Euronext
| Euronext | |
| |
| Founded | 2000 |
|---|---|
| Headquarters | Amsterdam, Netherlands; Paris, France |
| Key People | Stéphane Boujnah, Chief Executive |
| Employees | 2,383 |
| Website | www.euronext.com |
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.[1] 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 UK and European stocks on its Universal Trading Platform. It is also 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.[2]
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.[3]
The exchange is publicly traded and had a market cap of $16.06 billion in September 2025.[4]
History[edit]
Pre-Merger History[edit]
The origins of Euronext trace back centuries, rooted in the development of European exchanges long before the group’s formation in 2000. The bourse concept can be traced to Belgium, but global financial innovation took hold in Amsterdam in the 15th century, where the world’s first corporate shares were traded. In 1400, Amsterdam established itself as a centerpiece of international commerce.
Italy’s Milan exchange began with the decree of Viceroy Eugene Napoleon in 1808, while Paris saw its stock exchange founded in 1724 under King Louis XV. Meanwhile, Oslo’s exchange, initially called Christiania Børs, was founded in 1819 to serve regional merchant interests.
European exchanges led in social change as well. Amsterdam and Dublin were the first to admit women as members. In 1923, the Amsterdam Exchange, followed by the Dublin Exchange, became the first to allow women as exchange members when Henriette Deterding and Jonah Keogh joined the two exchanges.[5]
In 1978, Amsterdam introduced the first options exchange in Europe, signaling a new era for derivatives trading.
Innovation continued by the late 20th century, with Euronext’s flagship milling wheat futures contract launching in Paris in 1998.[6]
Post-Merger History[edit]
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 ICE purchased the NYSE Euronext Group. Then it was spun off in June 2014, when Euronext detached itself from ICE through an IPO.[7] ICE sold the last of its shares in Euronext, completing its exit from the business, in December 2014.[8]
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. The stock trades in Paris, Amsterdam, and Brussels under the “ENX” symbol.[9] The deal valued the exchange at 1.4 billion euros, or $1.9 billion.[10]
All 42,248,881 offered Shares were sold in the IPO, representing 60.36% of the company's total issued ordinary share capital. [11] [12] 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.[13] [14]
ICE separated NYSE and its derivatives exchange Liffe from Euronext ahead of the planned IPO. [15]
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. [16] 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. [17][18]
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.[19][20]
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 that Oslo Børs’ majority shareholders arranged the auction of shares without knowing the exchange. Nasdaq subsequently made a rival bid for Oslo Bors that exceeded Euronext’s initial bid by April 2019. Both offer an equal of $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.[21] [22][23][24][25][26][27][28][29]
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 with 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.[30]
Euronext acquired Nord Pool, the second-largest power market in Europe, in 2020. This marked the exchange's entrance into the power markets and contributed to its ambition to increase its presence in the Nordic region.[31]
In November 2020, Euronext shareholders voted unanimously in favor of its acquiring Borsa Italiana from the London Stock Exchange Group (LSEG). Euronext completed the acquisition of Borsa Italiana on April 29, 2021, for €4,444 million.[32] The transaction was contingent on the European Commission’s approval of LSEG’s proposed $27 billion takeover of Refinitiv, which was approved and completed in 2021.[33] [34]
In June 2022, Euronext said it would acquire the technology business supporting its fixed income platform, MTS, from Nexi for €57 million. The deal represents a key milestone in the Borsa Italiana Group integration process, according to Euronext CEO Stéphane Boujnah.[35]
On April 15, 2024, Euronext announced the launch of Euronext Mid-Point Match, its advanced suite of dark, mid-point and sweep functionalities embedded within Euronext's Central Order Book.[36]
On January 28, 2025, Euronext and Nasdaq announced they had signed an agreement under which Euronext would acquire Nasdaq’s Nordic power futures business, subject to regulatory approvals. Trading of power futures will be operated from Euronext Amsterdam and cleared through Euronext Clearing. [37]
In November of 2025, Euronext announced the completion of its voluntary share exchange offer for all outstanding shares of the Athens Stock Exchange (ATHEX). ATHEX became the eighth exchange to join Euronext’s federal model.[38]
Growth Strategy[edit]
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 said it planned to expand its IPOs by strengthening support and processes for technology and small and medium-sized firms. It would also expand its debt and funds business, including green bonds. Euronext planned to invest in advanced data, 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.[39]
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, an 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.[40]
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%.
