A pioneer Best Execution innovation, now with price improvement

Using Equiduct’s VBBO price formation, Apex provides commission-free Best Execution for retail broker by consolidating liquidity from 13 European primary markets, 2 secondary venues, Equiduct’s own CLOB and our new retail only liquidity (ALP orders) provided by Apex Liquidity Providers. Apex also ensures transparency by providing MiFID II-compliant execution quality reports, giving brokers and clients confidence in trade outcomes.

Discover Equiduct
Apex, where retail
investors come first.

How does Apex work

The one-stop-shop solution for Retail Brokers

As a multilateral, regulated market, Equiduct offers a complete commission-free service for all type of retail orders, including an opening and closing cross at the primary market price and the ability for retail orders to trade aggressively against the VBBO and/or ALP liquidity and passively in Equiduct’s central limit order book, accessed by all trading participants.

Additional protections for resting orders include automated trading against liquidity providers due to changes in the EBBO and protection against orders being traded through on the relevant primary market (Limit Order Protection).

Seamless access to
European liquidity

improved pricing and superior execution results.

Key Apex features
for resting orders

Opening and Closing Cross

Equiduct’s opening and closing cross enables trading at the same prices set by the primary market.

Apex Retry

Equiduct’s Apex Retry enhances the speed and likelihood of resting order execution by auto-trading against Liquidity Providers when an order matches the EBBO – a unique feature exclusive to Equiduct. Executions following normal book priority rules for Equiduct’s central limit order book.

Limit Order Protection (LOP)

LOP provides additional protection to resting retail orders where a trade occurs on the primary market at a price better than the resting order limit price, Equiduct automatically generates an LP order to execute the volume traded through on the primary market. Executions following normal book priority rules for Equiduct’s central limit order book.

Benefits to
the Broker

Essential features for
efficient, cost-effective, and
seamless trading

Best Execution

Access to evidenced Best Execution at the VBBO, on the CLOB or vs ALP Liquidity. Apex provides third party daily execution quality reports.

Cost Reduction

Apex members pay no execution fees and benefit from lower clearing costs, helping retail brokers reduce their overall operating cost line.

Flexible Connectivity & Integration

Apex offers full pre- and post-trade transparency, meeting MiFID II requirements and supplying detailed daily execution quality reports, helping brokers demonstrate regulatory compliance to clients.