Euronext has signed a binding agreement to acquire Nasdaq’s Nordic power futures business. This acquisition, pending regulatory approvals, is a key milestone in Euronext’s commitment to providing a sustainable and secure market infrastructure for power derivatives trading in the Nordic and Baltic regions.

It aligns with Euronext and Nord Pool's ‘Innovate for Growth 2027’ strategic initiative to expand in European power futures trading and hedging, with the new Euronext Nord Pool Power Futures market.     

Nasdaq-Euronext clearing agreement: power derivatives transfer in 2026

As part of the agreement, open positions in Nasdaq’s Nordic power derivatives, currently held by Nasdaq Clearing, will - with the approval of the members - be transferred to Euronext Clearing in the first half of 2026.   

Trading of power futures will be operated from Euronext Amsterdam and cleared via Euronext Clearing.

The Nasdaq Nordic Power Futures business will be become part of the new Euronext Nord Pool Power Futures market.

Introducing the new Euronext Nord Pool Power Futures market

In August 2024, Euronext and Nord Pool announced that they will launch a dedicated Nordic and Baltic power derivatives market.    

The Euronext Nord Pool Power Futures market will leverage Euronext’s state-of-the-art trading platform, Optiq^® and Euronext Clearing’s risk model and clearing services, to provide a long-standing, liquid and sustainable market infrastructure for secure power futures trading in the Nordic and Baltic regions, built on a strong Nordic foundation.           

The Euronext Nord Pool Power Futures market will offer trading of cash-settled futures for all maturities on System Price and EPADs (Electricity Price Area Differentials), with underlying spot indices provided by Nord Pool.

Building a sustainable and liquid power derivatives market

By harnessing its expertise in trading, hedging, clearing and risk management, Euronext aims to deliver a competitive and attractive offering for market participants. 

This initiative accelerates Euronext’s ambitions to strengthen power futures in the Nordic and Baltic regions. By harnessing its expertise in trading, hedging, clearing and risk management, Euronext aims to deliver a competitive and attractive offering for market participants.

Euronext has published its first annual report aligned with the Corporate Sustainability Reporting Directive (CSRD), marking a significant step forward in our ongoing journey toward enhanced corporate transparency and sustainability.

By following these rigorous standards, Euronext is fostering greater transparency and accountability. This commitment empowers investors, stakeholders and society to make more informed and responsible decisions.

A new era in corporate reporting

The CSRD represents a transformative shift in corporate reporting, broadening the scope and depth of non-financial disclosures. This change allows investors and stakeholders to access more comparable and actionable data, helping them make informed decisions about a company’s ESG performance.

For Euronext, this has been a collaborative effort involving numerous stakeholders. We have enhanced our ESG data collection and reporting practices, integrated double materiality assessments, and expanded our disclosures to include a wider range of sustainability metrics.

Key topics driving change at Euronext

Through the CSRD’s double materiality assessment process, Euronext has identified critical areas where we can have a meaningful impact. These include:

• Climate change
• Sustainable products and services, including training
• Working conditions
• Training and development
• Diversity and inclusion
• Corporate culture
• Corruption and bribery

In 2024, we made notable progress in these areas, further reinforcing our commitment to delivering long-term value for all stakeholders.

Climate action: our strong commitment

Climate change remains one of the world’s most pressing challenges. As a company, we recognise the essential role we play in reducing greenhouse gas (GHG) emissions and transitioning to more sustainable practices. In 2024, Euronext achieved

• 5% reduction in location-basedGHG emissions vs. 2023  
• 11% reduction in carbon intensity (GHG emission in tCO² / revenue in M€) vs. 2023  
• 22% reduction in Scope 1 GHG emissions (vs 2023)
• 25% reduction in Scope 2 market-based GHG emissions (vs 2023)
• 2% decrease in Scope 3 GHG emissions (vs 2023)
• 86% of our total energy consumption sourced from renewable energy

In 2023, we set ambitious science-based targets, validated by the Science-Based Targets initiative (SBTi).:

• By 2030 achieve a 73.5% reduction in Scope 1 and Scope 2 market-based GHG emissions (from a 2020 baseline of 3,408t CO2e)
• By 2030 achieve at least a 46.2% reduction in Scope 3 business travel emissions (from a 2019 baseline of 3,340t CO2e)
• By 2027, Euronext suppliers, representing 72% of Euronext’s greenhouse gas emissions derived from purchased goods and services, must set targets on their Scope 1 and Scope 2 emissions

In 2024, we significantly exceeded our target for Scope 1 and Scope 2 emissions, achieving an 84% reduction, far surpassing the committed target of 73.5%.

However, Scope 3 emissions from business travel saw a 23% increase from  2023, largely due to corporate mergers and acquisitions and an increased volume of travel linked to various projects. Despite this, our business travel emissions remain 23% below the 2019 baseline. We are actively working to reduce emissions from business travel and continue to engage with suppliers to meet SBTi criteria.

As part of our “Innovate for Growth 2027” strategy,  Euronext will go beyond the ‘Fit for 1.5°’ commitment by setting targets on achieving carbon neutrality by 2050 at the latest.We have joined the Net Zero Financial Service Providers Alliance, part of the global ‘Race to Zero’ coalition, setting the stage for ambitious long-term sustainability goals.

Promoting sustainable products and services

Our sustainable product offerings are a key component of promoting transparency in sustainability practices. By the end of 2024, Euronext listed 1,752 green bonds on the Euronext ESG Bond Platform, reinforcing our position as the world’s leading venue for green bonds.

Additionally, we have launched 74 Paris-Aligned Benchmark (PAB) indices and 3 Climate Transition Benchmark (CTB) indices, reaffirming our leadership in providing sustainability-focused financial products. With €509 billion in assets under management (AuM), we continue to push the boundaries of sustainable finance.

