Within the Communications and IR department, the Brand & Content officer will actively contribute to the Brand & Content team mission in rolling out various activities at Group level:
Support the creation of corporate content (print and digital): develop different types of content (videos, infographics, brochures, etc.) and liaise with our design agency and the editorial team
Reference is made to the consultation on amendments to the member and trading rules for Euronext Oslo Børs, Euronext Expand, and Euronext Growth Oslo, published on 7 February 2025. The amendments were proposed in connection with the update of the Issuer Rules, see the separate consultation of 31 January 2025. The amendments concern the incorporation of rules on procedures for case processing, appeals committee, and publication into the respective rules for members, as well as coordination of the wording and fine levels in respect of violation charges and daily fines.
The consultation is now closed. It is noted that item 1.4 in Euronext Oslo Rule Book II – Membership and trading rules for Euronext Oslo Børs and Euronext Expand has been corrected to item 1.3. Other than this, no adjustments have been made to the proposed amendments as a result of the consultation. The amendments have been adopted by Euronext Oslo Børs, and will take effect on 1 April 2025, provided that the corresponding amendments to the Issuer Rules for Euronext Oslo Børs, Euronext Expand, and Euronext Growth Oslo enter into force on the same date. Final versions of the documents are included below.
Mark-up versions reflecting the amendments were published in connection with the consultation and are available here: Oslo | euronext.com. Furthermore, a mark-up version of Euronext Growth Oslo Rule Book – Part II, including the Member and Trading Rules in Chapter 4, was published on 28 February 2025 under “Oslo Regulation News” in the notice of amended Issuer Rules. Such notice with attachment is available here: Amendments as of 1 April 2025 to the Rule Book II – Issuer Rules.
On 4 February, Market Structure Partners published a report on market data pricing, covering five European exchange groups, including Euronext. The report was commissioned by AFME, FIA EPTA, Plato Partnership, EFAMA and BVI.
The report contains a number of factual errors and inaccurate representations. Euronext regrets that although its name is continuously cited throughout the report, Euronext was not contacted in advance by Market Structure Partners or by the commissioning associations about the elements included.
Euronext covers below what it believes to be some of the most pertinent inaccuracies in the Market Structure Partners report. Given the number of errors in the report, the absence of comment from Euronext on other areas of the report does not constitute endorsement.
1. The report’s pivotal argument is based on incorrect data. The report claims that the share of market data revenue in total Euronext revenue has increased, whilst in fact it remained stable
The report’s cornerstone argument is that exchanges rely increasingly on market data revenues to offset falling equity trading revenues. It uses what it refers to as market data revenue ratio to evaluate the share of market data revenues over the total revenues of exchanges. According to the report, Euronext’s market data ratio increased from 11% to 19% between 2020 and 2023 (pages 2, 4, 67 and 69). This result is incorrect. In reality, and using accurate and public data, this ratio has remained stable at 11% over the period. Data can be found here: Real Time Market Data Contracts | Connect, Financial reports | euronext.com.
2. The report does not represent Euronext’s market data pricing accurately, notably omitting Euronext’s acquisition of three new markets over the period evaluated and focusing only on selected examples
The report contains numerous incorrect representations of Euronext market data pricing. These include the following non-exhaustive list.
Not factoring in Euronext’s acquisition of three new markets
The report states that non-professional fees have increased by +75% on Euronext between 2017 and 2024 (pages 7, 39, 60), omitting Euronext’s acquisition of new markets over this period. The report does account for the fees charged by Euronext across the markets it operates in 2024, including Dublin and Oslo, but omits to include the fees that were charged in Dublin and Oslo in 2017, before their acquisition by Euronext. In reality, when Dublin and Oslo fees are factored in throughout the period, non-professional display user fees have decreased by 40%.
Similar omissions are made in numerous instances in the report, including in reference to Index/Benchmark creation fees (page 56), Euronext’s market data revenue increase (page 69), and Euronext’s price list (pages 5, 41, 43 and 69).
Incorrect representation of Euronext’s customer base evolution
The report states that exchanges have a declining customer base (pages 2, 3, 62, 72). This claim is inaccurate and solely based on assumptions. In reality, over the period 2017-2024 used for the report and corrected for the acquisitions of Dublin, Oslo and Milan, Euronext has seen a substantial increase in its customer base. The loss of clients due to M&A activity in the market has been more than offset by new client entrants, including new execution venues, retail brokers, redistributors and other client segments.
Erroneous comparison of professional display market data and inaccurate representation of the Natural User concept
The report states that professional display market data fees for level 2 data have increased by 42.53% on Euronext between 2017 and 2024 (pages 7, 39, 41, 43 and 59). In reality, over this period, professional equity display data fees have increased by 23% on Euronext (less than the accrued inflation in the relevant EU countries). The reports calculation of 42.53% reflects a lack of understanding of the Natural User concept. The report states that the Natural User concept results in a fee increase, whereas in fact it is an opportunity for clients to reduce fees for display use by netting users who take data from multiple sources to a single user.[1]
Unrealistic comparison of display and non-display market data
In Figure 14 on page 45, the report draws a conclusion by comparing the annual costs in 2017 of level 2 display data used by a single person, against the costs in 2024 of having machines using Level 2 data for non-display usage such as for principal trading, broker activity and to run a trading platform. Level 2 display data and non-display data are two fundamentally distinct types of products. Moreover, Euronext considers that it is not possible for a single human to perform the same activity as multiple machines.
