Estadísticas › Intraday y microestructura de mercado › Order to trade limits
European rules set no maximum order to trade ratio, so every limit is an exchange price list
| Venue or source | Threshold | Charge | Scope |
|---|---|---|---|
| European technical standard | None set | None prescribed | Defines the two formulas and the message counting rules only |
| Euronext, equities and rights | 100 to 1, daily, at member group level | EUR 0.10 per excess order | Market making accounts exempt |
| Euronext, structured products | 5 to 1 | EUR 0.20 per excess order | Same basis |
| Deutsche Boerse, German blue chips | 10,000 base load, ratio 1,000 | 1, 2 and 3 euro cents by tier | Transactions per trade, with a five day refund rule |
| Deutsche Boerse, European products | 100,000 base load, ratio 10,000 | 0.1 to 0.3 euro cents | Same mechanism, different parameters |
| Eurex | Excessive system usage parameters | EUR 0.05, 0.10 and 0.25 tiers | Tolerance of fewer than four violations a month |
Price lists effective in 2026. The European technical standard requires venues to set a ratio and to monitor it, and leaves the number and the consequence entirely to the venue. That is why the limits differ by two orders of magnitude between product classes on the same exchange.
The technical standard defines how to calculate the ratio and sets no number and no penalty. The limits traders actually face are commercial: one exchange charges ten cents per order above 100 orders per trade, another meters message traffic per instrument class.
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