Services - Zenith

Connecting institutional trading participants to pan-European liquidity

How Zenith works

We provide access to Best Execution for orders using a virtual consolidated order book. This combines our order book with visible price depth from major European primary and secondary lit markets. This unique calculation gives institutions access to Europe-wide liquidity, using a single exchange connection to Equiduct.

We do things differently

As Equiduct is a market segment of Börse Berlin — a Regulated Market — we operate a non-discretionary trading system with open and fair access. In a traditional model, liquidity providers set the prices they will buy and sell stocks for. At Equiduct, we set the price our Liquidity Providers stand behind, based on the best prices visible in the consolidated book.

Benefits of connecting to Zenith


Best execution trading with low market impact

Trade the full quantity at the EBBO in a single execution with no automatic impact to the venues that contribute to price formation


Not subject to double volume caps

Equiduct is a fully lit pre-and post-trade Regulated Market, meaning the Zenith service does not operate under a reference price waiver or negotiated trade waiver and is therefore not subject to the double volume caps

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Counterparty Choice

Participants can elect to use an interoperable central counterparty (CCP) or settlement can take place bilaterally, where possible, between a broker and an LP


Access to Market Data

Additional option to access market data, at a reduced cost or which can be offset against trading fees

How it works

Zenith brochure

Interested in the finer details? Download our brochure now for a more in-depth look at the service.

Get in touch

Chat to a member of our team and find out how our service enables institutions to deliver Best Execution to their clients more easily.

Become a member

Interested in joining us? Find out more about our services membership options.

Interested in becoming a liquidity provider?

We do things differently at Equiduct.
By creating opportunities for resting liquidity and partnerships based on transparency and trust, we get the best results for everyone.