Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.
French banking group Societe Generale announced that it will start offering retail investors Euronext’s best execution service, “Best of Book”. The bank’s French customers will now be able to benefit from of order execution on the exchange at a competitive price.
Euronext’s Best of Book has over 30 brokers connected, including the entire broker community from its French, Belgian, Dutch and Portuguese markets. The exchange has recently acquired 100% of The Irish Stock Exchange for €137 million.
Best of Book was launched in November 2016 to provide brokers with superior execution quality in terms of price, speed, and likelihood of execution for the 550 most liquid shares listed on Euronext markets. The service facilitates compliance with regulatory requirements for best execution for retail customers under MiFID I and MiFID II.
Laurent Goutard, Head of Societe Generale Retail Banking in France, said: “By offering Best of Book to our investor clients, Societe Generale guarantees the best execution of their buy and sell trades on European markets. Our customers gain access to better prices for over 550 Euronext shares, including the Societe Generale share. This solution is transparent and complies with new regulations (MiFID II), and another reason to invest in shares directly through our app or our website.”
Specialized liquidity providers compete openly to offer quotes that are at or better than the European Best Bid and Offer. Euronext partnered with market quality specialists LiquidMetrix to supply Best of Book clients proof of best European execution of their trades through daily reports.
Anthony Attia, Chief Executive Officer of Euronext Paris, commented: “Our partnership with Societe Generale is a milestone in the expansion of our Best of Book offer. Together, we will support retail investors by providing a transparent and cost-efficient order execution service.”
Earlier this year, Euronext acquired 80% of InsiderLog. a capital of insider list management firm. The company also acquired a $10 million minority stake investment in fixed income technology provider Algomi.
FastMatch, the Forex ECN recently acquired by Euronext, reported increased trading volumes in February, 2018 at $21,113 million, up +27.3% YoY and up +1.6% MoM. The exchange acquired 90% of FastMatch for $153 million and earn-outs of up to $10m.
When the deal was announced, Stéphane Boujnah, chief executive of Euronext, commented: The acquisition of FastMatch breaks new ground for Euronext, through expansion into the FX market which is the world’s largest traded asset class.”