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Euronext

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Euronext N.V.
Company typePublic(Naamloze vennootschap)
Euronext Paris:ENX
CAC Next 20 Component
ISINNL0006294274
IndustryFinancial services
Founded1285;739 years ago(1285)(asHuis ter Beurze)
1602;422 years ago(1602)(as Amsterdam Stock Exchange)
1724;300 years ago(1724)(as Paris Bourse)
22 September 2000;23 years ago(2000-09-22)(present consortium)[1][2][3][4]
HeadquartersParis,France
(operational headquarters)
Amsterdam,Netherlands
(registered office)
Key people
Stéphane Boujnah[5]
(CEO & Chairman of the Managing Board)
Revenue884,300,000 Euro (2020)Edit this on Wikidata
Subsidiaries
Websitewww.euronext

Euronext N.V.(short forEuropean New Exchange Technology)[6]is a pan-Europeanboursethat provides trading and post-trade services for a range of financial instruments.

Traded assets include regulatedequities,exchange-traded funds(ETF), warrants and certificates,bonds,derivatives,commodities,foreign exchangeas well asindices.In December 2021, it had nearly 2,000 listed issuers worth €6.9 trillion in market capitalisation.[7]Euronext is the largest center for debt and funds listings in the world, and provides technology andmanaged servicesto third parties. In addition to its main regulated market, it operatesEuronext GrowthandEuronext Access,providing access to listing forsmall and medium-sized enterprises.Euronext's commodity market includes theelectric powerexchangeNord Pool,as well asFish Pool.

Post-trade services includeclearingperformed by Euronext's multi-assetclearing house,Euronext Clearing,headquartered inRome,as well ascustody and settlementperformed by Euronext'scentral securities depository(CSD),Euronext Securities.

Euronext'sregistered officeandcorporate headquartersare situated inAmsterdamandParis,respectively.[8]

Euronext traces its origins back to the world's first bourses, formed in theLow Countries' shifting trade centres,Bruges,Antwerpand Amsterdam in 1285, 1485 and 1602, respectively, as well as to the foundation of theParis Boursein 1724. In its present form, Euronext was established in September 2000 through the merger of the bourses in Amsterdam, Brussels and Paris. The goal was to create a single, integrated, and liquid market for securities trading across Europe. Since its inception, Euronext has continued to expand, and now operates stock exchanges in several European countries, including the Netherlands, Belgium, France, Portugal, Ireland, and Norway. Its creation was followed by the introduction of thesingle currencyand harmonisation of financial markets.

The present day Euronext was spun off from theIntercontinental Exchange(ICE) in 2014,[9]shortly after ICE's acquisition of NYSE Euronext the year before.

On 23 August 2023, the company formedEuroCTPas a joint venture with 13 other bourses, in an effort to provide aconsolidated tapefor theEuropean Union,as part of theCapital Markets Unionproposed by theEuropean Commission.

Operations

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Trading services

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Equity

[edit]
Thetrading floorat Euronext's registered office in Amsterdam

Listing ofEuro Stoxx 50companies as of 2021:[10]

Euronext: 28 (56%)
Deutsche Börse(FWB/Xetra): 12 (23%)
SIX:6 (12%)
Other (9%)
class=notpageimage|
Euronext's local listing venues

Euronext operates its main regulated market, as well two types ofmultilateral trading facilities(MTFs) providing access to listing forsmall and medium-sized enterprises(SMEs), titledEuronext GrowthandEuronext Access.

Euronext maintains a single order book at its proprietary market platformOptiq.[11]

Euronext markets (September 2020)[12]
Topology EU regulated Multilateral trading facilities
Market Euronext Euronext Growth Euronext Access
Number of issuers 776 229 180
Avg. valuation atinitial
public offering(€m) 		Size 278.1 22.8 0.1
Market cap. 5,514 97 51
Availability at listing venues (operatingmarket identifier code)
Amsterdam YesXAMS No No
Brussels YesXBRU YesALXB YesMLXB
Lisbon YesXLIS YesALXL YesENXL
Dublin YesXMSM YesXESM No
Milan YesXMIL YesEXGM No
Oslo YesXOSL YesMERK No
Paris YesXPAR YesALXP YesXMLI

Euronext manages various country (national), as well as pan-European regional and sector and strategy indices.[13]

Flagship indices managed by Euronext[13]
Name Symbol Trading Currency
European
European UnionEuronext 100 N100 EUR
National
NetherlandsAEX AEX EUR
BelgiumBEL 20 BEL20 EUR
FranceCAC 40 PX1 EUR
Republic of IrelandISEQ 20 ISEQ20 EUR
ItalyFTSE MIB MIB EUR
PortugalPSI 20 PSI20 EUR
NorwayOBX 25 OBX NOK

Foreign exchange

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Euronext FXis a globalforeign exchange tradingplatform, known asFastMatchuntil 2019.

