In this monthly edition, Delphine D'Amarzit, CEO of Euronext Paris, explains how the Euronext markets operate in Paris and across Europe. She highlights the key players on the stock exchange and the advantages the Exchange offers, such as the large number of institutional investors, and the technology in the market surveillance room that enable real-time monitoring of transactions.
Behind the scenes at the Stock Exchange
Euronext Group Training Services - Unlock your company skillset
Unlock your company skillset Potential with Academy – Euronext Group Training Services
Developing Capital Markets Skillsets to Drive Sustainable Growth
Euronext Securities Copenhagen is excited to announce that, in collaboration with Academy – Euronext Group, we now offer our customers access to a diverse range of high-quality training programs. These courses are designed to help companies and professionals excel in the ever-evolving capital markets landscape by providing the skills and insights necessary to drive sustainable growth and innovation.
Established in 2000 and part of the Euronext Group since June 2021, Academy has become a leading hub for capital markets education, supporting companies, policymakers, investors, banks, and students alike.
Through the Academy, You have the unique opportunity to access a diverse portfolio of interactive, peer-driven courses meticulously designed to meet the evolving demands of today’s financial markets.
Beyond the training sessions, you can also become part of the prestigious Academy Alumni Community, allowing you to continue your learning journey and foster long-term connections with industry peers.
For 2024, Academy has developed an upcoming IR Fundamentals and Advanced programme explicitly addressed to the IR Danish community. The programme will be held in-person in Copenhagen, at the Euronext Securities offices, on 24-25 October and 12th November 2024 in partnership with DIRF - Dansk Investor Relations Forening and is designed to equip junior and senior IR managers with essential skills to thrive in the world of investor relations.
Bespoke Solutions and Expert-Led Courses
Academy provides a wealth of training solutions designed to meet the needs of diverse professionals, from junior employees to C-suite executives and board members. Whether you’re looking for tailor-made courses focused on core financial topics or open programs available year-round, Academy’s internationally distinguished faculty—composed of market practitioners, academics, and Euronext experts—ensures a top-tier educational experience.
Additionally, Academy offers certification programs aimed at building critical skills in high-demand capital markets fields, such as investor relations, ESG, risk management, and financial instruments. Companies can also benefit from bespoke ESG coaching sessions, tailored to specific industry needs and led by leading sustainability experts.
A Broader Portfolio of Services
The Academy portfolio complements the existing range of Euronext Corporate Services available to Euronext Securities Copenhagen customers, providing holistic solutions that cover a wide spectrum of capital markets functions. By combining training with corporate governance and compliance tools, your organization can streamline processes, enhance investor communication, and stay ahead of regulatory trends.
Upcoming Courses and Customizable Options
In addition to standard course offerings, Academy can work closely with your organization to develop fully customized training programs tailored to your specific challenges and opportunities. The focus on collaborative learning ensures that participants engage in practical, peer-to-peer discussions that boost innovative thinking and knowledge sharing.
Take a look at all available courses here: Academy Education Suite: Capital Markets Training Courses (euronext.com)
Ready to Get Started?
For more information about the Academy services or to discuss how to create a customized program for your company, please reach out to the Academy team. Elevate your expertise, drive sustainable growth, and make the most of our collective capital markets knowledge through Academy-Euronext Group.
Contact Information:
Academy – Euronext Group
Phone: +39 02 72426 086
Email: academy@euronext.com
Euronext rings the bell to support financial literacy and mark World Investor Week
Euronext was proud to participate in the global ‘Ring the Bell’ initiative to kick off World Investor Week, highlighting its commitment to financial literacy and investor protection.
As the leading pan-European market infrastructure, Euronext recognises the need to empower investors with the knowledge and tools necessary to make informed and responsible decisions in an increasingly complex financial landscape.
Why financial literacy?
Stock exchanges play an important role in promoting financial stability for everyone. It is essential for savers, private investors, policyholders, pensioners and young people to have the opportunity to invest in their futures.
Exchanges like Euronext facilitate capital-raising for companies and governments worldwide, contributing to job creation. The Group also works alongside its partners and employees to create and share educational resources focused on financial literacy.
Through the Euronext Foundation, the Group has also formed partnerships with various regional charities that emphasise financial education within communities globally.
The importance of financial literacy for investor protection
- Informed decision-making: Investors with a strong foundation in financial literacy are better positioned to evaluate market trends and understand risk factors. This can help them avoid poor investments and financial scams that could jeopardise their savings.
