Fee grid for Cash Equity Markets

Fee grid for Cash Equity Markets

As part of Euronext group efforts to support the development of small and mid-cap markets, the structure of our cash equities fee schemes will change in order to simplify and offer more flexibility. This new fee scheme will induct lower trading costs for brokers who meet certain criteria in respect of volumes and equity research coverage.

As of 1 March 2016, brokers will be able to choose the tariff that best fits their trading profile:

  1. The default option, which is the simplest tariff and consists in a sliding scale basis point structure that removes the distinction between blue chips, SMEs and auctions.
  2. The alternative option, which is a more granular tariff that reproduces the basic features of the current structure, albeit in a simpler form (i.e. blending small and midcaps stocks and auction in a single category and enlarging blue chips perimeter).
  3. The EnterNext Champion status, which is anew fee grid targeting local intermediaries supporting liquidity and research on the small and midcap stocks.

To know more on this new trading fee guide :

The launch of the EnterNext Championstatus is part of the continuous efforts undertaken by EnterNext to support equity research, liquidity and the business model of local brokers.

To access the list of EnterNext equities stocks

2014 incentive programme

In 2014, EnterNext launched an  initiative to support brokers’ financial analysis work on SMEs via a fee incentive scheme. This programme included

  • Exemption from order fees on all stocks covered
  • Discounts on trading fees on all stocks covered:

 A stock was eligible if included in the EnterNext segment and enjoying Continuous Equity Research Coverage, which requires the broker to meet all three of the following criteria:

  • Provide qualitative analysis of the relevant issuer’s strategy and recent developments, as well as financial forecasts and valuation models to arrive at a price target and an investment recommendation.
  • Issue an annual equity research note and information notes regarding any corporate event likely to influence the stock price.
  • Make this research available to all customer contacts and through the broker’s marketing channels.

As of March 2016, this incentive programme will be replaced by the implementation of a new trading fee grid that offers flexibility and supports liquidity on small and mid-caps stocks.