Commodities

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Euronext offers trading in a number of commodities, including:

  • Electric power:Nord Pool
  • Salmon futures:Fish Pool
  • Milling wheat
  • Rapeseed
  • Corn
  • Durum wheat
  • Wood pellets

Derivatives

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Euronext operatesderivativesmarkets.

Debt and funds listings

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Euronext is the largest centre for debt and funds listings in the world.

Exchange-traded funds

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Euronext's product range also includesexchange-traded funds.

Warrants and certificates

[edit]

Bonds

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Post-trade services

[edit]

Central securities depository

[edit]
Main article:Euronext Securities

Euronext provides custody and settlement services through itscentral securities depository(CSD),Euronext Securities,based on Euronext's ownership of previous national CSDs in Denmark, Italy, Norway and Portugal.

Clearing

[edit]
Main article:Euronext Clearing

Between 2016 and 2019 Euronext owned a 20% share inEuropean Central Counterparty N.V.(EuroCCP).[14][15]

As of December 2019, Euronext owns an 11.1% share inLCH SA.

As part of its acquisition of theItalian Boursein 2021, Euronext obtained the multi-assetclearing houseCassa di Compensazione e Garanzia S.p.A.(CC&G). CC&G was renamedEuronext Clearing.

Corporate Services

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Main article:Euronext Corporate Services

Euronext Corporate Services (ECS) is a wholly-owned subsidiary of Euronext. Founded in 2016, ECS provides solutions and services to more than 4,000 organisations, ranging from corporates to the public sector.

It has acquired a number of companies, including Company Webcast (webcasting)[citation needed],iBabs (board portal),[16]InsiderLog (compliance software)[citation needed].

Financial information

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(amounts in millions)
Year[17] Revenue EBITDA Net result
2014 €458,5 €225,4 €118,2
2015 €518,5 €283,8 €172,7
2016 €496,4 €283,9 €197,0
2017 €532,3 €297,8 €241,3
2018 €615,0 €354,3 €216,0
2019 €679,1 €399,4 €222,0
2020 €884,3 €520,0 €315,5
2021 €1298,7 €752,8 €413,3
2022 €1418,8 €861,6 €437,8

History

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Background: Exchange companies that merged into Euronext

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Main articles:Euronext Amsterdam,Brussels Stock Exchange,Euronext Paris,Euronext Lisbon,Euronext Dublin,Oslo Stock Exchange,andBorsa Italiana
See also:Exchange (organized market) § History

2000–2007: Founding merger and early acquisitions

[edit]
Logo used between 2000 and 2007

In 1998, theLondon Stock ExchangeandDeutsche Börseannounced their intention of forming an alliance to fend off competition from the United States, and take advantage from the European Union's (EU)single currencyand harmonisation offinancial markets.[18]In April 1999 the stock exchanges inParis,Zurich,Madrid,Brussels,Amsterdam,andMilansigned a memorandum of understanding in Madrid, which formalised plans to include these bourses as well.

Ultimately, only three decided to proceed, and on 22 September 2000 Euronext was formed following a merger of theAmsterdam Stock Exchange,[19]Brussels Stock Exchange,andParis Bourse.[1][2][3][4]

In 2001, Euronext became a listed company itself after completing its initial public offering.[20][21]

In December 2001, Euronext acquired the shares of theLondon International Financial Futures and Options Exchange(LIFFE), forming Euronext.LIFFE.

In 2002, the group merged with the Portuguese stock exchange Bolsa de Valores de Lisboa e Porto (BVLP), renamedEuronext Lisbon.[3]

In 2003, Euronext cash products were integrated onto a single platform (NSC).[22]

In 2004, Euronext derivatives products were integrated ontoLIFFE CONNECT.

In 2005, Euronext introducedAlternextas a market segment to help finance small and mid-class companies in the Eurozone.

