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Trading platform

When setting up issuance contracts, the issuing company or its advisor chooses whether the securities are listed on a quoted market, with a blockchain-based order reconciliation mechanism.
The market infrastructure is operational 24 hours a day, every day of the year.
Characteristics of orders available on the listed market operated by EuroSX :
  • Buy or sell order
  • Number of securities concerned by the order
  • Time in force (TIF) options
    • Good Til Cancel (GTC) : the order is considered valid until cancelled.
    • Day order : the order is valid for 24 hours from the time it enters the blockchain.
    • Immediate or Cancel : the order is presented to the order book for immediate execution. If there is a remainder, it is cancelled and not stored in the order book.
  • Order types
    • Limit orders: to buy at a maximum price or sell at a minimum price, provided the price limit has been reached.
    • Trigger threshold: is triggered when a threshold is reached.
    • Trigger range: similar to the trigger level, it incorporates an upward and a downward threshold.
    • Market: this order is reconciled with available counterparties in order of priority. It is therefore fully executed if there are sufficient counterparties.
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Time in Force Day order and GTC are not available for market orders, as these cannot be present in the order book after they have been placed.

Listed market reconciliation rules

Execution on the listed market follows the rule of best price followed by the order of arrival in the order book, i.e. the following priorities:1. Best price: highest bid price, lowest ask price.2. First come, first served.

Post-only option

This option is available for limit orders with a trigger threshold or range. It ensures that the order is placed in the book, and therefore does not execute the liquidity present with a taker's fee.

Self-matching prevention (SMP)

EuroSX's listed market platform enables you to set up a protection that prevents orders of similar origin from being matched together, to guarantee your trading strategy.
3 levels of protection are available:
  • Account passing the order ;
  • Customer (ordering party's organization) ;
  • Group (a group of organizations that have decided to pool their investment strategy).

Delisting

The platform allows you to integrate mandatory and voluntary delisting clauses:
  • Mandatory delisting: in certain cases where the company has been condemned, and if the valuation of the shares falls below a threshold proportional to the IPO amount.
  • Voluntary delisting: via a decision by a holder of more than 95% of the shares, which may require a compulsory buyout offer (OPRO), or by setting thresholds in the issue contract on valuation and minimum traded volume.

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