Pan-European financial markets and FX provider Euronext has announced the successful launch of Euronext Mid-Point Match, the advanced suite of dark, mid-point and sweep functions integrated into Euronext’s Central Order Book. These enhancements allow trading members and market firms to trade in the real medium, without incurring indirect delay costs, to access increased liquidity while leveraging Euronext’s unique pool of liquidity augmented by local stockbrokers and investors .
The Euronext Mid-Point Match was first launched on the Brussels market on 18 March 2024, on all Euronext markets on 8 April 2024.
Euronext Mid-Point Match offers a sweep functionality, allowing intermediaries to leverage both Euronext’s dark and open liquidity pools, to increase execution opportunities and flexibility across Euronext’s seven regulated markets. Dark orders on the Euronext Mid-Point Match are linked to the real-time instrument of the Euronext Primary Best Bid and Offer and provide investors with accurate execution opportunities. This results in lower market impact compared to the London-based Multilateral Trading Facilities, which typically experience a 7-8 millisecond delay in the appearance of the Main Midpoint. Additionally, dark-to-light scan orders interact seamlessly with the Euronext Central Order Book with zero latency, facilitating fast and efficient execution.
Under the benchmark exemption for small trades and the large-scale exemption for block trades, investors benefit from flexibility in execution strategies.
To ensure execution quality, Euronext Mid-Point Match offers Minimum Acceptable Quantity and Minimum Execution Size features, giving traders additional control over their orders.
Nicolas Rivard, Global Head of Cash Equity and Data Services at Euronext, said:
“We are proud to offer a dark trading facility to our clients to provide them with enhanced execution opportunities. Thanks to our state-of-the-art Core Data Centre, Euronext Mid-Point Match offers a high value proposition with no latency, no new subscription and immediate access to Europe’s largest pool of liquidity, as well as the ability to switch from dark to light books during trading. Since March 18, we are pleased to see new members joining at a brisk pace.”
About Euronext
Euronext is the leading pan-European market infrastructure, connecting European economies with global capital markets, to accelerate innovation and sustainable growth. It operates regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal. With nearly 1,900 listed issuers and approximately €7.1 trillion in market capitalization as of end-March 2024, it has an unparalleled blue-chip franchise and a strong diversified domestic and international client base. Euronext operates regulated and transparent equity and derivatives markets, one of Europe’s leading electronic fixed income markets and is the world’s largest debt and capital listing centre. Its comprehensive product offering includes Equities, FX, ETFs, Warrants & Certificates, Bonds, Derivatives, Commodities and Indices. The Group provides a multi-asset clearinghouse through Euronext Clearing and custody and settlement services through Euronext Securities central securities depositories in Denmark, Italy, Norway and Portugal. Euronext also leverages its expertise in operating markets by providing technology and managed services to third parties. In addition to its main regulated market, it also operates a number of small markets, simplifying access to the stock exchange for SMEs.