euronext
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| euronext [2017/09/21 12:23] – [Auction Mechanisms] maya | euronext [2020/12/23 15:03] (current) – [Euronext] maya | ||
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| ====== Euronext ====== | ====== Euronext ====== | ||
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| Euronext is the first pan-European exchange which includes Amsterdam, Brussels, Lisbon, and Paris. | Euronext is the first pan-European exchange which includes Amsterdam, Brussels, Lisbon, and Paris. | ||
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| Currency: Euro (EUR) | Currency: Euro (EUR) | ||
| - | [[https:// | + | [[https:// |
| ==== Order Types ==== | ==== Order Types ==== | ||
| * Limit Buy/ | * Limit Buy/ | ||
| * Market Buy/ | * Market Buy/ | ||
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| ==== Basic Market Rules ==== | ==== Basic Market Rules ==== | ||
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| | 100 and greater | 0.05 | | | 100 and greater | 0.05 | | ||
| - | * Short Sale Rules: naked short selling is prohibited; locate required. | + | * Short Sale Rules: naked short selling is prohibited; locate |
| - | * Circuit Breakers: Euronext has safeguards in place during auction and continuous trading phases. | + | * Circuit Breakers: Euronext has [[https:// |
| + | * **Note:** as part of pre-trade transparency requirements under the new MiFID II rule, Europe hidden or hidden portion of iceberg (e.g., CHIX-X Bats and Turquoise reserve/ | ||
| ==== Auction Mechanisms ==== | ==== Auction Mechanisms ==== | ||
| === Close === | === Close === | ||
| - | The closing price is defined by the following closing mechanism | + | The closing price is defined by the following closing mechanism. |
| **Auction** means an auction conducted in a trading platform in respect to qualifying orders pursuant to the following process: | **Auction** means an auction conducted in a trading platform in respect to qualifying orders pursuant to the following process: | ||
| - | * a) The auction price is the price with the maximum executable volume. If necessary the reference price is taken into account when establishing the auction price. | + | * a) The auction price is the price with the maximum executable volume. If necessary, the reference price is taken into account when establishing the auction price. |
| * b) The Reference price is the last traded price in the Central Order Book | * b) The Reference price is the last traded price in the Central Order Book | ||
| * c) Orders are classified by direction and price-limit | * c) Orders are classified by direction and price-limit | ||
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| * No closing orders will be matched | * No closing orders will be matched | ||
| * Orders may be entered, amended, and cancelled | * Orders may be entered, amended, and cancelled | ||
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| 2. **Closing Auction** (17:30 - 17:34:45) | 2. **Closing Auction** (17:30 - 17:34:45) | ||
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| * Orders may not be modified or cancelled | * Orders may not be modified or cancelled | ||
| * No orders will be matched | * No orders will be matched | ||
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| 3. **Uncross** (17:34:50) | 3. **Uncross** (17:34:50) | ||
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| **Order Types:** Limit, Market, and Market-on-Close orders are eligible to participate during the closing auction. | **Order Types:** Limit, Market, and Market-on-Close orders are eligible to participate during the closing auction. | ||
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| ===== See Also ===== | ===== See Also ===== | ||
| * [[market_guides|Market Guides]] | * [[market_guides|Market Guides]] | ||
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euronext.1506011028.txt.gz · Last modified: 2017/09/21 12:23 by maya