Euronext FX Launches Symmetric Skew Masking

After a soft launch in January 2026, Euronext FX has officially launched its Symmetrical Skew Mask (SSM), designed to help liquidity providers on its platform limit information leakage from their pricing.

The firm says SSM gives LPs “greater comfort” when showing skew, and also improves top-of-book for takers. It does this by hiding non-symmetrical quotes relative to the Euronext FX mid, only showing them when there are two or more SSM LPs with opposing interest. Symmetry is enforced continuously on price, size and distance from mid between two opposing SSM LPs, it automatically slides one side of eligible pricing until symmetry is achieved, so more liquidity goes lit while SSM’s protection against skew leakage stays the same. Notably, Euronext FX says there is no change to LP workflows.

Symmetry only activates if both LPs use SSM and are open to the same taker and pair; otherwise the quote stays dark, Euronext explains. It adds that since the soft launch at the start of the year, the pilot now encompasses 22 currency pairs and eight active LPs. In October, SSM saw an average of 725 daily trades for average daily volume of just under $600 million – a new high. Since launch, Euronext says there have been 73,729 SSM fills.

“SSM LPs increase their price distribution, reducing their time to get filled by adding liquidity to non-skew safe pools while protecting the directional bias of their skew,” the exhcnage group states. “[There are also] improved trade outcomes from showing lit interest closer to the top of book.”