Warrants & Certificates

The Euronext Warrants & Certificates trading platform focuses on investor protection, market quality and efficiency.

Why trade Warrants & Certificates on Euronext

Unique market model

Our Warrants & Certificates market model combines the benefits of Central Order Book trading and Request For Quote (RFQ).

  • You can leave Limit and Stop Orders in the order book.
  • Requests For Execution (RFE) are sent to liquidity providers. LPs can update trading thresholds and quotes if need be, ensuring executions at most up-to-date prices.
  • Access a unique type of stop order for Warrants & Certificates: the Stop-On-Quote order. The activation is based on the liquidity provider's quotes rather than last traded price.
  • Investors can trade Warrants & Certificates between 08:00 CET and 18:30 CET.
  • Some products can benefit from specific features such as:
    • Knock-In By Issuer (KIBI) to replicate intraday listing
    • Knock-Out By Issuer (KOBI) to suspend trading in real time following a knock-out event
    • Payment After Knock-Out (PAKO) to facilitate intraday residual value payment.

Investor protection

  • For investor protection, you will not be able to trade outside of the liquidity provider's bid-offer spread
  • At worst, investors will trade against the liquidity provider. At best, investors will trade against each other. Such trade will happen inside the liquidity provider's bid-offer spread, improving execution price.
  • To prevent trading at aberrant prices, order books are suspended if the liquidity provider is absent.

Market quality and efficiency

  • To ensure investors can trade at all times, the issuer must appoint a liquidity provider for each Warrant or Certificate.
  • Liquidity providers sign an agreement with Euronext, binding them to performance obligations:
    • Minimum presence time
    • Maximum bid-offer spread
    • Minimum bid and offer quantities
  • To improve efficiency and transparency, Euronext makes liquidity provider performance publicly available.
  • Trading takes place in a Single Order Book in Amsterdam, Brussels and Paris, ensuring excellent market quality.
  • Trading against other investors inside the liquidity provider's bid-offer spread can also result in execution price improvement.
  • All trading activity is monitored in real time by Euronext Market Surveillance.

List of Warrants & Certificates

List of active Warrants & Certificates Issuers

Euronext Amsterdam

Euronext Brussels

Euronext Lisbon

Euronext Paris

Contacts

Structured Products Team

General assistance

+33 (0)1 70 48 28 90

structured.products@euronext.com