Don't be afraid of the dark:
zero latency, rebates, better markouts
Game
Euronext has implemented rebates of -0.2 bps for pure dark orders, across all trading participants, starting from March 2025.
Set
Euronext Dark Passive Markouts have decreased by more than half since December 2024, improving from -0.6 bps to -0.2 bps at +1 second. Euronext Dark Absolute Markouts are now close to Periodic Auctions Markouts.
And Match
Are you planning to increase your passive posting on Euronext dark pool, thanks to the recent improvements in explicit and implicit costs?
Commercial incentive:
-0.2 bps rebate on pure dark orders
- From 1 March 2025, all pure dark orders (excluding sweep) benefit from a rebate of -0.2 bps.
- The rebate applies to passive and aggressive execution, across all trading participants, and without any volume requirement.
- Sweep orders will still be charged according to standard “lit” fees.
New Quant Research Study: Markout advantage for Euronext Dark Mid-Point Match vs MTFs
- Since the launch of Dark Rebate Scheme and a stricter monitoring of liquidity takers in December 2024, Euronext Mid-Point Match has improved its market quality.
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Euronext Dark passive markouts have decreased by more than half, improving from -0.6 bps to -0.2 bps at +1 second.
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Public market data shows that Euronext Absolute Dark Markouts outperform those of MTFs.
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Euronext Absolute Dark Markouts (green line) are now comparable to Periodic Auctions Markouts (blue line).
Did you miss our webinars?Vincent Boquillon, Head of Equity Trading and Paul Besson, Head of Quant Research at Euronext, respectively presented the commercial developments and quantitative improvements of Euronext's dark pool.
Watch the replay of our webinars and download the slides:
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Contact
EquitiesTeam@euronext.com for project updates and equity statistics.
EuronextEquitySales@euronext.com to contact your sales representative.
QuantReports@euronext.com to receive the quant research study.