Trading Rules & Methods

All NYSE Euronext-listed securities are traded on the Universal Trading Platform, a fully-integrated system that centralizes liquidity, facilitates fair and transparent pricing, and executes orders instantly.

The platform processes a wide variety of order types and executes large orders within a single order book, while liquidity providers bolster trading with human judgement and accountability. Trading occurs on a price-driven continuous basis, or during auctions that take place twice daily at set times to improve price discovery for less-liquid securities. The Universal Trading Platform has built-in safety measures to ensure that automatic order matching in continuous trading does not result in extreme price fluctuations.

Trading of equities listed on NYSE Euronext’s Regulated Markets is possible during the entire Trading Day on a price-driven, continuous basis or auction mechanism. The Central Order Book is open from 07.15 to 17.40 CET.

The most liquid equities are traded continuously throughout the day, while less liquid equities are traded at call auctions, held twice daily, at 11.30 and 16.30 CET. The allocation of securities between continuous and auction-mode trading is determined by NYSE Euronext on the basis of objective criteria, including: historical and expected trading volumes, inclusion in an NYSE Euronext or other internationally recognized index, and the presence of Liquidity Providers.

The market architecture is based on four systems working in synergy:

  • Automatic order routing system: which links customer orders to the central trading system via an order collector and a trader, regardless of how the order is received.
  • Central trading system: which executes orders automatically.
  • Real-time information posting system: provided by the trading system.
  • Clearing and settlement system: which also uses information provided by the trading system.

Orders for a given equity are automatically classified by direction (buy or sell) and price limit, with those at the same limit ranked chronologically, in the order in which they are entered into the Central Order Book.

Orders are executed according to price:

  • Buy orders are executed in decreasing order.
  • Sell orders are executed in increasing order.