Euronext unveils best execution tool ahead of MiFID II

Best of Book aims to improve price on over 550 stocks listed on Euronext markets.

Pan-European exchange Euronext has announced the launch of its best execution solution ahead of the MiFID II deadline in January in 2018.

‘Best of Book’ aims to provide users with price improvement on over 550 stocks listed on Euronext markets, traded through the exchange’s central order book.

Euronext said the tool works by adding a layer of liquidity for retail flow and a group of ‘dedicated liquidity providers’ compete to offer quotes that are placed at, or better than, the European best bid and offer.  

Best of Book pre-launched in the third quarter this year and saved an average of 9.78 basis points per trade for investors.

Lee Hodgkinson, head of markets and global sales at Euronext, explained complexity in the trade process “has increased proliferation of trading venues and fragmentation of liquidity.”

“By launching Best of Book, ahead of MiFID II, we will deliver benefits of competition to end investors in a fair, competitive, transparent and highly regulated environment,” he added.