- Risk management: Understanding different investment strategies allows investors to manage their portfolios effectively. They can identify high-risk products and make conservative choices when necessary, reducing the likelihood of significant losses.
- Fraud awareness: Financially literate investors are less vulnerable to fraudulent schemes. By recognising warning signs of fraud and conducting thorough due diligence, they can protect their investments from scammers and unethical practices.
Bell ceremonies for financial literacy
To mark the opening day of World Investor Week, key stakeholders joined Euronext in different locations for a bell ceremony to celebrate financial literacy. Euronext’s participation reflects its mission to foster a resilient and informed investor community, ensuring that individuals can navigate financial markets with confidence and safeguard their financial futures.
In Belgium, Euronext Brussels CEO Benoît van den Hove was joined by Jean-Paul Servais, Chair of the International Organization of Securities Commissions (IOSCO) and Chairman of Belgium’s Financial Services and Markets Authority (FSMA).
In Italy, Pasquale Munafò, Senior Advisor of CONSOB and Chair of IOSCO's Committee for Retail Investors, rang the bell together with Fabrizio Testa, CEO of Borsa Italiana.
Meanwhile, in Portugal, Isabel Ucha, CEO of Euronext Lisbon rang the bell with the Portuguese Association of Investment, Pension and Asset Funds (APFIPP). Together, they launched a special episode of Portugal’s number one podcast, in partnership with MoneyLab, focusing on the challenges and opportunities for young investors.

Euronext’s commitment to financial literacy and investor education
Through its comprehensive resources, Euronext aims to equip market participants with the knowledge they need to use financial markets effectively, not only for growth and sustainability but also to protect their investments.
Empowering market participants
Euronext recently launched an in-depth educational programme for retail investors, developed in collaboration with key market players. The programme kicked off with a series of monthly webinars focused on derivatives, such as options and futures trading, in partnership with Interactive Brokers and WH Selfinvest, with other partnerships to follow. These sessions provide in-depth insights into the fundamentals of trading products and explore how they can be effectively integrated into various trading strategies, empowering participants to make informed and strategic investment decisions.
Since the launch of the Euronext Foundation in 2023, the Group has expanded its financial literacy efforts to engage with future investors and professionals. In addition to local programmes and partnerships, its key global programmes include:
- the Euronext Blue Challenge, which introduces students aged 16 to 18 to sustainable finance, helping them develop entrepreneurial skills and an understanding of responsible investing.
- the Euronext Trading Game, a European trading simulation competition that teaches university students about trading strategies, risk management, and sound investment principles.
Investor protection through education
By prioritising financial literacy, Euronext empowers investors to protect themselves from the dangers of uninformed decisions, market risks, and fraud. The Group’s commitment to education ensures that all market participants – new or experienced – can navigate the financial landscape confidently and responsibly, ultimately contributing to a safer and more resilient financial system.
What is a long put option?
Options strategies – long put
Benefits, risks and examples of a long put option.
The long put option strategy anticipates a decline in the price of an underlying asset. This strategy allows for significant profit potential with limited risk, making it an attractive choice for bearish market conditions. This article explores the fundamentals of the long put option strategy, its benefits and risks, and how to effectively implement it.
What is a put option?
A put option is a financial contract that gives the holder the right, but not the obligation, to sell a specified quantity of an underlying asset at a predetermined price (the strike price) within a set period. The buyer of the put option pays a premium to the seller for this right.
In return, the seller of the option has the obligation to buy, upon the request of the buyer, a specified quantity of an underlying asset at a predetermined price (the strike price). This strategy is known as a short put option.
Unlike a call option, which benefits from rising prices, a put option profits when the underlying asset’s price falls.
Both buyers and sellers of put options can terminate either their right or obligation by a reverse (closing) transaction.
Understanding the long put option strategy
A long put option strategy involves purchasing put options with the expectation that the underlying asset’s price will decline. This bearish strategy allows the investor to capitalise on downward price movements, providing an opportunity for significant profits while limiting potential losses to the premium paid.
Key components of a long put option
- Premium
The price paid for the option. - Strike price
The predetermined price at which the holder can sell the underlying asset. - Expiry date
The date by which the option must be exercised or will expire worthless.
