Wiener Börse has launched an Auction Volume Discovery (AVD) order functionality on the Vienna and Prague Stock Exchanges, effective 1 June 2026.
The new offering will allow both institutional and retail market participants operating on these exchanges to place orders executed exclusively at auction prices, spanning the opening, intraday or closing auction.
Specifically, the functionality aims to unlock previously untapped auction liquidity, by allowing orders to be activated only after auction price has been determined and executed exclusively against the remaining surplus or against other AVD orders.
Through this, market participants are expected to benefit from greater opportunities to execute larger volumes on either the Vienna or Prague Stock Exchange, while avoiding the risk of price impact.
Speaking to The TRADE, Christoph Boschan, chief executive of Wiener Börse, said: “AVD makes additional liquidity accessible exactly where it matters most. It’s an offer to our market participants for block trading in auctions without interfering with price formation. With AVD, we are strengthening on-exchange offering and reinforcing auctions as a central pillar of high-quality execution.”
Wiener Börse’s AVD expansion also leverages T7 trading technology from Deutsche Börse.
The launch of the AVD order functionality aligns with the wider trend of auctions becoming increasingly important across equity trading in European markets, as well as growing demand for new ways to interact with liquidity at auctions.
In December 2025, Euronext launched its own AVD order type for equities, as part of an effort to unlock additional liquidity for clients during auction periods.
The offering aims to allow participants using the AVD to make use of the auction imbalance and access unique trading opportunities around opening and closing auctions.
Elsewhere, in December, LSEG’s plans to upgrade its after-market trading session, Closing Price Crossing (CPX) to include iceberg and hidden orders post-close went live, allowing traders to participate without revealing their full size and eliminating the need for participants to provide full pre-trade transparency.
Similarly, in April 2023, SIX Swiss Exchange unveiled its AVD functionality built off the firm’s dark pool, SwissAtMid, to provide asset managers with the option to execute orders without being visible to the wider market, as exclusively revealed by The TRADE at the time.