Best of Book

Get the best price for your retail orders

Are you looking for Best Execution?
Ask your broker to send your orders to Euronext’s Best of Book

  • Invest on the Exchange in a safe, regulated and supervised environment.

  • Trade against the full range of retail and institutional investors, with access to the best prices

  • Access on the Euronext central order book, where the liquidity is the deepest in Europe

  • Benefit from a pool of liquidity providers dedicated to retail orders, whose mission is to offer you the best quotes available

  • Measure the execution quality of your orders yourself with reports from an independent data provider

Best of Book is available for stocks through the following Euronext regulated markets: Amsterdam, Brussels, Dublin, Lisbon, Oslo and Paris (not yet available on the Milan market).

You can be sure you are getting the best price for your orders. BoB prices are measured against the European Best Bid and Offer (EBBO).

The EBBO is a benchmark price based on third-party best execution analysis. It is the best possible price available across all the European venues on which the instrument could have been traded at the time of the trade.

On average in 2022

98.82% of the time

BoB offers best execution for orders


saved by retail investors

24.22% of the time,

execution was better than EBBO

(source: Iress Market Data)


Average price improvement per trade

Euronext Best of Book with Roland Prevot, Head of Retail, Cash Equity


Learn more, download our BoB brochures

Roland Prevot - LIV INVEST

Want to know more about trading on the Exchange?

Interview with our head of retail trading, Roland Prevot

Check out the interview with Roland Prevot, Head of Retail, Cash Equity Market at Euronext, hosted by Liv’Invest, the new French digital rendez-vous for retail investors (interview in French).

Why is our Best of Book a better model for retail investors?

Payment For Order Flow (PFOF)
Is free trading really free for retail investors?

Euronext carried out a study on the practice of Payment for Order Flow:
  • To protect retail investors, European regulators have implemented a law to limit a practice called “Payment For Order Flow”.  Payment For Order Flow involves a broker being remunerated for routing its own client’s orders (the investor) to a specific trading venue. This can be a trading platform or a select group of counterparties. Examples of such counterparties are Systematic Internalisers or High-Frequency Traders.
  • The European regulation bans intermediaries from receiving any benefit, whether monetary or not, for routing client orders to a particular venue if it would create a conflict of interestTo get round this, some platforms have developed set-ups that indirectly benefit the intermediary. These set ups resemble a Payment For Order Flow model.
  • One example is the ‘zero fee’ mechanism. Platforms offer free trading to intermediaries  sending orders from retail (non-professional) investors.  These platforms charge relatively high fees for accessing the platform to market makers (the firms who will buy or sell those orders). Market makers are happy to pay the platform fees since they will be the single counterparty to the trade. That means that they can choose the execution price and time of the retail investor’s order, giving them an advantage over the investor. This is in contrast to trading on an exchange, where multiple market makers compete to provide the best price for the investors.
  • In these models, market makers ultimately benefit from a better execution price than retail investors. This practice is therefore unfavourable to retail investors. It does not meet best execution requirements.

Media coverage


French federation for retail investors and investment clubs
Fédération des Investisseurs Individuels et des Clubs d'investissement

Inform@ctions December 2020 - Bourse : Zéro commission ne veut pas dire zéro coûts (page 4)

Partageons l’Eco

Free trading, alternative exchanges, what comparisons between the exchange and alternative platforms?
Trading sans frais, bourses alternatives : quelles comparaisons entre la bourse et les plateformes alternatives ?

Café de la Bourse

The hidden face of "free trading" on the stock exchange

Beware of "zero commission" solutions offered by brokers, understand how these impact negatively your execution price, and discover all the models where trading actually happens off-exchange.

"Trading gratuit": la face cachée de frais de bourse

Attention aux offres "zero commissions" proposées par les courtiers, comprenez comment celles-ci impactent négativement votre prix d'éxécution et découvrez tous les modèles où le trading se fait en réalité hors-bourse. 

Café de la Bourse

Trading sur actions : comment investir aux meilleures conditions ?

Découvrez dans cet article ce qu'est la "meilleure exécution", comment l'obtenir pour vos ordres sur actions en bourse, ainsi que le service « Best of Book » proposé par Euronext pour vous garantir les meilleurs prix d'exécution.

Stocks trading: how to invest in the best conditions?

Find out in this article what is "best execution", how to benefit from it for your retail equity orders, and what is "Best of Book", a service offered by Euronext to guarantee you the best execution prices.


Euronext Research papers

BoB versus Apex

No free lunch - trading on Apex more costly than on Best of Book.



Photograph of Roland Prevot

Roland Prevot

Head of Retail, Cash Equity Market at Euronext