|Key People||Stéphane Boujnah, Chief Executive|
Euronext is the first pan-European exchange operator, spanning Belgium, France, the Netherlands, Portugal, the UK and Ireland. It was formed in September 2000 and brought together markets which dated back to the 17th century. It operates Euronext Amsterdam, Euronext Paris, Euronext Brussels, Euronext London and Euronext Lisbon and Euronext Dublin, (formerly the Irish Stock Exchange), and Oslo Børs as subsidiaries.
The combined exchange lists about 1,300 stocks in the UK and Europe on its Universal Trading Platform. It also is the largest market for debt and funds with more than 37,000 bonds and 5,600 funds, plus 1,050 ETFs. It also offers FX trading and derivatives on its electronic platform.
Euronext ranked 25th among global derivatives exchanges by volume in 2019, with 144 million contracts traded, down 3.47 percent from the previous year, according to Futures Industry Association annual volume figures.
A publicly traded exchange, Euronext had a market cap of €4.2 billion in April 2019.
Euronext was formed on Sept. 22, 2000. It was the first genuinely cross-border exchange organization. Following the merger of the Paris, Amsterdam and Brussels exchanges in 2000, Euronext acquired the London-based derivatives market, the London International Financial Futures and Options Exchange (LIFFE), and merged with the Portuguese exchange, BVLP, in 2002.
Euronext integrated its markets with strategic business units and harmonized market rules and regulatory framework.
Euronext’s first IT integration was completed in 2004, when a four-year migration plan resulted in harmonized IT platforms for cash trading (NSC) and derivatives trading (LIFFE CONNECT), providing market participants a single point of access to trading. Euronext’s IT structure was rationalized in 2005 with the creation of Atos Euronext Market Solutions (AEMS), an IT services-related vehicle between Euronext and Atos Origin. With its merger with the NYSE, Euronext and NYSE's technology was integrated into a new Universal Trading Platform (UTP), which it continued to use following the IPO, and split from ICE in 2014.
It was acquired by the Intercontinental Exchange (ICE) on November 13, 2013 when the NYSE Euronext Group was purchased by ICE, and then was spun off in June 2014, when Euronext detached itself from ICE through an IPO. ICE sold the last of its shares in Euronext, completing its exit from the business, in December 2014.
The Euronext initial public offering, held on June 19, 2014, sold for €20 per share in an €845 million ($1.2 billion) transaction. The offering of 42.2 million shares, excluding stock allocated to the underwriters, was at the low end of the announced range of €19 to €25 euros. The stock trades in Paris, Amsterdam and Brussels under the “ENX” symbol. The deal valued the exchange at 1.4 billion euros, or $1.9 billion.
All of the 42,248,881 offered Shares were sold in the IPO, representing 60.36% of the total issued ordinary share capital of the company.   Before the IPO, ICE sold a stake of 33.36% to a group that included Banco Espirito Santo SA, BNP Paribas SA (BNP), ABN Amro Group NV, Societe Generale SA (GLE) and Euroclear SA/NV, at a price of €19.20 per share. 
In preparation for the "demerger" from ICE, Euronext reorganized its business and management team, promoting Amaury Dauge, its head of corporate planning, to the role of chief finance officer.  It also named Anthony Attia as chief executive of Euronext Paris, a role that will be independent of the holding company for the first time.
Euronext acquired 90 percent of FastMatch, an ECN for trading foreign exchange in May of 2017 for $153 million. It renamed the platform Euronext FX in April 2019. The name Fastmatch, refers to the trading technology that powers the system. 
In a move to expand the exchange group's exposure into a sixth "core" market, position itself for Brexit fallout, and tap into a hub for European ETFs, Euronext announced in November 2017 that it would purchase the Irish Stock Exchange for $163 million. It completed the deal, which granted it 100 percent ownership, in March 2018.
On January 14, 2019, Euronext launched a $729 million bid for Oslo Børs. Euronext already owned 5.1 percent of the bourse. Oslo Børs then invited rival bids following Euronext’s offer, noting the auction of shares was arranged by Oslo Børs’ majority shareholders without the knowledge of the exchange. Nasdaq subsequently made a rival bid for Oslo Bors that exceeded Euronext’s initial bid. By April 2019. both offers were equal at $791 million, or 158 Norwegian crowns per share. Norway's Ministry of Finance approved Euronext's bid to buy up to 100 percent of Oslo Børs on May 13, 2019 for $779 million, beating out Nasdaq's offer. The deal was unanimously approved by Euronext's shareholders on May 16, 2019, and closed in June 2019. Nasdaq formally withdrew its bid on May 27, 2019. 
