Warrants & Certificates

The Euronext Warrants & Certificates trading platform focuses on investor protection, market quality and efficiency.

Why trade Warrants & Certificates on Euronext

Unique market model: the Request For Execution (RFE) market model

Euronext's Warrants & Certificates market model combines the benefits of a Central Order Book trading and Request For Quote (RFQ).

  • Investors can leave Limit and Stop Orders in the order book.

  • Requests For Execution (RFE) are sent to the Liquidity Provider (LP) of an instrument whenever two orders can match. The LP can update trading thresholds and quotes if need be, ensuring executions at the most up-to-date prices.

  • Access a unique type of Stop Loss for Warrants & Certificates: the Stop-On-Quote order. The activation is based on the liquidity provider's quotes rather than last traded price.

  • Warrants & Certificates can be traded between 08:00 CET and 22:00 CET*.

  • Some products can benefit from specific features such as:
    • Knock-In By Issuer (KIBI) to replicate intraday listing
    • Knock-Out By Issuer (KOBI) to suspend trading in real time following a knock-out event
    • Payment After Knock-Out (PAKO) to facilitate intraday residual value payment.

*Ask your broker if he offers trading until 22:00 CET.

Investor protection

  • For investor protection, it is not possible to trade outside of the liquidity provider's bid-offer spread

  • At worst, investors will trade against the liquidity provider. At best, investors will trade against each other. Such trade will happen inside the liquidity provider's bid-offer spread, improving execution price.

  • To prevent trading at aberrant prices, order books are suspended if the liquidity provider is absent.

Market quality and efficiency

  • To ensure investors can trade at all times, the issuer must appoint a liquidity provider for each Warrant or Certificate.

  • Liquidity providers sign an agreement with Euronext, binding them to performance obligations such as minimum presence time or minimum bid and offer quantitites.

  • To improve efficiency and transparency, Euronext makes liquidity provider performance publicly available.

  • Trading against other investors inside the liquidity provider's bid-offer spread can also result in execution price improvement.

  • All trading activity is monitored in real time by Euronext Market Surveillance.

Questions & Answers about Listing & Trading

Structured Products on Euronext

Download the Q&A

List of Warrants & Certificates


Structured Products Team

General assistance

+33 (0)1 70 48 28 90