NYSE Euronext’s Single Order Book enhances liquidity, lowers costs, and facilitates access to capital markets by delivering harmonized cross-border trading, clearing and settlement in Europe.
The Single Order Book consolidates liquidity in each security to enhance spreads and market depth, and achieve better price formation. In addition, by harmonizing NYSE Euronext markets, the Single Order Book has made cross-border trading simpler and easier.
The Single Order Book designates a single trading line for all NYSE securities listed in Europe, and a single trading code for most. As a unique benefit, issuers may choose to list on more than one market to enhance visibility, qualify for inclusion in local indices, or have trading volumes and prices published in the national press, and the Single Order Book will execute their trades on one trading line: the designated Market of Reference (MoR).
For example, ING (headquartered in the Netherlands) is listed on three markets, but because its MoR is NYSE Euronext Amsterdam, all orders from the other two exchanges (France and Belgium) are brought into the Amsterdam market order book. Even though ING orders are not executed there, it is still considered a listed company in France and Belgium, and must therefore comply with regulations in all three market locations. As a benefit, ING can also promote its shares as a group, having made a public offer in all three countries.