Best of Book

Best of Book

Euronext’s Best of Book is a Best Execution service for retail orders. Dedicated liquidity providers offer price improvement for the retail flow, and the service operates within Euronext’s robust and highly regulated Central Order Book.
Best of Book covers over 550 stocks.

The Best Execution Service

Makes your life easier

Reconsider the need to connect to other platforms to get Best Execution, you can send orders through your existing access. No IT development is required to become a Retail Member, access is through your existing connection with no additional latency or cost.

Does not take sides

Unlike our competitors, Euronext offers you a true price to trade, as you are trading in full competition within the Central Order Book where the liquidity is the deepest in Europe.
A pool of liquidity providers compete for your business, potentially improving the pricing available, and you have no need to pre-select a preferred liquidity provider.
There is no conflict of interest in Best of Book’s trading model: we are not run by liquidity providers or brokers.

You can trust us

Euronext has been operating exchanges in Europe for over 400 years – and we never cease to improve.Prices are actual firm prices. Best of Book meets national regulatory requirements and traders receive a regulated market stamp.
It is fully compliant with MiFID II (2018).

The price you see is the price you get

See competitive prices compared to the EBBO1 in an additional layer of the regulated market’s Central Order Book.

To guarantee pre and post trade transparency, you get daily and monthly Best Execution reports, so investors are able to measure the quality of order execution and price improvements against clear, objective and measurable benchmarks.

How it works

  • Euronext’s Best of Book service helps retail brokers meet MiFID best execution requirements within a single platform for all liquid stocks traded across Euronext, potentially saving you the need to connect to multiple platforms.
  • A specially designed Retail Liquidity Provider (RLP) programme provides price improvement to retail investors. The RLP programme is highly competitive and is open to all eligible Euronext members, thus ensuring absolute neutrality.
  • RLP quotes are firm orders and execute in direct competition with the Euronext Central Order Book. These quotes are at, or better, than the European Best Bid and Offer (EBBO).
  • By becoming a Retail Member Organisation (RMO), you will be able to execute your retail order flow within Best of Book and with potential price improvement versus the EBBO, through your existing access to Euronext
  • You will also receive daily best execution reports, provided via an independent data provider to ensure full compliance with your best execution policy.

Best execution success

of the time execution was better than EBBO

Retail investors saved

Average price improvement per trade

Best of Book is based on Euronext’s superior execution quality:

  • Euronext’s prices are at the EBBO 87% of the time, which is 20% better than the second best performing platform².
    With Best of Book, this rate goes up to 99.63%³.
  • Best prices are first set on Euronext 69% of the time, almost eight times more than on the second best performing platform².
  • Relative spreads are 44% tighter on Euronext – at 4.32 bps – than on the second best performing platform².
  • Market depth is 1.5 times higher on Euronext – at €53k – than on the second best performing platform ².

Best of Book helped retail investors to save €7,799,202 in H1 2018.
It delivered 99.63%3 of best execution success 27.40%3 of the value traded being better than the EBBO.


Which stocks are eligible on Best of Book?

More than 550 stocks are covered, including the most liquid securities from Euronext’s national domestic indices: AEX®, AMX®, BEL 20®, CAC 40®, Next20®, CAC Mid 60®, PSI 20®.

Where can you use Best of Book?

The service is available through the following Euronext market places: Amsterdam, Brussels, Lisbon and Paris.

1 In the best execution analysis provided by a third-party, the EBBO (European Best Bid and Offer) refers to a benchmark price reflecting the best possible price available among all European lit venues on which the instrument could have been traded at the time of trade.
2 For securities that belong to the AEX-index, AMX-index, BEL 20, CAC40, PSI 20, and SBF120 indices - in H1 2018 (Source: TAG Audit)
3 In H1 2018 (Source: LiquidMetrix).

How to Access Best of Book

If you are a Retail Investor


Ask your bank or broker to
use Best of Book

If you are not a Direct Member of Euronext

• Send your order to your usual broker to access Euronext markets
• Ask them to have your order flagged with the dedicated RMO tag
• Ask them to use dedicated Client IDs so Euronext recognises your flow
• Your broker can send you individual Best Execution reports 

If you are a Direct Member of Euronext

• Flag your order with the dedicated RMO flag

• Euronext will send you daily and monthly Best Execution reports
• Euronext can create individual Best Execution reports for each of your customers
• Euronext can also receive individual Client IDs and produce reports with Best Execution details that you can communicate to the end Retail Investors

The price improvement details can also be circulated along the intermediary chain to the retail investor, as daily reports can contain ‘Order ID’ or ‘Client Order ID’ information.

Contact Us

Market Analyst, Cash Equities
+33 1 70 48 27 29

Simon Gallagher
Head of Cash Equities
+33 1 70 48 28 89

Client Coverage Center
CCC Belgium +32 2 62 00 586
CCC France +33 1 85 148 586
CCC Netherlands +31 2 07 219 586
CCC Portugal +351 2 10 608 586
CCC UK +44 20 76 608 586 


Retail brokers connected to Best of Book


Banco BiG

Banco Carregosa



Binck Bank

Bourse Direct





Degroof Petercam

Delen Private Bank

Dierickx Leys Private Bank

Fincor Corretora

Gilbert Dupont

Theodoor Gilissen



Kas Bank


Kepler Cheuvreux


Leleux Associated Brokers





Société Générale

Van de Put & Co