Advantages of the long put option strategy
- Limited risk
The maximum loss is limited to the premium paid, providing a defined risk strategy. - Leverage
Put options provide leverage, allowing investors to control a larger position with a smaller capital outlay compared to short selling the stock outright. - Profit potential
Significant profits can be realised if the underlying asset depreciates substantially, offering high reward potential for a relatively low initial investment. - Hedging
Investors can use long puts to hedge against potential declines in their existing stock positions, effectively reducing the overall risk of their portfolio.
Risks of the long put option strategy
- Time decay
Options are wasting assets, meaning their value erodes over time, especially as the expiry date approaches. This time decay can work against the investor if the expected price movement does not occur quickly enough. - Volatility
While options can benefit from increased volatility, unexpected decreases in volatility can reduce the option’s value. - Out-of-the-money risk
If the underlying asset does not fall below the strike price by expiry, the option will expire worthless, resulting in a total loss of the premium paid.
Example of a long put option
Suppose you believe Company XYZ’s stock, currently trading at €50, will decline significantly over the next three months. You decide to purchase a put option with a strike price of €45 expiring in three months, costing €3 per share (options typically represent 100 shares, so the total cost would be €300).

Profit and loss potential of a long put
- Breakeven point
The stock price at expiry must fall below the strike price minus the premium paid for the investor to break even. In this example, the breakeven price would be €42 (€45 strike price – €3 premium). - Potential profit
If the stock price falls significantly below the breakeven point, the profit potential increases. For example, if XYZ’s stock drops to €30, the profit would be (€45 – €30 – €3) x 100 = €1,200. As the stock price would not drop below €0 the profit is maxed at €4,200. - Maximised potential loss
The maximum loss is limited to the premium paid. In this case, the most the investor can lose is €300 if the stock remains above €45 by the expiry date.
Implementing the long put option strategy
- Market analysis
Conduct thorough research and analysis to identify potential stocks or assets expected to decline in value. This can involve technical analysis, fundamental analysis, or both. - Select the strike price and expiry date
Choose a strike price that reflects your market outlook and an expiry date that allows enough time for the expected price movement to occur. - Monitor the position
Regularly review the position and market conditions. Be prepared to adjust the strategy if the underlying asset’s price movement or volatility changes significantly. - Exiting the position
Decide in advance your profit targets and loss limits. Consider exiting the position if the stock reaches your target price or if it becomes clear that the expected price movement will not occur within the desired timeframe.
Long put vs. other strategies
The long put option strategy is often compared with other strategies like short selling, long call options, and protective puts.
Versus short selling
A long put benefits from price declines and has limited risk (the premium paid), while short selling involves borrowing and selling the stock, which can carry unlimited risk and margin requirements.
Versus long call options
While a long call profits from price increases, a long put profits from price decreases, making it a complementary strategy for bearish market views.
Versus protective puts
Protective puts involve buying put options to hedge an existing stock position. A long put can serve a similar purpose but is used independently to speculate on price declines.
Practical tips to increase the possibility for success
- Start small
If you’re new to options trading, start with a small position to understand how the market works and gain experience without taking on significant risk. - Use technical analysis
Technical indicators and chart patterns can help identify potential entry and exit points for the strategy. - Stay informed
Keep up with market news, earnings reports, and other factors that can influence the price of the underlying asset. - Risk management
Always be aware of your risk tolerance and never invest more than you can afford to lose. - Diversify
Don’t put all your capital into one position. Diversifying your investments can help spread risk and increase the chances of overall success.
The long put option strategy is a powerful tool for investors looking to capitalise on anticipated price declines in an underlying asset while limiting their downside risk. By understanding the key components, advantages, and risks, and by implementing the strategy with careful market analysis and risk management, investors can potentially achieve significant profits. As with any investment strategy, thorough research and prudent decision-making are essential for success in options trading.
Investing in the financial markets requires a deep understanding of various strategies to maximise returns while managing risk. Please consult your bank or broker for advice or read the Key Information Document to get a better understanding of all risks and costs involved.
See also:
Euronext announces volumes for September 2024
Join IPOready 2025: Euronext’s pre-IPO training programme now accepting applications
Euronext has officially opened applications for its 2025 IPOready programme, a six-month initiative designed to help business leaders prepare for listing. The programme, which you can join in nine countries and is open to all European companies, will begin in January 2025, with applications closing on 8 November.