The company moved into the digital asset space in July 2019, with a €5 million capital investment in Tokeny Solutions, which provides private market securities issuers technology that manages and transfers tokenized securities on a public blockchain. The company also includes compliance obligations in its smart contracts. Euronext took a 23.5 percent stake and has governance representation.
In November 2020, Euronext shareholders voted unanimously in favor of its acquiring Borsa Italiana from the London Stock Exchange Group (LSEG). Euronext entered into a binding agreement with the LSEG in October 2020 to acquire the exchange for €4.3 billion. The transaction is dependent on the European Commission’s approval of LSEG’s proposed $27 billion takeover of Refinitiv.
Euronext outlined its strategy in October 2019 out to 2022, announcing its "Let's Grow Together 2022" slogan. The plan, an extension of its 2014 strategy, called for Euronext to grow in corporate services, FX and data services and develop new initiatives in sectors such as investor services, post trade and new asset classes. The company plans to expand its IPOs by strengthening support and processes for technology and small and medium sized firms. It aims to expand its debt and funds business, including green bonds. It also wants to expand its commodities derivatives, add FX derivatives. And it plans to invest in advanced data and build analytics products and "exploit the power" of Optiq, its trading platform to create an entire ecosystem of products and services, With the acquisition of Oslo Bors VPS, Euronext aims to transform its post-trade services into value-added solutions for customers.
As part of that growth strategy, in June 2020, Euronext launched a new suite of ESG products and services, including a new Euronext ESG 80 index and derivatives, expanded ESG bonds offering, new ESG services for listed companies, and an alignment of the Low Carbon 100 index to the Paris Agreement. It also endorsed the UN Global Compact's Ocean principles.
Organic revenue growth was projected at 2% to 3% on a compound annual growth rate from 2018 to 2022. The 2022 target for Earnings before interest, taxes, depreciation, and amortization (EBITDA) is 60%.
|Year||Total Annual Volume*||Percent Change|
Products and Services
On May 1, 2014, Euronext announced that it would launch central clearing to facilitate the trading of Exchange for Physicals (EFP) on index futures. The service will be available first on CAC 40® and AEX-Index® Futures and is expected to be fully operational in the first quarter 2015. The EFP trading will use LCH.Clearnet as the CCP.
On July 16, 2014 Euronext announced the launch of weekly expiry dates on its CAC40 and AEX future contracts. This initiative is the first of its kind in Europe. It is designed to complement the traditional monthly or quarterly expiry. The launch is planned for the fourth quarter of 2014.
On Oct. 8, 2014, the exchange announced that it had received approval from the SEC to offer Dutch and Belgian equity and equity-index options to certain eligible US investors. It also received an extension to the current arrangements on equity option contracts available for trading on Euronext Paris. Qualified US investors are already able to trade index futures on the AEX, CAC40, BEL 20 and all Euronext commodity products.
In April 2015 Euronext announced plans to launch an Inter-Commodity Spread facility at the end of the month to enable customers to trade spreads between its main wheat contract and it's new No. 3 premium wheat contract, which began trading in March 2015. The facility is intended to boost liquidity in the No. 3 contract. The No. 2 contract is a price benchmark in Europe.
On June 1, 2015, Euronext announced the launch of three country indices: the Euronext Germany Index GR (ENDEG); the Euronext Italy Index (ENITI); and the Euronext Spain Index (ENESI). The indices will serve as the underlying for new index futures and index options, which will be available for trading in the third quarter of 2015. The country indices are composed of the 30 companies with the highest free float market capitalization listed on the main markets of the respective country, with a free float higher than 15 percent and a 12 month velocity score of 20 or more.
On September 28, 2015, Euronext announced the launch of the Euronext BeNe 40 Equal Weight Index, composed of the 40 most traded companies included in the Belgian and Dutch markets, the BEL 20® and AEX® indices. The index is designed to act as an underlying for exchange traded funds (ETFs) and other investable products, such as structured products.
