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Structured Products - Warrants - Certificates - Structured Notes
Structured Products - Warrants - Certificates - Structured Notes
Trading Warrant & Certificates and Structured Notes on Euronext
The Euronext Structured Products trading platform focuses on investor protection, market quality and efficiency.
Our Warrants & Certificates and Structured Notes market model combines the benefits of a Central Order Book trading and Request For Quote (RFQ).
Structured products directories
National indices
| Indices | Dernier | Day change % | +/- | Day high | Day low |
|---|---|---|---|---|---|
| AEX | 947,77 | -0,20 % | -1,87 | 953,74 | 947,77 |
| BEL 20 | 5 013,35 | +0,36 % | +18,00 | 5 023,52 | 4 982,57 |
| ISEQ 20 | 2 129,07 | -0,14 % | -2,98 | 2 133,65 | 2 115,31 |
| PSI | 8 238,67 | +0,23 % | +19,02 | 8 248,25 | 8 175,84 |
| MIB ESG | 1 888,24 | +0,32 % | +5,94 | 1 889,72 | 1 878,30 |
| OSEBX BENCHMARK | 1 625,29 | +0,57 % | +9,29 | 1 626,97 | 1 613,07 |
| CAC 40 | 8 122,03 | +0,43 % | +34,61 | 8 137,65 | 8 098,09 |
Activity reports
| 30/11/2025 |  |
November 2025 |
Trading measures
Statut de négociation “Bid-Only”
“Bid-Only” est un statut de négociation qui indique que l’apporteur de liquidité (généralement l’émetteur) se situe uniquement du côté de l’offre (achat) dans le carnet d’ordres. En d’autres termes, l’apporteur de liquidité rachète seulement les produits qui ont déjà été vendus aux investisseurs et ne vend pas d’autres produits.
La négociation de Turbos aux Pays-Bas
Le régulateur néerlandais AFM a annoncé des mesures d’intervention pour la négociation et les émissions de turbos. Ces mesures ont pour objectif de protéger les investisseurs aux Pays-Bas, en empêchant les participants de marchés tels que les émetteurs de turbos, les apporteurs de liquidité et les teneurs de marché, d’offrir des produits aux investisseurs particuliers si leur effet de levier est au-dessus de limites spécifiques fixées par l’AFM (les mêmes limites que celles actuellement appliquées pour la négociation de contrats pour la différence).
Extended Trading Hours
Extended trading hours on Euronext Structured Products pan-European MTF (Euronext Access Paris).
Q&A Warrants & Certificates
Learn all about listing and trading Structured Products on Euronext markets.
Why trade Warrants & Certificates on Euronext
The Euronext Warrants & Certificates trading platform focuses on investor protection, market quality and efficiency.
Our Warrants & Certificates market model combines the benefits of a Central Order Book trading and Request For Quote (RFQ).
Unique market model: the Request For Execution (RFE) market model
Euronext's Warrants & Certificates market model combines the benefits of a Central Order Book trading and Request For Quote (RFQ).
- Investors can leave Limit and Stop Orders in the order book.
- Requests For Execution (RFE) are sent to the Liquidity Provider (LP) of an instrument whenever two orders can match. The LP can update trading thresholds and quotes if need be, ensuring executions at the most up-to-date prices.
- Access a unique type of Stop Loss for Warrants & Certificates: the Stop-On-Quote order. The activation is based on the liquidity provider's quotes rather than last traded price.
- Warrants & Certificates can be traded between 08:00 CET and 22:00 CET*.
- Some products can benefit from specific features such as:
- Knock-In By Issuer (KIBI) to replicate intraday listing
- Knock-Out By Issuer (KOBI) to suspend trading in real time following a knock-out event
- Payment After Knock-Out (PAKO) to facilitate intraday residual value payment.
*Ask your broker if he offers trading until 22:00 CET.
Investor protection
- For investor protection, it is not possible to trade outside of the liquidity provider's bid-offer spread
- At worst, investors will trade against the liquidity provider. At best, investors will trade against each other. Such trade will happen inside the liquidity provider's bid-offer spread, improving execution price.
- To prevent trading at aberrant prices, order books are suspended if the liquidity provider is absent.
Market quality and efficiency
- To ensure investors can trade at all times, the issuer must appoint a liquidity provider for each Warrant or Certificate.
- Liquidity providers sign an agreement with Euronext, binding them to performance obligations such as minimum presence time or minimum bid and offer quantitites.
- To improve efficiency and transparency, Euronext makes liquidity provider performance publicly available.
- Trading against other investors inside the liquidity provider's bid-offer spread can also result in execution price improvement.
- All trading activity is monitored in real time by Euronext Market Surveillance.
Three market models for Structured notes
Issuers and investors have the choice of three market models for trading Structured Notes on Euronext.
Continuous Trading: Hybrid market model
- Also known as Request For Execution (RFE) market model
- Requests For Execution (RFE) are sent to liquidity providers. LPs can update trading thresholds and quotes if need be, ensuring executions at most up-to-date prices
Continuous Trading: Order Driven market model
- Trading takes place in a Single Order Book common to Euronext Amsterdam, Brussels and Paris
- Investors, market makers and liquidity providers can send market, limit and stop-loss orders
Auction Trading: Single or double daily auctions
- For Structured Notes not requiring continuous trading
- Trading takes place once or twice a day resulting from a single or double auction
What are Warrants & Certificates