Contract Volume[edit]
| Year | Total Annual Volume* | Percent Change |
| 2021 | 164,051,549 | (-) 6.57% |
| 2020 | 175,583,217 | 15.5% |
| 2019 | 144,081,157 | (-) 3.47% |
| 2018 | 149,254,141 | 6.4% |
| 2017 | 140,276,927 | 11.1% |
| 2016 | 126,241,982 | (-) 6.8% |
| 2015 | 135,515,683 | (-) 5.9% |
| 2014 | 144,058,876 | (-) 2.2% |
| 2013 | 147,855,797 | -- |
Products and Services[edit]
Euronext's total product offering includes equities, exchange traded funds, warrants & certificates, bonds, derivatives, commodities and indices.[41]
Euronext launched central clearing to facilitate the trading of Exchange for Physicals (EFP) on index futures in 2014. The service was available first on CAC 40® and AEX-Index® Futures and became fully operational in the first quarter of 2015. The EFP trading uses LCH.Clearnet as the CCP.[42]
On July 16, 2014, Euronext announced the launch of weekly expiry dates on its CAC40 and AEX future contracts. This initiative was the first of its kind in Europe. It was designed to complement the traditional monthly or quarterly expiry.[43]
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.[44]
In April of 2015, Euronext launched an Inter-Commodity Spread facility 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 was intended to boost liquidity in the No. 3 contract. The No. 2 contract is a price benchmark in Europe.[45]
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 serve as the underlying for new index futures and index options, which became 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.[46]
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.[47]
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.[48]
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.[49]
On February 15, 2017, Euronext said it would launch 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.[50]
On September 17, 2024, Euronext announced the completion of the expansion of Euronext Clearing activities to all Euronext financial derivatives markets, marking the conclusion of the migration from LCH SA to Euronext Clearing and the end of the contractual relationship with LCH SA. The completion of this final phase also marked the last critical achievement in completing Euronext's ‘Growth for Impact 2024’ strategic plan and the integration of the Borsa Italiana Group three years after Euronext acquired it.[51]
Also on September 17, 2024, Euronext announced it had acquired 100% of Substantive Research, a London-based company that provides research and market data benchmarking to more than 100 global clients across Europe and North America. Euronext plans to integrate Substantive Research into its subsidiary Commcise.[52]
In October 2024, Euronext expanded its European derivatives suite with the launch of 31 new single stock options: 21 German, four Portuguese and six Irish. This was the exchange’s first Irish stocks listing, and completed Euronext’s coverage of all DAX 40 index constituents in Germany.[53]
On September 22, 2025, Euronext announced the launch of the first ever mini-sized, cash-settled futures on the main European government bonds. Specifically, the mini-futures are focused on the 10-year OAT, Bund, Bono, BTP and the first 30-year BTP. They are listed on the Euronext Derivatives Milan market. The exchange said the new products would help investors deal with a period of high volatility in the European bond markets, political uncertainty in France, and Germany's plans to ramp up debt issuance, as well as forming a crucial part of Euronext's overall growth strategy.[54] They have a notional size of 25,000 euros ($29,357.50) and are facilitated by Euronext Clearing.[55]
In September of 2025, Euronext launched Euronext ETF Europe to serve as the first fully integrated marketplace for exchange-traded funds (ETFs) and exchange-traded products (ETPs) across Europe.[56]
Sustainability at Euronext[edit]
Information about Euronext's corporate commitment to ESG can be found on its website here.
In January 2023, Euronext announced on Linkedin that it had listed EUR 1 trillion in sustainable bonds, saying it reached the EUR 1 trillion figure through issuance from Gecina – SBTi 1.5° ESG bond issuer – of green bonds totaling EUR 150 million to be used for green building and construction.
Of the EUR 1 trillion in sustainable bonds listed on Euronext:
- 59% are green bonds;
- 24% are social bonds;
- 12% are sustainability bonds;
- 5% are sustainability-linked bonds. [57]
On May 10, 2022, Euronext released a video explaining its ESG Bond Initiative.