On October 26, 2015, Euronext announced the launch of AtomX, a new service designed for investors looking to bilaterally negotiate trades. AtomX will allow users to customize and trade options and futures, each of which will be cleared through LCH Clearnet. The launch came at a time when regulators were calling for more compliance and transparency in the clearing of over-the-counter derivatives.
On May 10, 2016 Euronext announced plans to launch the first physically-deliverable futures contract for nitrogen solution in the fall of 2016. The contract is aimed at the European market and intended to complement the group’s commodity futures offering.
On February 15, 2017 Euronext said it would launch a block trading services for large orders in European equities in mid-2017, using technology from New York-based AX Trading. The service will combine a continuous order book with auctions and both conditional and firm order types.
- Stephane Boujnah, CEO and Chairman of the Managing Board
- Lee Hodgkinson, Head of Markets and Global Sales and CEO of Euronext London
- Adam Rose, Head of Financial Derivatives
- Danielle Ballardie, Head of Cash Markets
- Benjamin Fussien, Head of Exchange Traded Funds & Investment Funds
- About Us. Euronext.
- Euronext Equities. Euronext.
- 2019 Annual Volume Survey. Futures Industry.org.
- Euronext Market Cap. YCharts.
- Euronext Detaches From ICE Through $1.2 Billion IPO. Bloomberg.
- ICE Sells Remaining Euronext Stake, Profiting From 23% Rally. Bloomberg.
- Euronext Detaches From ICE Through $1.2 Billion IPO. Bloomberg.
- I.P.O. Values Euronext Exchange Operator at $1.9 Billion. The New York Times.
- Euronext IPO priced at €20 per share. ICE.
- Intercontinental Exchange to Spin Off Euronext. The New York Times.
- ICE Plans Euronext IPO Before Summer After Partial Sale. Bloomberg.
- 8 core investors back Euronext listing. Business World.
- Euronext reports first-quarter profit of $36 mln ahead of IPO. Reuters.
- Euronext reshuffles management ahead of IPO. The Financial Times.
- Euronext Acquires 90% of FastMatch for $153m. Seeking Alpha.
- Euronext’s Fastmatch becomes Euronext FX. Euronext Release.
- Euronext Buys Irish Stock Exchange for ETFs in Brexit Play. Bloomberg.
- Euronext completes the acquisition of the Irish Stock Exchange. Press Release.
- Euronext launches $729 million bid for Oslo bourse. Reuters.
- Euronext ups offer for Oslo Bors in bid to fend off Nasdaq. The Financial Times.
- Euronext Secures Majority Backing for Oslo Bors Bid. Reuters.
- Nasdaq makes move to acquire Oslo Bors by outbidding Euronext. The Trade News.
- Nasdaq, Euronext deemed fit and proper owners of Oslo Bors. Reuters.
- Norway clears way for Euronext to secure Oslo Bors in Nasdaq battle. Reuters.
- Euronext closes in on Olso Børs acquisition. The Trade.
- Nasdaq Withdraws Offer to Acquire Shares of Oslo Børs VPS. Press Release.
- Euronext completes the acquisition of Oslo Bors VPS. Press Release.
- Euronext invests in Tokeny Solutions, the compliant tokenization platform. Press Release.
- Euronext shareholders unanimously vote in favour of Borsa Italiana deal. The Trade News.
- “LET’S GROW TOGETHER 2022” MAPS PATH TO BUILD THE LEADING PAN-EUROPEAN MARKET INFRASTRUCTURE. Press Release.
- Euronext launches suite of ESG products and services to empower sustainable growth. Euronext.
- About Euronext. Euronext.
- Euronext launches world's first index based Exchange for Physicals CAC 40® INDEX FUTURES AND AEX-INDEX® FUTURES. NYSE Euronext.
- Euronext launches weekly expiry dates on CAC40® and AEX® futures. Euronext.
- Euronext opens Dutch and Belgian equity options markets to US investors. Euronext.
- Euronext to offer wheat spread trading to boost new contract. Reuters.
- Euronext launches country indices for Germany, Italy and Spain. Euronext.
- Euronext launches the Euronext BeNe 40 Equal Weight Index. Euronext.
- Euronext Unveils AtomX Service for OTC Trading. Finance Magnates.
- Euronext Launches its First Nitrogen Fertiliser Futures Contract. Euronext.
- Euronext plans European block trading service. Finextra.