Unrepresentative examples
The avatar example for a retail broker as provided in the report in paragraph 6.3 (pages 58-62) makes use of an unusual combination of parameters that only applies to 1% of Euronext client population. In its avatar section, the report exclusively focuses on the most expensive pricing options and omits to present more cost-effective pricing options which significantly decreased fees for small and mid-size clients between 2017-2024.
3. The report incorrectly represents market data costs and the investments made by Euronext in its markets, claiming that Euronext underinvests in its equity markets when data and facts demonstrate the opposite
The report states that there is no cost to exchanges for producing data and that there was no significant expenditure by exchanges on equity markets in recent years, including Euronext (except for the acquisition of Borsa Italiana). It thereby concludes that exchanges’ market data fees bear no relation to the costs of production of market data (pages 2, 8, 9, 10, 21, 22, 34, 41, 76, 77, 81, 82, 83). This claim is factually inaccurate and unfounded.
Market data is a core product of exchanges’ operations, IT infrastructure and investments. Market data is not a marginal product derived from trading services. The costs incurred in producing market data are therefore shared with trading services.
In addition, as demonstrated by the data presented in the report and yet ignored in the report’s narrative, Euronext continuously invests in its equity markets. Page 87 shows a 300% increase in Euronext’s spend on infrastructure between 2017 and 2023. This is illustrated by the numerous well-documented investments made by Euronext in recent years to upgrade its equity markets, including the upgrade of its Optiq trading platform, the migration of its data centre to a new green facility, and its clearing migration in 2024. This is also reflected by the absence of severity 1 outages on Euronext markets in the last four years; the list of outages presented on page 82 of the report as “some examples” of exchanges’ outages is in fact an exhaustive list as far as Euronext is concerned. Euronext’s parallel diversification into new asset classes and services has had no impact on its continued investments in equity markets. A full list of the main upgrades and innovations delivered by Euronext over the last ten+ years can be found here: Our Journey | euronext.com.
Further, Euronext is required by MiFIR to charge market data based on costs. In contrast to the report’s claim, Euronext complies extensively with this requirement and provides extensive disclosures on the topic. Data can be found here: Real Time Market Data Contracts | Connect
Conclusion
The Market Structure Partners report on market data is flawed, with many factual errors and inaccurate representations. It should be approached with caution. The question of market data merits rigorous research: we hope that the above elements can be viewed as insightful observations.
Euronext is a core market infrastructure operator in European equity markets and is a core supporter of market transparency. Euronext operates in full compliance with the relevant regulations regarding both market data production and publication, and market data pricing, and is committed to the highest standard of integrity and transparency on the topic. As continuously illustrated throughout its history, Euronext is committed to nurturing European equity markets through technological excellence and continuous innovation, including in the area of market data.
[1] The Natural User unit of count was introduced by ESMA as part of MiFID II in 2018. Clients may choose to adopt Natural User as a unit of count for display data usage, but there is no requirement for clients to opt for Natural User. A client wanting to adopt Natural User has to ensure they can manage their market data inventory to an individual user level. They are then able to net a user with multiple sources of the same data, i.e. they can take data from one or more data vendors, but report and pay for the user just once. This is an alternative to other units of count e.g. user per source where a user pays once per source of data.
Euronext is looking for an intern to support the offices of the Group CEO and Euronext Paris CEO, for 6 months.
You will work directly with the Chief of Staff of the Group CEO and the Paris CEO Business Manager. You will contribute to strategic projects, be responsible for transversal internal projects of Euronext Paris and produce insights for both CEOs, leveraging the talent and expertise across the entire Euronext organization.
Reference is made to the consultation on amendments to the Rule Book II for Euronext Oslo Børs and Euronext Expand, as well as Rule Book II for Euronext Growth Oslo, published on 31 January 2025. The consultation consisted of two parts, one of which concerned amendments following the resolution by the Norwegian Parliament to amend the Securities Trading Act. These amendments transfer certain supervisory responsibilities from Euronext Oslo Børs to the Financial Supervisory Authority of Norway (Finanstilsynet), including supervision of disclosure of inside information and delayed disclosure, buy-back programmes and price stabilisation, as well as the role as takeover supervisory authority.
This part of the consultation is now closed. The proposed amendments have been adopted without changes as a result of the consultation, except for the following:
Rule Book II for Euronext Oslo Børs and Euronext Expand
Rule Book II for Euronext Growth Oslo
The amendments have been adopted by Euronext Oslo Børs and will take effect on 1 April 2025, provided that the corresponding amendments to the Securities Trading Act adopted by the Norwegian Parliament enter into force on the same date. Attached are mark-up versions of the documents reflecting only the amendments taking effect as of 1 April 2025. The attached versions of Rule Book II for Euronext Growth Oslo include the proposed amendments to chapters 4 and 5, see the separate consultation of 7 February 2025.