2007–2014: Merger with the New York Stock Exchange and acquisition by Intercontinental Exchange

[edit]
Main article:NYSE Euronext
Logo ofNYSE Euronextfrom 2007 to 2012, based on NYSE's previous logo
Logo used by NYSE Euronext from 2012 to 2014, which apart from "NYSE" was kept by the spun-off Euronext. Designed by Interbrand, the logo depicts a pixelated globe.[23]

Due to apparent moves byNASDAQto acquire theLondon Stock Exchange[24]or Euronext itself,[25]NYSE Group, owner of theNew York Stock Exchange(NYSE), offered €8 billion (US$10.2b) in cash and shares for Euronext on 22 May 2006, outbidding a rival offer for the European Stock exchange operator fromDeutsche Börse,the German stock market.[26]Contrary to statements that it would not raise its bid, on 23 May 2006,Deutsche Börseunveiled a merger bid for Euronext, valuing the pan-European exchange at €8.6 billion (US$11b), €600 million over NYSE Group's initial bid.[27]Despite this, NYSE Group and Euronext penned a merger agreement, subject to shareholder vote and regulatory approval. The initial regulatory response bySECchiefChristopher Cox(who was coordinating heavily with European counterparts) was positive, with an expected approval by the end of 2007.[28]

Deutsche Börsedropped out of the bidding for Euronext on 15 November 2006, removing the last major hurdle for the NYSE Euronext transaction. A run-up of NYSE Group's stock price in late 2006 made the offering far more attractive to Euronext's shareholders.[29] On 19 December 2006, Euronext shareholders approved the transaction with 98.2% of the vote. Only 1.8% voted in favour of theDeutsche Börseoffer.Jean-François Théodore,thechief executive officerof Euronext, stated that they expected the transaction to close within three or four months.[30] Some of the regulatory agencies with jurisdiction over the merger had already given approval. NYSE Group shareholders gave their approval on 20 December 2006.[31] The merger was completed on 4 April 2007, formingNYSE Euronext.

The new firm,NYSE Euronext,was headquartered in New York City, with European operations and its trading platform run out of Paris. Then-NYSECEOJohn Thain,who was to head NYSE Euronext, intended to use the combination to form the world's first global stock market, with continuous trading of stocks and derivatives over a 21-hour time span. In addition, the two exchanges hoped to addBorsa Italiana(the Milan stock exchange) into the grouping.

In 2008 and 2009Deutsche Börsemade two unsuccessful attempts to merge with NYSE Euronext. Both attempts did not enter into advanced steps of merger.[32][33]In 2011,Deutsche Börseand NYSE Euronext confirmed that they were in advanced merger talks. Such a merger would create the largest exchange in history.[34]The deal was approved by shareholders of NYSE Euronext on 7 July 2011,[28]andDeutsche Börseon 15 July 2011[35]and won the antitrust approved by the US regulators on 22 December 2011.[36]On 1 February 2012, the deal was blocked by European Commission on the grounds that the new company would have resulted in a quasi-monopoly in the area of European financial derivatives traded globally on exchanges.[37][38]Deutsche Börseunsuccessfully appealed this decision.[39][40]

In 2012, Euronext announced the creation of Euronext London to offer listing facilities in the UK. As such, Euronext received in June 2014 Recognized Investment Exchange (RIE) status from Britain's Financial Conduct Authority.[41]

On 20 December 2012, the boards of directors of bothIntercontinental Exchange(ICE) and the NYSE Euronext approved an $8 billion acquisition of NYSE Euronext. Under the terms shareholders of NYSE would receive either $33.12 in cash for each share or.2581 IntercontinentalExchange Inc. shares, or a combination of $11.27 in cash per share plus.1703 shares of stock.[42]The acquisition is subject to regulator approval, though since the operations of ICE and NYSE have little in common—ICE is largely devoted to trading commodities, as opposed to NYSE's business of trading stocks and securities—the deal is not expected to be blocked.[43]ICE said that after the deal closed it would sell the Euronext portion of the company, including stock exchanges in Amsterdam, Brussels, Lisbon and Paris.[44]The deal went through and Euronext is a sister division to NYSE and part of ICE. ICE CEOJeffrey Sprecherwould continue in that position at the combined company, while NYSE CEO Duncan Niederauer would serve as president.[43]The future of the New York Stock Exchange's historic trading floor under ICE has not been announced. ICE closed the high profile and historic trading floors of its other earlier acquisitions, theInternational Petroleum Exchangeand theNew York Board of Tradein New York.[45]

