Extended trading hours

Each instrument trading on Euronext has its own dedicated page on the Euronext live.euronext.com website. 

Each Warrants & Certificates instrument page has two sub-pages:

• A ‘Quotes’ sub-page, which contains market data, price and volume information.
• A ‘Characteristics’ sub-page, which contains a lot of referential information about the instrument itself.

The Opening Time and Closing Time of each W&C instrument can be found on the ‘Characteristics’ sub-page, inside the ‘Trading Information’ content block.  

Check the list below to see if your retail broker or distributor offers access to Extended Trading Hours (ETH). 

Some retail brokers and distributors choose not to have their names displayed, so if you do not see your retail broker or distributor in the list, please contact them and ask them if they offer access to ETH, and if not, when they plan to do so.
 

I could see my order in the orderbook before 18:30 CET, but I can no longer see it during the extended trading hours phase, even though it has not been executed or cancelled. Why is this?

If your retail broker or distributor does not offer access to Extended Trading Hours (ETH), the orders you have submitted through them are not valid for trading during ETH and therefore cannot be executed during ETH.

At the switch between normal trading hours and ETH:

• All Day orders submitted by trading members who do not participate in ETH are cancelled because they have reached the end of their time validity.
• All Good Till Date orders that have reached their last day of validity, and were submitted by trading members who do not participate in ETH, are cancelled because they have reached the end of their date and daily time validity.

All Day orders that have not yet reached their last day of validity, and were submitted by trading members who do not participate in ETH, are temporarily removed from the orderbook because they have reached the end of their daily time validity for that trading day, and are recycled for the next trading day (see Good Till Date Order Recycling for more information).  

If you cannot send orders on an instrument which is open for trading during Extended Trading Hours (ETH), it is most likely because your retail broker or distributor does not offer access to ETH.

We would suggest that you contact your broker or distributor to confirm this, and ask them when they plan to offer access to ETH.    

If you see trades made after 18:30 CET at the same price limit as your order, or worse, but your order was not executed, it is highly likely that your retail broker or distributor does not offer access to Extended Trading Hours (ETH). 

If this is the case, orders that you send via your retail broker or distributor are valid until 18:30 CET only and will therefore not participate in trading past 18:30 CET:

• If your order was a Day order, or if it was the last day of validity of a Good Till Date order, your order was cancelled at 18:30 CET when the market switched into ETH.
• If your order is a Good Till Date order which has not yet reached its validity date, it was temporarily removed from the orderbook at 18:30 CET when the market switched into ETH, and it will be recycled and valid again from the next trading day (see GTD Order Recycling for more information).

We suggest that you contact your retail broker or distributor and ask them if they offer access to ETH, and if not, when they plan to do so.        

If your retail broker or distributor does not offer access to Extended Trading Hours (ETH), unfortunately there is no easy way for you to be able to trade Warrants & Certificates during ETH.

The first suggestion we would make would be to contact your retail broker or distributor and ask them if they plan to offer access to ETH in the near future. If they don’t, your only other option would be to use another retail broker or distributor who is offering access to ETH.

When choosing a retail broker or distributor, be aware that not all brokers  send their client orders to Euronext. Some of them may choose to send their client orders to OTC (Over The Counter) trading platforms, where investors trade with issuers directly, without no trading venue or exchange such as Euronext acting as a marketplace.

A trading venue like Euronext plays an important role in investor protection, particularly for retail investors. Trading venues have rulebooks and trade cancellation policies that are approved and enforced by one or several regulators. Their Market Surveillance teams monitor the markets in real-time to detect any market abuse. Their mission is to ensure that all market participants act in a fair and orderly way.

In the case of Warrants & Certificates, if an investor has any issue with a particular instrument trading, its retail broker or distributor will be able to contact Euronext Market Surveillance who will investigate directly with the issuer and/or liquidity provider and take any appropriate actions if need be.