Best of Book
Euronext's Best Execution service for retail orders
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Best execution success |
% of the time execution was better than EBBO |
Retail investors saved |
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99.42% |
22.84% |
€33m |
H1 2020
- Dedicated liquidity providers offer price improvement for the retail flow, and the service operates within Euronext’s robust and highly regulated Central Order Book
- Available for 570+ stocks, including the most liquid securities from Euronext’s national domestic indices: AEX®, AMX®, BEL 20®, CAC 40®, Next 20®, CAC Mid 60®, ISEQ 20® and PSI 20®
- Available on Euronext Amsterdam, Brussels, Dublin, Lisbon and Paris
Cleared Services
Cleared OTC Trade Facility
Euronext's Cleared OTC Trade Facility allows a member to confirm a trade executed over-the-counter (OTC) with another Euronext member for clearing purposes. Hosted on our Saturn tool, the Cleared OTC Trade Facility reports OTC trades in eligible equities, ETFs and rights that are passed through to the CCP (LCH SA and EuroCCP) to benefit from the central clearing guarantee.
To use the Cleared OTC Trade Facility, members must sign either the Amendment letter to the TCS-Web Services Access Agreement
More information on the Cleared OTC Trade Facility
Cleared Borrowing & Lending Market
The Cleared Borrowing & Lending Market (CBLM) allows Euronext members to borrow and lend stocks listed on the Euronext Cash Markets. Trading takes place with full anonymity and benefits from the same Straight-Through-Process as on our Regulated Markets. Credit risk is greatly reduced as all transactions are guaranteed by LCH SA, the central counterparty.
The market is accessible to Euronext members via their existing membership and connectivity arrangements.
Euronext Fund Services
Expand your growth opportunities by trading funds on the Exchange thanks to Euronext Fund Services. It guarantee automated and STP processes and allows you to get in touch with investors across the globe.
Why trade on Euronext Fund Services?
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Enjoy new business opportunities that drive your growth: access the open-end funds investment world (non-ETFs) |
Leverage your experience with ETFs and expand your reach to both passive and active management products |
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Offer your clients a global product range of open-end funds traded at the NAV on Euronext, giving them tremendous new execution capacity |
Benefit from our elaborate Morningstar funds data tool to provide optimised support to your clients in their funds selection |
Euronext Fund Service is available for Euronext trading members
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Multi-Currency Service for ETFs
The multi-currency facility for Exchange Traded Funds enables a single ISIN code to be listed and traded in 20 different global currencies, on separate Euronext venues. The multi-currency listing and trading service offers broader investment opportunities and facilitates investor access by removing currency barriers.
The service helps issuers to improve the visibility of their listed products, and therefore broaden their possible target audience, while improving access for international and domestic investors by limiting foreign exchange risk.
This facility is applicable to all Euronext’s listed ETFs. The ETF market quality on Euronext is supervised on a daily basis by a dedicated team focused on monitoring all members’ activity with a single focus: to achieve superior market quality.
Euronext Dark LIS features
Enhance your dark trading on equities. Benefit from two complementary solutions to capture liquidity for Large-in-Scale only orders:
- The Euronext Dark LIS features on our Regulated Markets leverage existing hidden liquidity in one of the largest pools of liquidity in Europe.
- The Euronext Block MTF is a Pan-European platform enabling conditional orders and to safely source unique LIS liquidity.
The Euronext Dark LIS features help:
- Minimise information leakage
- Control market impact during continuous trading on Euronext’s Regulated Markets
- Take full control of hidden strategies thanks to new orders types and security safeguards
Euronext RiskGuard
Use RiskGuard to set pre-trade risk controls in order to manage the risk exposure of your customers, or your own trading firm, in real time.
Created specifically for use by Risk Managers at clearing member firms and trading member firms, RiskGuard is designed to complement your own pre-trade risk management systems.
RiskGuard is available through a FIX 5.0 API or a web-based User Interface (GUI). Available for the Euronext Derivatives Markets, RiskGuard covers the MiFID II regulatory requirements, and also offers extended risk control and analysis features.
Trade Confirmation System
Use the Euronext Trade Confirmation System (TCS) for the publication of regulated market trades, such as negotiated deals, block trades and volume weighted average price (VWAP) trades. Deferred publication is possible for certain products. Flexible clearing can also be selected.
The TCS platform covers all Euronext Cash Market instruments (equities, ETFs, warrants, certificates and bonds). It is available to all Euronext Cash Market members through their standard connection, and can also be accessed using our web based application, TCS-Web.
TCS complements our APA/ARM reporting services, which are open to all market participants.
Deferred Settlement Service
The Deferred Settlement Service (SRD) is a mechanism that allows French investors to take a long or short leveraged position in a regulated and secure environment. The service is mainly used by private investors as an alternative to margin accounts.
How the Service Works
The investor identifies an order as SRD when passing it to his/her financial intermediary. The order is then immediately routed to the Regulated Market, where it is executed and settled in a standard two-day time period.
The intermediary finances the investor’s position until the end of the month, when the investor receives the balance of positions in his/her account. The leverage is the result of the cover ratio the investor has to put toward his position at the time of execution.
Euronext organises a centralised borrowing and lending market to help brokers carry their clients’ short positions. The service is charged by the intermediary; commissions are fixed freely by the brokers