Euronext ESG Bonds
Euronext Ceo Stéphane Boujnah Discusses Markets During War Time And Platform Consolidation In Europe On Jun 16, 2020, Euronext released a video on YouTube in which CEO and Chairman Stéphane Boujnah explained Euronext’s philosophy related to ESG. [58]
ESG| Empowering Sustainable Growth with Euronext CEO and Chairman Stéphane Boujnah
John Lothian News Interviews[edit]
In March 2022, CEO and Chairman Stéphane Boujnah discussed Euronext ESG, green, and other initiatives in a video interview with John Lothian News at the International Futures Industry Conference in Boca Raton, Florida.
In March 2024, CEO and Chairman Stéphane Boujnah addressed the impact of AI, Brexit, geopolitical risks, cybersecurity threats, and staying competitive at the International Futures Industry Conference in Boca Raton, Fla.
In March 2025, CEO and Chairman Stéphane Boujnah launched into a disquisition on artificial intelligence, European integration, and the secret perils of “all-you-can-eat” technology pricing at the International Futures Industry Conference in Boca Raton, Fla.
Key People[edit]
Euronext Managing Board[edit]
Stephane Boujnah, CEO and Chairman of the Managing Board
Manuel Bento, Chief Operating Officer
Simon Gallagher, CEO of Euronext London, Head of Global Sales and member of the Managing Board
Fabrizio Testa, Chief Executive Officer and General Manager of Borsa Italiana
Daryl Byrne, CEO of Euronext Dublin
Isabel Ucha, CEO of Euronext Lisbon and Member of the Board of Interbolsa (Euronext Securities Porto)
René van Vlerken, CEO of Euronext Amsterdam and Member of the Managing Board
Benoît van den Hove, CEO of Euronext Brussels and member of the Managing Board of Euronext N.V.
Øivind Amundsen, President and Chief Executive Officer of Oslo Børs
Managing Board Permanent Attendees[edit]
Sylvia Andriessen, General Counsel
Anthony Attia, Global Head of Derivatives & Post Trade
Camille Beudin, Head of Diversified Services
Mathieu Caron, Head of Primary Markets
Aurélie Cohen, Chief Investor Relations and Communications Officer
Pierre Davoust, Head of CSDs
Amaury Houdart, Chief Talent Officer
Daniela Melato, Head of Group Data Services
Giorgio Modica, Chief Financial Officer
Angelo Proni, CEO of MTS
Nicolas Rivard, Head of Cash Equity and Data Services
Tatyana Valkova, Head of Compliance and Risk
References[edit]
- ↑ About Us. Euronext.
- ↑ Euronext Equities. Euronext.
- ↑ 2019 Annual Volume Survey. Futures Industry.org.
- ↑ Euronext Overview. Euronext.
- ↑ Euronext History of Growth of Impact. YouTube.
- ↑ 25 Years of Euronext. Euronext.
- ↑ 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 completes the acquisition of Nord Pool. Euronext.
- ↑ Euronext today completes the acquisition of the Borsa Italiana Group and publishes Q1 2021 results. Euronext.
- ↑ Euronext shareholders unanimously vote in favour of Borsa Italiana deal. The Trade News.
- ↑ LSEG completes $27 billion Refinitiv acquisition. The Trade.
- ↑ Nexi sells capital markets business to Euronext for €57 million. Finextra.
- ↑ Successful launch of Euronext Mid-Point Match offering dark, mid-point and sweep functionalities. Euronext.
- ↑ Euronext to acquire Nasdaq’s Nordic power futures business. Euronext.
- ↑ Euronext welcomes ATHEX Group. Euronext.
- ↑ “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.
- ↑ Successful expansion of Euronext Clearing to all Euronext financial derivatives markets. Euronext.
- ↑ Euronext acquires leading research and market data benchmarking provider Substantive Research. Euronext.
- ↑ Euronext steps up Eurex competition with new stock options offering. Global Trading (MarketsMedia).
- ↑ Euronext launches new European government bond futures. Reuters.
- ↑ Euronext unveils mini futures for main European government bonds. The Trade News.
- ↑ Euronext launches first fully integrated marketplace for European ETFs and ETPs. The Trade News.
- ↑ Euronext on LinkedIn. Linkedin.com.
- ↑ ESG. YouTube.com.