Market Model

The unique NYSE Alternext market model combines trading both on and off the Central Order Book to consider the liquidity profiles of small- and medium-sized companies, and maximize order execution possibilities for investors. This dual approach offers both investors and trading members real choices by capitalizing on the inherent advantages of each trading method.

Liquidity Providers (LPs)

The NYSE Alternext market model has been adapted to allow for the contract listings from Liquidity Providers (LPs). LPs act on behalf of the listed company, and play a particularly important role for Small- and medium-sized companies, which frequently require additional liquidity.

Ensuring central order book liquidity is essential in order to increase trading volumes. LPs protect against changes in volatility, guarantee trades at all times at the best price, and increase the volume of trades in the Central Order Book. The liquidity provider, who signs a commercial contract with NYSE Euronext, aims to provide simultaneous buying and selling prices in accordance with a minimum quantity, set as a number of shares or as a minimum capital amount, keeping within a maximum price spread. All NYSE Alternext LPs must be members of NYSE Euronext.

Central Order Book

The most liquid NYSE Alternext equities (which execute more than 2,500 trades per year) are listed and traded continuously between 09:00 CET and 17:40 CET. There are also pre-opening (07:15–09:00 CET) and pre-closing (17:30 – 17:35 CET) phases, at which times orders can be entered, modified or cancelled in the Central Order Book, where they accumulate without being traded. There is also a Trading at Last (TAL) quoted price phase between 17:35-17:40 CET.

All other equities are traded through a daily auction held at 15:30 CET. From 07:15 – 15:30 CET, orders accumulate in the order book but are not executable. Once the order accumulation period ends, buy and sell orders are centrally matched through an auction procedure to establish an auction price. This takes place at 15:30 CET. The auction price of a share is based on its reference price and is used as a basis for the following day's auction.

The auction is followed by a 30 minutes Trading-at-Last phase, between 15:30 and 16:00 CET which allows trading at the auction’s price only. Thereafter, orders are accumulated until the following day’s auction.

For more detailed information about the trading groups and trading times on NYSE Alternext, please consult the Appendix to the Trading Manual at this link: http://europeanequities.nyx.com/en/regulation/organization-of-trading







Central Order Book - Continuous Trading

Product Pre-Opening Opening Auction Trading Day Pre-Closing Closing Auction Trading at Last quoted price (TAL)
  Order entry without trading Auction Continuous Trading Order entry without trading    
Equities Alternext 07:15 - 09:00 9:00 9:00 - 17:30 17:30 - 17:35 17:35 17:35 - 17:40
Ancillary Shares Alternext 07:15 - 09:00 9:00 9:00 - 17:30 17:30 - 17:35 17:35 17:35 - 17:40
Bonds Alternext 07:15 - 09:00 9:00 9:00 - 17:30 17.30 - 17:35 17:35 17:35 - 17:40






Central Order Book - Auction Mode

Product Pre-Opening Opening Auction Trading Day Pre-Closing Closing Auction Trading at Last quoted price (TAL)
  Order entry without trading Auction        
Equities Alternext 07:15 - 09:00 15:30

-

- - 15:30 - 16:00
Ancillary Shares Alternext 07:15 - 16:00 16:00 - - - 16:00 - 16:30
Bonds Alternext 07:15 - 16:30 16:30 - - - 16:30 - 17:00






Liquidity Provider

Permanent Corporate LP on Equities: LPs are permanently present during the trading session and 15 min before the opening auction.
Auction Corporate LP on Equities: LPs are present 15 min before the auction.

 

Calendar of business days

Please note that Alternext follows the NYSE Euronext European Cash Markets trading calendar