We are searching people to join us and build up the knowledge and experience to start the career in the Digital workspace
The path we are designing will help the joiner to build knowledge in design , manage and operate a digital application focusing on:
We are searching people to start the career in the Digital workspace
The path we are designing should build knowledge to start the career in the development area focused on :
Skills we’ll develop
With the 2020 Recovery Decree to relaunch the Italian economy, a new path opened for Italian banks, granting them the possibility to issue Commercial Papers and therefore short-term liquidity instruments.
Previously a tool reserved for businesses, but in recent months, with the waning of the ultra-expansive monetary policy of the ECB and the liquidity injected into the market by the central bank, this new opportunity has attracted more and more credit institutions
We asked Alessandro Stangalini, Head of Treasury at the Credem Group, to contextualises the recent decision of the bank to issue around 200 million euros of Italian Commercial Papers within the framework of a dedicated one-billion-euro issuance program launched September 2023.
"In the current context of normalisation of monetary policy, we have seized the advantages of this renewed instrument provided by recent legislation for the Italian market. The decision aligns with the group's desire to diversify funding strategies and integrates this new short-term liquidity channel with all other institute's sourcing instruments. It represents an important and supplementary alternative to interbank deposits, thus allowing for a more comprehensive treasury management."
"Having an additional short-term liquidity channel, up to 12 months, will be a significant resource in this context of reduced liquidity coming from the ECB. Several factors favored the operation, such as the qualification of our financial bills under the STEP LABEL, a European standard that promotes market homogeneity across the continent and represents a guarantee for national and international investors. We were pleased to see interest in this issuance from common investors in this market, namely fund managers and money fund managers, but we also discovered some interest from large corporate investors. Treasury banks have also shown interest in this instrument. The support of our dealers and Euronext was fundamental. They connected us with international investors, expanding our network of potential market counterparts for our issuances. Besides France, traditionally strong in this type of issuance, we were pleased to find interest in Spain and Portugal. We also benefited from the elimination of the sponsor figure, which lightened the burdens of these issuances, aimed at qualified investors. We gradually verified the possibility of using this funding channel with greater agility, integrating the initial predominantly 3-month maturities with others also at 7 and 8 months. We will definitely integrate this new opportunity with the range of options the bank has available for its financing. With these short-term instruments, we can optimize treasury management with a broader and more granular diversification, also in terms of maturities."
"This instrument, widely used abroad, is experiencing a new life in Italy today. The rules and the context have changed, and now financial bills and short-term liquidity instruments are in a position to develop in parallel with the normalization of monetary policy. It's an opportunity, but communication is probably very important at this stage: informing the financial community about this path that can facilitate the transition to the new phase of financial markets. Industry associations and actors in the monetary, banking, and financial markets that could benefit from this new possibility should be involved."
"We will calibrate this instrument to our needs; we already have an outstanding of around 200 million euros, but we don't need to fully utilize the one-billion-euro allocation of the program.
It will be important to integrate this financing channel with all our other funding and treasury strategies to derive maximum benefit.
It's a somewhat different approach from other instruments. In any case, we will nurture the network we have already begun to build and contacts with even foreign investors, such as those from Spain, who have shown interest in this operation. We will maintain contacts with dealers and partnerships. In the second half, we already have plans for meetings with market operators, and we intend to structure this innovative instrument that we have just applied. The use of the opportunity of financial bills issuance, moreover, is another confirmation of Credem's attentive and professional industrial management, which has always kept its focus on innovation."
• Manage the maintenance of the infrastructure with standardised process and automatized tools;
• In charge of the provisioning and maintenance to all areas to ensure appropriate Network solutions and controls in the infrastructure environment;
• Participate on infrastructure and business project to defined the most efficient network architecture.
• Lead the maintenance of network solutions to enable effective management of business and technical requirements;
With a special place in the European financial infrastructure, Euronext has a responsibility to foster an ecosystem that promotes financial inclusion. Euronext concentrates its expertise predominantly on:
Micro, small and medium-sized enterprises are the backbone of Europe's economy. They represent 99% of all businesses in the EU. They employ around 100 million people, account for more than half of Europe’s GDP, and play a key role in adding value in every sector of the economy. However, access to finance is one of the most pressing issues for many of these enterprises. Through its specially-designed markets for smaller companies, Euronext Growth and Euronext Access, Euronext aims to bridge this financing gap.
Euronext Growth is suited to small and medium-sized companies (SMEs) that want to raise funds to finance their growth. Listing requirements are simplified and reporting requirements are lighter than for the regulated market.
