====== Euronext ======

Euronext is the first pan-European exchange which includes Amsterdam, Brussels, Lisbon, and Paris.

[[https://www.euronext.com/ | Homepage]]

Currency: Euro (EUR)

[[https://www.euronext.com/en/trade/trading-hours-holidays | Trading Hours & Holidays]]

==== Order Types ====

  * Limit Buy/Sell→ShortSell (Day/IOC)
  * Market Buy/Sell→ShortSell (Day)

==== Basic Market Rules ====
  * Lot Size: 1 share.
  * Tick Size: varies by price and security type. Tick sizes for most equities are as follows:

^ Price Range (Euro) ^ Tick Size (Euro) ^
| 0 to 9.999 | 0.001 |
| 10 to 49.995 | 0.005 |
| 50 to 99.99 | 0.01 |
| 100 and greater | 0.05 |

  * Short Sale Rules: naked short selling is prohibited; locate is required.
  * Circuit Breakers: Euronext has [[https://www.euronext.com/en/news/trading-safeguards-euronext-markets|trading safeguards]] in place during auction and continuous trading phases.
  * **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/dark orders) order must be sent above the Large In Scale (LIS) thresholds as defined by the European Securities and Markets Authority (ESMA). For more information about the MiFID II rules, visit the ESMA official website at https://www.esma.europa.eu/.

==== Auction Mechanisms ====

=== Close ===

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:

  * 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
  * c) Orders are classified by direction and price-limit
  * d) Orders at the same limit are ranked chronologically and time prioritized
  * e) Orders will be executed according to price
      * i. Buy orders are executed in decreasing order
      * ii. Sell orders are executed in increasing order

**Auction Periods**

1. **Regular Trading Hours** (09:00 - 17:30)
  * Orders marked VFA (Valid For Auction) or VFC (Valid For Close) will be entered in the order book but kept hidden until the closing call
  * No closing orders will be matched
  * Orders may be entered, amended, and cancelled

2. **Closing Auction** (17:30 - 17:34:45)
  * Orders may be entered into the central order book to participate in the closing auction
  * Orders may not be modified or cancelled
  * No orders will be matched

3. **Uncross** (17:34:50)
  * Closing orders will be matched

**Order Types:** Limit, Market, and Market-on-Close orders are eligible to participate during the closing auction.

===== See Also =====
  * [[market_guides|Market Guides]]