Discover the best listing path for your company
For many companies, considering going public raises critical questions such as: "How do I list my company?" and "Is an initial public offering (IPO) the right move for my business?“. IPOready is tailored to address these questions, offering comprehensive guidance through expert-led workshops, personalised coaching, and exclusive webinars, including sessions by the prestigious INSEAD business school.
A network of experts
Supported by a network of more than 80 expert partners and sponsors, IPOready has already trained over 1,080 companies across Europe, equipping them with the insights needed to navigate the capital markets and make informed decisions about going public.
Connect with business leaders across Europe
As part of the IPOready programme, you will benefit from a two-day European campus experience, allowing you to connect with experts and peers from across the continent, an essential tool for executives considering an IPO or other financing routes.
What previous IPOready participants are saying
Executives who have completed IPOready report significant benefits.
Joakim Dahlen, Finance Manager at Dignio and alumnus of IPOready 2024:
“The IPOready programme is very useful for understanding what you’re about to undertake. It’s also a great opportunity to meet new people and establish a solid network before starting the process.”
Sébastien Guillot, CEO of CF Group France and alumnus of IPOready 2024:
“Under-promise, over-deliver! The IPOready programme aligns perfectly with our approach to preparation and anticipation for a possible IPO.”
Apply now for IPOready 2025
IPOready offers a unique chance for European business leaders to take their companies to the next level. Applications for the 2025 cohort are open until Friday 8 November, with limited spaces available.
Find more information about the IPOready 2025 programme on the Euronext website or apply NOW for IPOready 2025.
Euronext strengthens European derivatives offer with new German, Irish and Portuguese Single Stock Options
ISIN-LEI Mapping Initiative
Euronext Securities Porto joins ISIN-LEI Mapping Initiative to enhance market transparency and global data coverage.
The ISIN-LEI Mapping initiative is a cooperative agreement launched by GLEIF (Global Legal Entity Identifier Foundation) and ANNA (Association of National Numbering Agencies) with the mission to aggregate data related to securities and their related entities - ISIN (ISO 6166) codes and LEI (ISO 17442) codes, respectively - to enhance global coverage and the quality of LEI codes.
This initiative, which highlights ANNA's commitment and mission to promote the use of international identifiers, was established to improve market transparency by linking issuers to their respective securities issuances.
Additional information can be found on the ANNA website.
Euronext Securities Porto, part of Euronext's network of CSDs, has recently joined this initiative, reaffirming its commitment to the advancing the securities industry, and contributing to the effective functioning and transparency of the markets.
A broader range of Single Stock Options available on Euronext
Euronext expands its range of pan-European derivatives contracts to offer broader trading opportunities to market participants.
Euronext currently offers an extensive range of Single Stock Options on Belgian, Dutch, French, German, Italian and Norwegian underlyings, and is expanding this scope by listing new options domiciled in additional European countries, to offer a unified and interdependent derivatives market in Europe.
Investors can now gain exposure on new German, Irish and Portuguese underlyings, while benefitting from a single pool of liquidity and clearing efficiencies with Euronext's own CCP, Euronext Clearing.
Gain exposure on all the stocks in the DAX 40 Index with the German Equity Options
To complete the twenty pre-existing German Equity Options listed in 2019, Euronext is introducing new German Single Stock Options, making all constituents of the German national index now available for trading via Euronext.
Introduction of Irish and Portuguese Single Stock Options
Leverage more investing opportunities with the first-listed Irish Options on Euronext Amsterdam, and new Portuguese Options on Euronext Lisbon, positioning Euronext as the only exchange to offer options on Portuguese stocks.
list of portuguese stock options
Key benefits of trading these new options
- A single order book, powered by Euronext’s Optiq trading platform
- A unique pool of liquidity gathering a diversified range of investors from retail participants to market makers
- Robust risk management capabilities via Euronext Clearing
- Significant clearing efficiencies at the portfolio level and cross-product margin offsets thanks to Value-at-Risk margin methodology
- Attractive and competitive pricing for all account types
- Leverage on local Central Securities Depositories for reduced settlement fees and increased post-trade capability:
- German Options: Clearstream Bank A.G. or Euroclear France
- Irish Options: Euroclear Bank
- Portuguese Options: Euronext Securities Porto
Liquidity guaranteed by supportive market makers, including:

New Euronext Single Stock Options in the spotlights
Looking back on the bell and gong ceremonies organised in Lisbon and Amsterdam
More information about options at Euronext
What is an option and how does options trading work? Euronext Options Investing E-learning