In response to the increasing demand for liquidity at auctions, Euronext will introduce the Auction Volume Discovery (AVD) order type for equities, to help market participants easily source additional liquidity currently untapped during auction periods.
Euronext AVD: Go-live on 8 December 2025
- 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
- Benefit 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.
