At Euronext, we are deeply committed to diversity, inclusion, and gender equality.

In line with the UN's theme for International Women’s Day 2024, "Invest in Women: Accelerate Progress”, we are determined to create positive change within Euronext and in the communities and ecosystems we are part of. From signing the UN Women's Empowerment Principles to establishing the Euronext Women's Network, our actions aim to make an impact to improve inclusivity.

International Women’s Day celebrations

As we mark International Women’s Day, we stand with the movement for gender equality. Throughout March 2024, Euronext will host initiatives to promote gender equality towards a future where every individual can reach their full potential. Our markets will join the 'Ring the Bell for Gender Equality' campaign, raising awareness worldwide. We will host diverse events across our locations, engaging both customers and our own staff to foster dialogue, share experiences, and cultivate a culture of inclusivity and mutual support. At the same time, as we celebrate the first anniversary of our Women's Network, we recognise achievements across our locations and will strengthen our initiatives introducing specialised internal training programmes such as “Know Your Strengths to Boost Your Development” to empower our workforce.

Mentorship and Education

Mentorship is key to our diversity efforts, fostering a supportive environment for everyone. Through training and mentorship, we aim to empower everyone to grow and thrive. In 2023, 46% of participants in our mentoring programmes were women, demonstrating our commitment to equality and support for women in the workplace. Education is also vital for an inclusive workplace. In 2023, over 400 employees have undergone unconscious bias training to promote fairness.

Our efforts to boost female participation are showing positive results. Our latest employee survey confirms that our people appreciate our commitment to diversity and inclusion, with almost 90% of Euronext employees believing that management genuinely supports equality between genders.

Moving forward

Every step towards gender equality is a step towards a better future. Let's stand together for change and create a world where everyone has equal opportunities. International Women's Day is a reminder of our progress towards gender parity and the work that remains ahead.

More International Women's Day

Pages: 18

Publication date: 24 February 2024

Authors: Paul Besson, Head of Quantitative Research & Anatole Casimir, Quant Research Analyst

In this Quant Research report, we look at implicit latency costs of London-based Dark MTFs for trades on stocks listed on Euronext, whose data centre is located in Italy.

Did you know you are paying a latency tax?

The matching engines of continental Primary Markets are located in Europe, hundreds of kilometres away from London-based Dark MTFs.

It takes 7-8 milliseconds for MTFs to import Euronext Mid-Point prices from Euronext’s Data Centre in Bergamo to London.

31% of Dark trade prices on MTFs are stale on Euronext-listed stocks, and the Opportunity Cost per stale Dark trade amounts to 1.0 tick and 2.3 bps. The overall expected Implicit Latency Cost for a passive Dark trade therefore amounts up to 0.69 bp for a participant unable to benefit from favourable stale trades.

How can you avoid it?

We encourage Sell-Side and Buy-Side institutions to conduct bespoke estimates on their proportion of stale Dark trades, and on their Implicit Latency Costs.

Nevertheless, Euronext’s new Dark trading functionality - Euronext Mid-Point Match - will have no latency; therefore, its total trading cost will amount to only 0.3 bp, as no participants will be exposed to Latency Costs.

For more information and to receive a copy of the report, contact QuantReports@euronext.com

To connect to Euronext Mid-Point Match, contact EquitiesTeam@euronext.com and check out our webpage.