Euronext Quantitative Research


Research Papers


Quality of execution comparison between Code signatory and Non-Code signatory liquidity providers across Euronext FX

November 2022

Following our decision to default taker pools to Code signatory LPs with the option for takers to opt-out effective 1 January 2023, this new publication compares the quality of execution between Code and Non-Code signatories. The paper prompts takers to question: Should I retain Non-Code signatories in my liquidity pool? What will be the impact on my liquidity pool? Is there value in keeping Non-Code signatories for certain groups of currency pairs (G10 vs EM)?

Written by Paul Besson and Mehdi-Lou Pigeard

To obtain a copy of the paper, please click the link below.