The first step for start-ups and SMEs. Euronext Access markets are designed especially for start-ups and SMEs that wish to join a stock exchange to finance their growth and gain the reputational advantages of listing, but do not meet the criteria for admission to Euronext’s regulated markets or Euronext Growth.
Overall, Euronext has provided access to capital to more than 780 micro, small and medium-sized enterprises.
Find out more about the Euronext Growth and Access Markets.
ELITE is the ecosystem for European micro, small and medium-sized enterprises that supports private companies in financing their growth. The mission of ELITE is to support private companies in sustainable long-term growth by accelerating their access to capital, expertise and networking opportunities.
ELITE combines a calendar of workshops and coaching sessions with a range of services and solutions for businesses, provided by a qualified network of partners and advisors. It supports entrepreneurs and executives in enhancing their skills, strengthening their strategic plans, and maximising business opportunities.
With over 2,000 companies and 200 approved partners since its inception, the companies within the network have completed more than 1,120 corporate finance operations, with a total value of approximately €13 billion.
Euronext’s Best of Book (BoB) service empowers individual investors by facilitating their access to the equity markets and providing the best prices available in Europe for their equity orders.
Our commitment to transparency and fairness ensures that retail investors can engage in trading activities with confidence. Unlike other platforms, Euronext offers retail investors a real price, since orders sent via BoB trade within the Euronext Central Order Book, where the liquidity is the deepest in Europe.
The BoB service has consistently demonstrated exceptional performance in successfully delivering best execution, while providing substantial cost savings to retail investors. On average in 2023, BoB delivered best execution in 98.82% of trades, and helped retail investors save €98.6 million. The BoB platform also offered a price that was on average €3.66 better per trade than the price available on the second-best trading platform in Europe. This is called price improvement, where the price achieved is better than the prices quoted by other venues at the exact time the order was placed.
Read more about Euronext Best of Book (BoB).
Euronext plays a role in promoting financial education and literacy to under-served groups. We believe that by enhancing financial literacy, we empower individuals and companies to make informed decisions, navigate the financial markets, and achieve their financial goals.
IPO ready is a comprehensive pre-IPO programme designed specifically for businesses that want to take the next step towards going public. The six-month pre-IPO educational programme provides executives with the tools and insights they need to achieve the IPO successfully.
IPOready is available in Europe for companies from any sector, and is supported by over 90 partners and sponsors from the financial industry. More than 920 companies have already chosen IPOready for their IPO preparations. The vast majority of these are SMEs.
Euronext’s ESG Reporting Guide has been designed to help all companies, including micro and small companies, which often have fewer resources, to engage in climate change mitigation policies with the support of their investors. More broadly, the Guide covers the key aspects to consider when reporting on ESG to make the most of the associated opportunities, in line with the aim to limit the increase in global temperatures to 1.5°C.
Euronext has also published an ESG pre-IPO guide, a set of recommendations on best practices for ESG during the IPO process. Developed in collaboration with the Paris Institute for Sustainable Finance (Institut de la Finance Durable), the guide provides an overview of investor expectations on corporates’ ESG maturity during the IPO process.
The Euronext Foundation aims to foster Euronext's support of local sustainable communities and projects across Europe in the field of financial literacy. It acts as an umbrella encompassing Euronext’s philanthropic and educational support via dedicated funding and volunteering initiatives. These aim to empower young people, promote sustainability, and strengthen our connections with local communities. Here below an outline of some of the intiatives that happened in 2023:
|
Location |
Activity in 2023 |
|
Brussels |
Employees contributed to financial education events and webinars, including courses at the University and to secondary school students, as well as appearing on financial radio channel LN24. |
|
London |
Woodhouse College students visited the Euronext offices to learn about Euronext and the financial services industry, with sessions on financial literacy, the stock exchange, market structure and practical workshops. |
|
Milan |
Educational activities with Starting Finance (Italian start-up for financial literacy). |
|
Portugal |
A partnership with JA to promote financial literacy for all school-age students. |
|
Amsterdam |
A volunteering programme with AEX Experience and Dutch Central Bank Volunteering for young students to be tour guides at the Amsterdam exchange and at the Central Bank with Euronext employees. |
|
Paris |
L'Ecole de la Bourse, France, is a long-standing partner of Euronext, and is based in the Euronext premises in Paris. The Ecole de la Bourse specialises in financial education and aims to train and educate individual investors about the stock market. |
The intrinsic value of an option represents the value of the option when exercised. It is the difference between the strike price and the market price. Find out how to calculate the intrinsic value and how it is different for call and put options.
