Features

Euronext FX runs 4 independent matching engines globally: New York in NY4, London in LD4, Tokyo in TY3, and Singapore in SG1 (operated by Euronext FX’s subsidiary, Euronext Markets Singapore). Matching engines act as separate ECNs and emit their own market data, trades, and midpoint values. By default, a client’s order will not be re-routed to a matching engine in a different region, even if that matching engine has a better price.

2.1 REGULAR TRADING HOURS

Trading hours for each of the Euronext FX ECN and Euronext Markets Singapore ECN are from Sunday at 17:30 Eastern Time to Friday at 17:00 Eastern Time. Daily maintenance is scheduled from 17:00 Eastern Time to 17:30 Eastern Time, during which time FIX sessions will be disconnected and the GUI will be inaccessible.

2.2 HOLIDAY TRADING HOURS

Note that Holiday Trading Hours may be modified by Euronext FX or Euronext Markets Singapore by posting an update on the website or directly notifying clients.

Trade Date

Session starts

Session Ends

2022-12-23 – Regular trading

2022-12-22 17:30 ET

2022-12-23 17:00 ET

2022-12-26 – Regular trading

2022-12-25 17:30 ET

2022-12-26 17:00 ET

2022-12-27 – Regular trading

2022-12-26 17:30 ET

2022-12-27 17:00 ET

     

2022-12-30 – Regular trading

2022-12-29 17:30 ET

2022-12-30 17:00 ET

2023-01-02 – Regular trading

2023-01-01 17:30 ET

2023-01-02 17:00 ET

2023-01-03 – Regular trading

2023-01-02 17:30 ET

2023-01-03 17:00 ET

References to Eastern Time are to New York City local time.

3.1 DAY

The order is kept on a book until cancel is received. If not matched, all open orders will be automatically cancelled when the session gets logged out at the end of the trading day. Note, if a session disconnects, a day order will be cancelled. 

3.2 GOOD FOR TIME

The order will stay on a book for the period of time set by the client, specified in milliseconds. Note, if a session disconnects, the order will be cancelled.

3.3 IOC*

The order is either partially or fully filled or cancelled.

3.4 FOK*

The order is either fully filled or cancelled. FOK orders will only match against a single counterparty; they will not match against several counterparties.

*Note: Some clients can be configured to have their IOC and FOK orders not cancel immediately in case of no fill, but stay on the ECN for a period of time (Time to Live). In those cases, the liquidity from the IOC/FOK order will be disseminated on the market data feed by the ECN and the order will be available for matching with other orders and quotes.

 
Euronext FX and Euronext Markets Singapore (collectively “Euronext FX”)
4.1 MARKET

Market orders will execute the order at the prevailing market rate.

4.2 LIMIT

Limit orders will be executed at the limit price or better.

4.3 PEGGED

Pegged orders are floating orders that are linked to a reference rate such as midpoint, best bid or best offer.

4.3.1 Pegged To Midpoint

The ECNs calculate and disseminate a midpoint value for each of the 4 matching engines, based on the BBO for that matching engine ("BBO mid").  Pegged To Midpoint orders are floated at the applicable BBO mid. Given that every market data client receives a customized feed based on its preferences and interaction rules, a midpoint between a client’s best bid and offer might not correspond to the BBO mid.

4.3.2 Aggressive Pegged

Orders will float with the aggressive side as a reference point. Buy orders will float relative to the BBO offer, sell orders will float relative to the BBO bid. Clients can specify either ‘PIP Offset’ or ‘% of Spread Offset’ value.

4.3.2.1 PIP Offset - Aggressive

Clients can specify offsets of the peg as a PIP. For example, a client can specify aggressive pegged bid with 0.1 PIP offset. The ECN will float the bid at the BBO offer available on the platform minus 0.1 PIP

4.3.3 Passive Pegged

Orders will float with the passive side as a reference point. Buy orders will float relative to the BBO bid on the platform, sell orders will float relative to the BBO offer on the platform. Clients can specify either ‘PIP Offset’ or ‘% of Spread Offset’ value.

4.3.3.1 PIP Offset - Passive

Clients can specify offsets of the peg as a PIP. For example, a client can specify passive pegged bid with 0.1 PIP offset. The ECN will float the bid at the BBO bid available on the platform plus 0.1 PIP.

4.3.3.2 Percentage of Spread Offset

Clients can specify offset as a percent of the best spread on the ECN. For example, a client can specify passive pegged bid with 10% offset where the spread on the ECN currency pair is 1.2 PIPs. The ECN will float the bid at the BBO available on the platform plus 0.12 PIP (10% of the current spread).

4.3.4 Pegged with a Limit

Clients can specify a limit price on their pegged orders. The limit price will serve as a cap on the execution price.

4.4 MINIMUM QUANTITY

Clients that do not want to interact with smaller prints on the other side can enter minimum quantity instruction on their orders. The ECN will execute the client’s order only if a single counterparty exceeds the minimum quantity set.