Euronext Oslo Børs will send a separate letter to issuers in mid-March with important practical information regarding the amendments entering into force on 1 April 2025.
The second part of the consultation, which concerns the removal of rules that reproduce legislative provisions, refer to outdated regulations, or rules that otherwise require updates, remains open until 28 March 2025. A separate announcement will be published once this consultation is concluded.
Mark-up versions of the documents including the amendments in their entirety were published in connection with the consultation, and are available here: Oslo | euronext.com.
In this new episode of La Bourse selon Euronext, on the occasion of the AI Action Summit, Laurent Daudet, co-founder and co-CEO of LightOn, a leading European player in generative artificial intelligence, discusses the company's journey, the role of AI in businesses and financial markets, and its listing on Euronext Growth Paris.
Celebrating excellence in the Portuguese capital markets
On 20 February, Euronext proudly announced the winners of the 14th edition of the Euronext Lisbon Awards, an annual celebration recognising those who have made significant contributions to the growth and development of the Portuguese capital markets. The awards highlight the exceptional work of issuers, financial intermediaries, institutions, and individuals who have shaped and enhanced the financial landscape in Portugal over the past year.
The awards ceremony took place during Euronext's flagship event in Portugal, bringing together key players from the financial markets and industry leaders. The evening commenced with opening remarks from Joaquim Miranda Sarmento, Minister of State and Finance, who set the tone for the event, underscoring the importance of the awards in recognising excellence and innovation within the Portuguese economy. This was followed by a thought-provoking keynote address by Professor João César das Neves, who delivered a speech on the theme, “The world went to elections in 2024: what economy can we expect in 2025?”
The 2024 edition of the awards is particularly significant as it coincides with Euronext's 25th anniversary. Over the past quarter-century, Euronext has been at the forefront of connecting economies and fostering the growth of capital markets across Europe. The 2024 awards reaffirm the dynamism and resilience of the Portuguese capital market and underscore the country’s continued role in driving economic progress on the European stage.
The Euronext Lisbon Awards not only celebrate individual and organisational achievements but also serve as a reflection of the continuous innovation and transformation within the market. This year’s winners represent the diverse sectors that contribute to the vibrancy of Portugal’s financial ecosystem, from corporate governance to sustainable finance and technological advancements.
Looking ahead, Euronext remains committed to advancing its European vision, with a strong focus on driving growth, innovation, and sustainability within the Portuguese market and beyond. Through the Lisbon Awards, we continue to celebrate the achievements of those who are shaping the future of finance and capital markets.
Saxo Bank supports Euronext to distribute Portuguese Single Stock Options
Euronext is taking a significant step forward in expanding the accessibility of its Portuguese Single Stock Options by collaborating with Saxo Bank, which is now distributing these products in Portugal. Both retail and institutional investors can now trade options on four major Portuguese stocks: Jerónimo Martins, Galp, EDP, and EDP Renováveis.
By tapping into Saxo Bank's established distribution network, this collaboration broadens the reach of these products in Portugal, offering more investors the opportunity to engage with these options.
Samuel Klein, Product Owner Futures and Options of Saxo, said: “Saxo is thrilled to announce our support for newly launched Portuguese stock options on Euronext Lisbon. This new offering provides traders with possibilities to diversify, hedge market risk and grasp more market opportunities. The options are now included in the existing suite of products available on Saxo’s award-winning platform.”
These options allow investors to trade on some of Portugal's most prominent companies, providing them with greater flexibility and enhanced risk management solutions. Their availability strengthens the array of financial instruments that help investors better manage their portfolios in an evolving market environment.
These "vanilla" options, which are standardised and straightforward, grant the right (but not the obligation) to buy or sell the underlying stocks at a predetermined price within a set timeframe, typically no longer than six months.
To maintain liquidity and stability in the market, Susquehanna, a leading market maker, ensures that options are actively traded and readily available to investors, creating a smoother and more efficient trading experience.
This launch marks an important milestone in our ongoing commitment to deepening the Portuguese market and providing investors with a broader range of financial instruments.
Looking ahead, Euronext continues to drive innovation and growth in the European financial markets, with further product expansions, including additional Single Stock Options across Europe.
Euronext Clearing services have been extended to cover equity instruments traded on the Luxembourg Stock Exchange.
The Luxembourg Stock Exchange has decided to move the clearing of trades on equities admitted to trading on the markets of the Luxembourg Stock Exchange to Euronext Clearing, the Euronext Group’s CCP. Euronext Clearing expects to start clearing equities traded on the Luxembourg Stock Exchange in Q4 2024.
This expansion reflects the ongoing commitment to providing innovative clearing solutions and strengthens Euronext Clearing's position as a trusted partner in clearing and risk management.