Market Model

NYSE Euronext’s horizontal market model incorporates the individual strengths and assets of each of our local regulated markets into a single, global vision.

By integrating innovative technology, the system has reorganized cross-border activities, streamlined strategic business units (SBUs), and harmonized market rules and regulatory framework. To secure the best possible liquidity for listed equities, all companies are listed and traded on the same market through a centralized electronic order book. The system facilitates fair and transparent price formation, provides investors with speedy order execution and centralized liquidity, and offers continuous quoting services to listed companies.

Based on liquidity, listed companies are divided into two groups: auction or continuous quotation. Those with sufficient natural liquidity—defined as more than 2,500 trades per year —are automatically quoted on a continuous basis. Less liquid products are traded at auction twice daily, helping to focus liquidity at specific points in time. Companies in both trading groups can leverage Liquidity Provider (LP) services to increase the liquidity of their equity. By securing LP services, even companies that do not reach the threshold of 2,500 trades annually will have the option to be quoted continuously.

NYSE Euronext’s highly sophisticated market model is adapted to all asset classes and facilitates the different trading strategies for all investors. A full, real-time pre-trade and trade reporting vendor-driven market data feed to all market players provides market transparency. This guarantees all investors get equal access to information and bolsters visibility on the depth of the orderbook and best execution.