4.5 ICEBERG

Clients can specify to display only a portion of their total order to counterparties using an Iceberg quote. This functionality works with limit, pegged, firm and minimum quantity order types.

4.6 ADD LIQUIDITY ONLY

Regardless of existing orders on the book, clients can post orders that will only trade with other orders that arrive after theirs.  This effectively ensures that the order will always trade in a maker capacity.  Additionally, such orders will not execute against liquidity provider’s quotes (last look). 

4.7 MAXIMUM TIME OUT SETTING

A taker can specify maximum time out requirements. This ensures that the taker receives a status from the last look provider within the specified threshold. 

4.8 ONLY ORDERS

Clients can specify to trade only against orders and not quotes. 

4.9 IOC-to-POST

The ECNs incorporate a configurable feature that provides taker clients an ability to improve their fill rates by converting an unfilled IOC order into a short duration Day order that is posted on the ECN and is displayed to other participants. Clients can choose a particular time period or a randomized time period within a range for an unfilled IOC order to be posted on the ECN.

 
 

Euronext FX and Euronext Markets Singapore (collectively, “Euronext FX”) handle matching priority for Spot trading, and Euronext Markets Singapore handles matching priority for NDF trading, in the following hierarchical order:

1. PRICE

Quote with the best price (highest bid or lowest offer) wins the counterparty order. If more than one quote at the best price, the next factor (Step 2, below) is considered.

For the purpose of matching priority, the price is determined as follows:

  • For a Firm Quote: The price is the price of the quote.
  • For a 'Last Look' Quote: The price is the price of the quote with an adjustment applied. The adjustment (i.e. matching priority revision) is calculated by the FlexMatch algorithm, and can be uniquely configured by the taker:
    • The FlexMatch matching priority adjustment:
      • Calculates a subjective value that reflects the LP’s execution quality. It is a combination of 3 factors (LP’s Fill Rate, LP’s Hold Time, LP’s Market Impact)
      • The 3 factors are tracked on taker/pair/LP basis; however, when there is insufficient data at that level of granularity, the factors are estimated on the LP basis across all takers/pairs
      • The 3 factors are weighted equally by default, but weighting can be customized on a per taker basis
  • A Firm Quote has an absolute priority over Last Look Quote at the same (adjusted) price.

Note: The FlexMatch adjustment is used for the purpose of match priority only. The adjustment isn’t reflected in the market data or the execution price.

2. SIZE

Largest quote wins the counterparty order. If there is more than one quote with the same visible size and the same hidden size (or no hidden size), the next factor (Step 3, below) is considered.

More specifically, a quote with the largest visible size wins the counterparty order. If there is more than one quote with the same (largest) visible size, the hidden size of these quotes is compared and the quote with the largest hidden size wins the counterparty order. For example, a lit quote(visible size>0) always wins vs. dark quote (visible size=0).

3. TIME

Earliest quote wins the counterparty order.

Euronext FX offers market data in FIX 4.2 and Binary format. Euronext FX is able to send market data in FIX incremental snapshot or full snapshot. Here are some features of Euronext FX market data:

6.1 REAL TIME

Euronext FX disseminates bids and offers in real time with no delays. Euronext FX will only show quotes of counterparties a client can trade with. Clients have options to received crossed or uncrossed market data. If you choose uncrossed market data, we will uncross them by removing the older quotes. Please contact Euronext FX support if you want to choose particular setting. Quotes will show whether the originator of the quote is an order vs a quote (last look) provider. For quotes originated by Last Look providers, Euronext FX shows the maximum time the provider has to respond.

Euronext FX can limit the amount of quotes sent in the following ways: showing aggregated quotes at the same price level; showing only selected number of quote levels; showing only X number of the biggest orders at each price level; throttling quote updates to defined times a seconds.

Euronext FX and Euronext Markets Singapore (collectively “Euronext FX”) offer a number of protections to its customers.

7.1 CANCEL ON DISCONNECT

When connection is broken all active orders left in the system cancelled immediately. Client receives ‘cancel’ messages after reconnect.

7.2 FAT FINGER CHECK

Euronext FX will reject orders exceeding 300 million.

7.3 PRE-TRADE CREDIT CHECK

All orders are pre-trade credit checked.

Euronext FX will warn User or Prime Broker, where applicable, of utilization of limit at chosen alert level. 70%, 90% & 100% utilization alerts are available. Orders that would give rise to breach of limit available will be rejected.

7.4 EXCESSIVE QUOTING

Euronext FX will ignore quote provider quotes if they exceed predefined, configurable levels. For instance, these levels could be defaulted to 30 updates per pair for G4, and 15 updates per second for other pairs, with a total setting of 500 updates for all pairs per second per client.

7.5 DISABLING QUOTE PROVIDERS

Euronext FX will automatically disable a quote (last look) provider and send an email if a provider takes more than the maximum allowed response time.

ManageMatch is the aggregation system that allows creating a unique market for every client/currency pair. ManageMatch system is used internally by Euronext FX liquidity management to configure a proper liquidity for the client. The system can also be white labeled to clients as an aggregator service.

