaining AVD orders will then execute against other AVD orders. Any unexecuted AVD order will expire at the conclusion of the respective auction.

Euronext Auction Volume Discovery Webinar

Discover the value proposition and technical specifications of Auction Volume Discovery, with details on the go-live roadmap.

Download the presentation
Download the operational notice, including technical specifications

 

Interview with The TRADE (April 2025)

 

Target users of Auction Volume Discovery (AVD)

Broker

Broker
 

Buy-side

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Asset managers

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Proprietary traders

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Investment banker

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More about Auction Volume Discovery

  • PDF

Auction Volume Discovery (AVD) Brochure

English Version

English Auction Volume Discovery (AVD) Brochure /sites/default/files/2026-04/2.Euronext_Equity_Auction%20Volume%20Discovery%20%28AVD%29.pdf

Read the Euronext Equities Espresso study

Index Rebalancing and Auction Imbalance

 

Read the press release

AVD press release

Contact

Euronext Equities Team

equities@euronext.com