The difference between the exercise price, also called the strike price, and the (future) price of the underlying value is referred to as intrinsic value. The intrinsic value cannot be negative. A call option has intrinsic value when the price of the underlying value is higher than the strike price of that call option. A put option has intrinsic value when the strike price is higher than the price of the underlying value.
In the case of cash-settled options, at expiration, the strike price and settlement price of the underlying value are compared. In this case the intrinsic value is called the “pay-off” or “pay-out” of the contact.
Call option A call option has intrinsic value if the current market price of the share is higher than the exercise price. In that case, the shares can be bought at a price lower than the price at which the shares can be sold. Put option A put option has intrinsic value if the current market price of the share is lower than the option’s exercise price. In that case, the shares can be sold at a price higher than the price at which they can be bought on the market.
A simple example clarifies this.
If a share is priced at € 35,
Another example based on the same share price
The following terms are used when describing whether or not an option has intrinsic value
In the money
The option has intrinsic value
Out of the money
The option does not have any intrinsic value
At the money
The option’s exercise price is more or less the same as the underlying value’s current market price.
Daily index options have emerged as a revolutionary instrument, offering traders unparalleled opportunities to capitalise on short-term market movements. These options, which expire at the end of each trading day, provide a versatile platform for speculation, hedging, and strategic investment, across various market indices such as Euronext’s AEX and CAC 40.
Below is an overview of the benefits of trading daily index options, highlighting their potential to transform trading strategies and financial outcomes.
One of the most significant advantages of daily index options is the precision and flexibility they offer in market timing. Traders can execute strategies based on the day's market news, economic reports, or global events, responding swiftly to opportunities or threats. This level of agility is unparalleled in traditional options or stock trading, where longer expiration periods can dilute the impact of short-term market movements.
Daily index options offer traders enhanced risk management capabilities. Since these options expire daily, the commitment is short-term, allowing traders to limit exposure to long-term market volatility. Moreover, the risk is capped at the premium paid for the option, providing a clear and manageable risk profile. This predictability in risk assessment is invaluable, especially in volatile market conditions, enabling traders to strategise confidently without the looming threat of unforeseen losses.
Leverage is a double-edged sword in trading, offering the potential for magnified profits but also increased risk. Daily index options provide a cost-effective way to leverage positions in the market. For a relatively small initial investment (the premium), traders can control a sizable position in an index. This leverage allows for significant profit potential from minimal price movements in the underlying index, making daily index options an attractive proposition for those with limited capital but a strong understanding of market dynamics.
Diversification and hedging are cornerstone strategies for risk-averse traders and investors. Daily index options serve as a perfect instrument for both. They allow traders to diversify their strategies on a day-to-day basis, adapting to market changes and opportunities. Furthermore, these options can be used to hedge against daily fluctuations in a portfolio, protecting against short-term downside risk. By purchasing put options, for example, traders can offset potential losses in their equity positions, providing a safety net against market dips.
The leverage effect of daily index options not only allows for larger market exposure but also amplifies the potential returns on investment. Even small movements in the underlying index can translate into significant profits, thanks to the leverage provided by options. This aspect is particularly appealing to traders looking to maximise returns on a tight capital budget. However, it is crucial to approach leverage with caution, as the potential for amplified losses is also a factor.
Daily index options democratise access to broad market movements. Instead of investing in all the individual stocks of an index, which can be prohibitively expensive, traders can buy options on the index itself. This accessibility opens up new avenues for retail traders, allowing them to participate in the broader movements of the markets without the need for significant capital outlay.
Engaging with daily index options can be profoundly educational for traders. The necessity to monitor market conditions closely, analyse economic indicators, and make swift trading decisions fosters a deep understanding of market dynamics. This hands-on learning experience is invaluable, cultivating advanced trading skills and insights that can be applied across various trading instruments and strategies.
While the benefits of trading daily index options are considerable, they come with their own set of challenges. The short-term nature of these options requires constant market vigilance and can incur higher transaction costs due to frequent trading. Time decay (theta) is another critical factor, as the value of options erodes rapidly as expiration approaches, necessitating precise timing in trade execution.
Daily index options stand out as a powerful tool in the arsenal of modern traders, offering a blend of flexibility, risk management, and potential for high returns, whether they are used for speculative trading, hedging, or strategic investment. However, success in trading daily index options requires a thorough understanding of market principles, a disciplined approach to risk management, and a commitment to ongoing education and refinement of your strategy.