The Euronext FX GUI is an HTML 5.0 web-based institutional front end. Users may choose to transact on the Euronext FX GUI on an anonymous or fully disclosed basis. The Euronext FX GUI can be easily accessed using https protocol from common browsers such as Internet Explorer, Google Chrome, or Mozilla Firefox.

Euronext FX is integrated with Traiana Harmony, Traiana Netlink, Traiana CreditLink, Markitserve, Cobalt, and offers FIX drop copy.

Current Fee Schedule effective January 1st, 2023

Euronext FX Inc – Spot & Precious Metals Trading Fee schedule

11.1 ECN Fees
Anonymous session
Making $3.00 per side
When ADV per calendar month aggregated across all Making sessions is less than $100mm, fee will increase to $3.25.
Taking $3.00 per side
Disclosed session
Making $1.25 per side
Taking $1.25 per side

Note: fee is expressed in USD per million or equivalent notional traded. Where conversion to USD is necessary in order to calculate and invoice Fees, Euronext FX will utilize the previous trading day’s 4 p.m. SafeMatch* price.

  • A User may elect to trade on a markup in lieu of invoiced fees.
  • CCP usage may incur an additional $3.50 surcharge.
  • ECN Fees in the above chart apply to all Users except as otherwise provided in applicable Euronext FX contract.

*SafeMatch is the rate calculated using the average mid-price 2.5 minutes before and 2.5 minutes after the hour at 4pm UK time on the Euronext FX ECN.

11.2 Physical Connectivity and other Third-Party Fees

Fees for physical connectivity, cross-connects and other third-party vendors utilized by or at the request of User will be passed through to User, unless otherwise stated in the applicable User Agreement.

11.3 Port Fees (“Port Fees”)
Port Fees
FIX Market Data Port $350 per month
ITCH Market Data Port $350 per month
Order Entry Port $350 per month

Port Fees are charged on a calendar month basis and are not pro-rated for partial months.

Discounts:

  Discount
New Users No Port Fee will be charged for first three months immediately following successful completion of testing in production*
All Users Fees for 2 Ports will be waived per calendar month for every $0.6 billion or equivalent notional traded during that month

*New clients will get 3 calendar months for free in addition to the remaining days of the go-live month.

  • Ports disengaged part way through a month will be billed for the entire month.
  • Additional ports created for current clients will be billed for the entire month (port is considered live following successful completion of testing in production).
11.4 Market Data Fees

For more Euronext FX Market Data inquiries, please contact our Global Sales Team at [email protected]

Euronext FX reserves the right to revise this Fee Schedule (including discounts) at any time on 30-day notice.

Current Fee Schedule effective January 1st, 2023

Euronext Markets Singapore – Spot FX & Precious Metals Fee Schedule

For NDF fees, please click here

12.1 ECN Fees
Anonymous session
Making $3.00 per side
When ADV per calendar month aggregated across all Making sessions is less than $100mm, fee will increase to $3.25.
Taking $3.00 per side
Disclosed session
Making $1.25 per side
Taking $1.25 per side

Note: fee is expressed in USD per million or equivalent notional traded. Where conversion to USD or SGD is necessary in order to calculate and invoice Fees, Euronext FX will utilize the previous trading day’s 4 p.m. SafeMatch* price

  • A Participant may elect to trade on a markup in lieu of invoiced fees.
  • CCP usage may incur an additional $3.50 surcharge.
  • ECN Fees in the above chart apply to all Participants except as otherwise provided in applicable Euronext Markets Singapore contract.

*SafeMatch is the rate calculated using the average mid-price 2.5 minutes before and 2.5 minutes after the hour at 4pm UK time on the Euronext FX ECN.

12.2 Physical Connectivity and other Third-Party Fees

Fees for physical connectivity, cross-connects and other third-party vendors utilized by or at the request of Participant will be passed through to Participant, unless otherwise stated in the applicable Participant Agreement.

12.3 Port Fees (“Port Fees”)
Port Fees
FIX Market Data Port $350 per month
ITCH Market Data Port $350 per month
Order Entry Port $350 per month

Port Fees are charged on a calendar month basis and are not pro-rated for partial months.

Discounts:

  Discount
New Participants No Port Fee will be charged for first three months immediately following successful completion of testing in production*
All Participants Fees for 2 Ports will be waived per calendar month for every $0.6 billion or equivalent notional traded during that month

*New clients will get 3 calendar months for free in addition to the remaining days of the go-live month

  • Ports disengaged part way through a month will be billed for the entire month.
  • Additional ports created for current clients will be billed for the entire month (port is considered live following successful completion of testing in production).

Note: no Port Fees will be charged until 1 January 2024.

12.4 Market Data Fees

For more Euronext FX Market Data inquiries, please contact our Global Sales Team at [email protected] .

Euronext FX reserves the right to revise this Fee Schedule (including discounts) at any time on 30-day notice.