Empowering people through diversity and inclusion

At Euronext, we believe our people are at the heart of our success. We are dedicated to fostering an inclusive workplace where every employee has the opportunity to thrive. As of 2024, we proudly report:

• 35% female workforce
• 44% female representation in early career roles
• 35% female representation in senior leadership positions

We also achieved a Diversity, Equity, and Inclusion (DEI) score of 81% at the group level. With over 290 active members in our D&I networks and 98% of all Euronext employees participating in at least one training session in 2024, we are committed to continually improving our workplace culture.

Upholding the highest standards of corporate governance

We are proud to report that in 2024, Euronext had zero cases of corruption or bribery and made no financial or in-kind contributions to any political parties, candidates or governmental bodies, in line with our ethical commitment to maintaining neutrality and integrity.

Recognition for our ESG performance

Our ESG ratings continue to strengthen investor and stakeholder confidence in our sustainability performance. Key recognitions include:

• Upgrading to MSCI AA rating
• Sustainalytics 13.4 rating, achieving “industry leader”
• CDP B rating

These accomplishments are a testament to Euronext’s robust ESG performance and our ongoing dedication to transparency.

Looking ahead: a sustainable future

The publication of our first CSRD-aligned report marks a pivotal moment in our sustainability journey,enhancing the quality and scope of our non-financial disclosures while taking tangible steps to address the most urgent environmental, social and governance challenges of our time.

From significant reductions in greenhouse gas emissions to the development of sustainable financial products and services, we are committed to creating long-term value for all stakeholders. Our continued focus on diversity, inclusion and corporate governance ensures that our people remain at the heart of everything we do.

• Read more about our commitment to sustainability in chapter 3 of the Euronext Universal Registration Document 2024
• Read more about the CSRD: Corporate Sustainability Reporting Directive (CSRD)

Although International Women’s Day took place earlier this month, Euronext continues to celebrate the advancement of women in finance throughout the year. 

This month, we highlight the story of Ine Pennings, a former trading assistant at Schretlen & Co. (now Rabobank), who in 1975 became one of the first women to set foot on the floor of the Amsterdam Stock Exchange, together with Carla Tijhof and Els Wouters. Ine Pennings’s journey marked a turning point in the history of finance and opened doors for future generations of women in the industry. 

A historic step forward 

For centuries, the Amsterdam Stock Exchange was a space dominated by men. While Henriëtte Wilhelmina Deterding was admitted as the first female exchange member in 1923, she was never allowed on the trading floor itself. Her membership remained largely symbolic, and the exchange continued to be a male stronghold for decades. True change did not come until 1975 when Ine Pennings, along with Carla Tijhof and Els Wouters, finally broke that barrier. 

Their admission was not just a formality, but a true achievement. The financial world had long resisted female participation, and the workplace culture was steeped in tradition. “It was overwhelming,” Ine Pennings recalls. “We knew that many men didn’t appreciate our presence. As we walked in, they sang ‘Oh, how beautiful she is.’ I found it condescending. But I thought: fine by me. I’m here to work.” Within moments of arriving, she took her first order, proving that her presence was not just symbolic but essential. 

Overcoming resistance 

The financial industry at the time was not designed for women, and Ine Pennings quickly realised that her arrival was met with scepticism. “The older generation, in particular, was not at all happy. My sister was there and said, ‘I can still see the men turning their backs on you.’” Even practical matters, such as dress codes, were an obstacle. “Women weren’t expected to wear trousers, so I always dressed smartly, but in women’s clothes, because we already received enough comments from those men.” 

Beyond attire, there were much deeper challenges in workplace dynamics. Trading was a fast-paced, high-pressure environment, where split-second decisions determined financial outcomes. Women had to prove they could handle the intensity. Ine Pennings was among the first authorised female clerks, relaying client orders to the hoekmannen, or the brokers who executed transactions. The work required meticulous attention to detail, resilience, and quick thinking. She thrived in this space, proving that competence, rather than gender, was what truly mattered. 

Despite these challenges, Ine Pennings persevered. Her motivation was clear: she had spent years building her expertise in securities but even with this knowledge she was initially denied access to the exchange floor simply because she was a woman. “I always said, ‘If women are ever allowed on the stock exchange, then I will be one of them.’”  

A legacy of determination 

At the time, societal expectations severely limited women’s careers. Early in her career, women were dismissed upon marriage, and later, if they became pregnant. “Even after those rules changed, people still found it odd if a woman continued working. They believed that if you kept working, your child would never turn out well.” 

Despite this, Ine Pennings’ determination never wavered, and she saw her reward when she finally stepped onto the trading floor.  

She continued to build her career steadily, advising clients through some of the most turbulent financial periods, including Black Monday in 1987. She remained passionate about the industry but later chose to step away from investing, preferring to focus on personal fulfilment over financial gains. 

Her advice to future generations? “Always stay true to yourself. Follow your own path. But there is no point in wanting something that is simply not possible. So, know your own strengths, but also your limitations. Otherwise, you’ll waste so much energy on the impossible. Wait for the right opportunity – it will come. Recognise it and seize it.” 

A lasting impact 

Thanks to trailblazers like Ine Pennings, Carla Tijhof and Els Wouters, women today have more opportunities to succeed in finance, a field that once resisted their presence. Earlier this month, Euronext’s women in leadership shared their own insights, passing the torch to the next generation of leaders in the industry. The progress may have been slow, but it is long-lasting. The path forward is clearer than ever for women ready to make their mark in finance. 

Watch the full interview with Ine Pennings below.