In December 2012Intercontinental Exchange(ICE) announced plans to acquire NYSE Euronext, owner of Euronext, in an $8.2 billion takeover.[46]

In May 2013, Euronext established Enternext as a subsidiary to help small and medium-size enterprises (SMEs) listed on Euronext outline and apply a strategy most suited to support their growth.[47][48]

The ICE's deal was approved by the shareholders of NYSE Euronext and Intercontinental Exchange on 3 June 2013.[49][50][51] The European Commission approved the acquisition on 24 June 2013[52] and on 15 August 2013 the US regulator, SEC, granted approval of the acquisition.[53][54][55] European regulators and ministries of Finance of the participating countries approved the deal and on 13 November 2013 the acquisition was completed.[56][57]

2014–present: Spin-off from ICE and subsequent development

[edit]
Shareholders as of 28 May 2021. Thereference shareholdersare:[58]

Part of ICE's deal to acquire NYSE Euronext was a spin-off for Euronext, which was considered a positive element for European stakeholders.[56]After a complex series of operations, this occurred on 20 June 2014, through aninitial public offering(IPO).[59]The formerEuronext.LIFFEwas retained by ICE and renamedICE Futures Europe.In order to stabilise Euronext, a consortium of eleven investors decided to invest in the company as "reference shareholders". These investors owned 33.36% of Euronext's capital and have a 3 years lockup period:Euroclear,BNP Paribas,BNP Paribas Fortis,Société Générale,Caisse des Dépôts,BPI France,ABN Amro,ASR,Banco Espirito Santo,Banco BPIand Belgian holding public companyBelgian Federal Holding and Investment Company[fr](SFPI/FPIM).[60]They have 3 board seats.

In June 2014, EnterNext launched two initiatives to boost SME equity research and support the technology sector. EnterNext partnered with Morningstar to increase equity research focusing on mid-size companies, especially in the telecommunications, media and technology (TMT) sector.

On 22 September 2014, Euronext announced a partnership withDEGIRO[61]regarding the distribution of retail services of Euronext. Upon publishing the third quarter results for 2014, the partnership was seen as a plan for Euronext to compete more effectively on the Dutch retail segment.[62]

In May 2017, Alternext was renamed to Euronext Growth.[63]

On 14 August 2017, Euronext announced the completion of its acquisition of FastMatch, a currency trading platform.[64]

On 27 March 2018, Euronext announced the completion of its acquisition of the Irish Stock Exchange.[65]

On 18 June 2019, Euronext announced the completion of its acquisition of theOslo Stock Exchange.[66]

On 5 December 2019, Euronext announced that it would acquire 66% of the EuropeanpowerexchangeNord Pool.[67][68]The acquisition was completed on 15 January 2020.[69]

On 23 April 2020, Euronext announced that it would acquire ca. 70% of the Danish Central Securities Depository,VP Securities.[70]The acquisition was completed on 4 August 2020.[71]

On 18 September 2020, as part of regulatory remedies to see through its $27 billion purchase of data providerRefinitiv,theLondon Stock Exchange Group(LSEG) entered into exclusive talks to sell theItalian Bourse(formally 100% ofLondon Stock Exchange Group Holdings Italia S.p.A.), situated inMilan,to Euronext.[72][73]As part of the deal, CDP Equity, 100% owned byCassa Depositi e Prestiti,andIntesa Sanpaolowould become Euronext reference shareholders.[74]A €4.3 bn deal was announced on 9 October. On 29 April 2021, Euronext announced that the acquisition was completed.[75]

On 23 August 2023, Euronext formedEuroCTPas a joint venture with 13 other bourses, in an effort to provide aconsolidated tapefor theEuropean Union,as part of theCapital Markets Unionproposed by theEuropean Commission.

See also

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References

[edit]
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  73. ^Jones, Huw (18 September 2020)."LSE engages Euronext in exclusive Borsa Italiana talks".businessinsider.Reuters.Archivedfrom the original on 20 August 2021.Retrieved20 August2021.
  74. ^"Euronext and CDP Equity confirm exclusive talks with LSEG to acquire Borsa Italiana".Euronext.Archivedfrom the original on 18 June 2021.Retrieved28 September2020.
  75. ^"Euronext today completes the acquisition of the Borsa Italiana Group and publishes Q1 2021 results".Euronext.29 April 2021.Archivedfrom the original on 8 January 2022.Retrieved28 February2022.
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