Search Contact Best of Book Get the best price for your retail orders Are you looking for Best Execution? Ask your broker to send your orders to Euronext’s Best of Book Invest on the Exchange in a safe, regulated and supervised environment. Trade against the full range of retail and institutional investors, with access to the best prices Access on the Euronext central order book, where the liquidity is the deepest in Europe Benefit from a pool of liquidity providers dedicated to retail orders, whose mission is to offer you the best quotes available Measure the execution quality of your orders yourself with reports from an independent data provider BoB is available for stocks on all Euronext regulated markets in Amsterdam, Brussels, Dublin, Lisbon, Oslo and Paris. You can be sure you are getting the best price for your orders. BoB prices are measured against the European Best Bid and Offer (EBBO). The EBBO is a benchmark price based on third-party best execution analysis. It is the best possible price available across all the European venues on which the instrument could have been traded at the time of the trade. On average in 2020 99% of the time BoB offers best execution for orders Over €40 million saved by retail investors In 17% of those cases, execution was better than EBBO (source: QuantHouse) €1.11 Average price improvement per trade Learn more, download our BoB brochures FOR INVESTORS (EN) FOR BROKERS (EN) FOR INVESTORS (FR) Previous Next media Want to know more about trading on the Exchange? INTERVIEW WITH OUR HEAD OF RETAIL TRADING, ROLAND PREVOT Check out the interview with Roland Prevot, Head of Retail, Cash Equity Market at Euronext, hosted by Liv’Invest, the new French digital rendez-vous for retail investors (interview in French). REPLAY Why is our Best of Book a better model for retail investors? Payment For Order Flow (PFOF) Is free trading really free for retail investors? EURONEXT CARRIED OUT A STUDY ON THE PRACTICE OF PAYMENT FOR ORDER FLOW: To protect retail investors, European regulators have implemented a law to limit a practice called “Payment For Order Flow”. Payment For Order Flow involves a broker being remunerated for routing its own client’s orders (the investor) to a specific trading venue. This can be a trading platform or a select group of counterparties. Examples of such counterparties are Systematic Internalisers or High-Frequency Traders. The European regulation bans intermediaries from receiving any benefit, whether monetary or not, for routing client orders to a particular venue if it would create a conflict of interestTo get round this, some platforms have developed set-ups that indirectly benefit the intermediary. These set ups resemble a Payment For Order Flow model. One example is the ‘zero fee’ mechanism. Platforms offer free trading to intermediaries sending orders from retail (non-professional) investors. These platforms charge relatively high fees for accessing the platform to market makers (the firms who will buy or sell those orders). Market makers are happy to pay the platform fees since they will be the single counterparty to the trade. That means that they can choose the execution price and time of the retail investor’s order, giving them an advantage over the investor. This is in contrast to trading on an exchange, where multiple market makers compete to provide the best price for the investors. In these models, market makers ultimately benefit from a better execution price than retail investors. This practice is therefore unfavourable to retail investors. It does not meet best execution requirements. Media coverage F2iC French federation for retail investors and investment clubs Fédération des Investisseurs Individuels et des Clubs d'investissement Inform@ctions December 2020 - Bourse : Zéro commission ne veut pas dire zéro coûts (page 4) ARTICLE (FR) Partageons l’Eco Free trading, alternative exchanges, what comparisons between the exchange and alternative platforms? Trading sans frais, bourses alternatives : quelles comparaisons entre la bourse et les plateformes alternatives ? ARTICLE (FR) Euronext Research papers BoB versus Apex No free lunch - trading on Apex more costly than on Best of Book. QUANTITATIVE RESEARCH Contact Roland Prevot Head of Retail, Cash Equity Market at Euronext rprevot@euronext.com COMPANY ESG | Empowering Sustainable Growth About Investor Relations Careers Media Regulation MARKETS Amsterdam Brussels Dublin Lisbon Milan Oslo Paris LinkedIn Twitter YouTube Footer Small Print Menu © 2021 Euronext Privacy Statement Terms of Use More info Strictly Necessary Cookies Performance Cookies Save preferences Accept all cookies Withdraw consent