Weather patterns and geopolitical factors continue to be the main drivers shaping volatility and price dynamics in grain and oilseed markets. Despite a bearish trend throughout the second quarter, prices became tense in June, with a dynamic weather market, due to adverse climate conditions impacting the coming harvest across the northern hemisphere and seeding in the south. Additionally, the Black Sea situation and the closure of the Black Sea grain corridor increase the uncertainties for the new campaign. 



Last week, we reached another high stress point, and the Euronext MATIF commodity markets continued to offer the users safe and liquid hedging tools. 20 July in fact marked the all-time daily volume record on our Milling Wheat Futures with 187,898 lots traded, equivalent to 9.4 million tonnes of physical products.



During Q2-2023, prices on Euronext commodities contracts remained bearish, with an average price of €238/T vs €393/T in Q2-2022 for Wheat Futures, €435/T vs €834/T in Q2-2022 for Rapeseed Futures and €240/T vs €338/T in Q2-2022 for Corn Futures.

Volumes were up by +23% vs Q2-2022, led by Rapeseed Futures (+81% vs Q2-22) and Wheat Futures (+25% vs Q2-2022).



Average daily volumes were at 89K lots per day, including 62K lots of Wheat Futures, 2K lots of Corn Futures, 15.5K lots of Rapeseed Futures, 8K of Wheat Options and 1.2K lots of Corn and Rapeseed Options.

The Euronext Commodities team

Corn consultation

We are running a market consultation about the Corn Futures contract to further its traction and expand the current liquidity. Feel free to contact us at commodities@euronext.com to share your input/opinion on this product.

Euronext Clearing migration

Following the communication made back in 2022, the Euronext Group has initiated a large reorganisation of its post-trade services with the deployment of its newly acquired clearing house, Euronext Clearing on all Euronext segments.



At this stage, the project is on track: a first milestone with the migration of the cash equity segment by Q4-2023 will be followed by the Euronext MATIF migration in June 2024.

Trading fees waiver for commodity options executed in the Central Order Book

The average daily volumes traded in commodity options on Euronext have increased by 120% since 2018, exceeding 10K lots per day in 2023, an important milestone. This growth has resulted from a strong interest from market participants and confirms the importance of the Euronext MATIF franchise as an efficient tool for price risk management in highly volatile markets.



To accelerate liquidity building in the commodity options markets, we introduced as of 1 July 2023 a trading fee holiday for options executed in the Central Order Book.

Introduction of a liquidity provision programme for options

To further boost the liquidity in the Central Order Book, we introduced a liquidity provision programme at the same time as the trading fees holiday programme.

• Submission of bids and offers on the screen every day for 80% of the time that the Euronext market is open (between 10:45 CET and 18:30 CET).
• Quoting the three first maturities with minimum quote size of 10 lots.
• Spread between bids and offers for the same month and the same strike to be within a range of 15 ticks.
• Minimum number of strikes required for a given trading day is calculated as 20% of the number of strikes available within the Near-The-Money area.
• Top performer (highest volume during a given month) will be granted a stipend.

New on the Euronext website

We publish every Monday the weekly average of the Sitagri European Durum Wheat Index (SEDWI) provided by FinanceAgri for the calculation of the EDW Futures EDSP.

View the weekly average of the index

Two new Commodities Insights articles were released. Read the articles on:

The Durum Wheat market

Black Sea Grains



We also released a second version of the Commitments of Traders (COT) report, in addition to the mandatory one. It includes historical graphs, making it easier to read and understand.

Access the additional COT report

The Commodities team at events

During Q2-2023, we were pleased to take part in several events such as the Bourse de Sète, Euro Grain Hub Exchange & Forum in Bucharest, GrainCom in Geneva, the International Grains Conference and FIA IDX in London, and the Bourse Internationale de Paris.



These events are an opportunity for us to meet all the European agricultural industry.

Find out more

See all our MATIF Commodities contracts on the Euronext Live Markets website.

Contact our team:  commodities@euronext.com

Weather patterns and geopolitical factors continue to be the main drivers shaping volatility and price dynamics in grain and oilseed markets. Despite a bearish trend throughout the second quarter, prices became tense in June, with a dynamic weather market, due to adverse climate conditions impacting the coming harvest across the northern hemisphere and seeding in the south. Additionally, the Black Sea situation and the closure of the Black Sea grain corridor increase the uncertainties for the new campaign. 



Last week, we reached another high stress point, and the Euronext MATIF commodity markets continued to offer the users safe and liquid hedging tools. 20 July in fact marked the all-time daily volume record on our Milling Wheat Futures with 187,898 lots traded, equivalent to 9.4 million tonnes of physical products.



During Q2-2023, prices on Euronext commodities contracts remained bearish, with an average price of €238/T vs €393/T in Q2-2022 for Wheat Futures, €435/T vs €834/T in Q2-2022 for Rapeseed Futures and €240/T vs €338/T in Q2-2022 for Corn Futures.

Volumes were up by +23% vs Q2-2022, led by Rapeseed Futures (+81% vs Q2-22) and Wheat Futures (+25% vs Q2-2022).



Average daily volumes were at 89K lots per day, including 62K lots of Wheat Futures, 2K lots of Corn Futures, 15.5K lots of Rapeseed Futures, 8K of Wheat Options and 1.2K lots of Corn and Rapeseed Options.

The Euronext Commodities team

Corn consultation

We are running a market consultation about the Corn Futures contract to further its traction and expand the current liquidity. Feel free to contact us at commodities@euronext.com to share your input/opinion on this product.

Euronext Clearing migration

Following the communication made back in 2022, the Euronext Group has initiated a large reorganisation of its post-trade services with the deployment of its newly acquired clearing house, Euronext Clearing on all Euronext segments.



At this stage, the project is on track: a first milestone with the migration of the cash equity segment by Q4-2023 will be followed by the Euronext MATIF migration in June 2024.

Trading fees waiver for commodity options executed in the Central Order Book

The average daily volumes traded in commodity options on Euronext have increased by 120% since 2018, exceeding 10K lots per day in 2023, an important milestone. This growth has resulted from a strong interest from market participants and confirms the importance of the Euronext MATIF franchise as an efficient tool for price risk management in highly volatile markets.



To accelerate liquidity building in the commodity options markets, we introduced as of 1 July 2023 a trading fee holiday for options executed in the Central Order Book.

Introduction of a liquidity provision programme for options

To further boost the liquidity in the Central Order Book, we introduced a liquidity provision programme at the same time as the trading fees holiday programme.

• Submission of bids and offers on the screen every day for 80% of the time that the Euronext market is open (between 10:45 CET and 18:30 CET).
• Quoting the three first maturities with minimum quote size of 10 lots.
• Spread between bids and offers for the same month and the same strike to be within a range of 15 ticks.
• Minimum number of strikes required for a given trading day is calculated as 20% of the number of strikes available within the Near-The-Money area.
• Top performer (highest volume during a given month) will be granted a stipend.

New on the Euronext website

We publish every Monday the weekly average of the Sitagri European Durum Wheat Index (SEDWI) provided by FinanceAgri for the calculation of the EDW Futures EDSP.

View the weekly average of the index

Two new Commodities Insights articles were released. Read the articles on:

The Durum Wheat market

Black Sea Grains



We also released a second version of the Commitments of Traders (COT) report, in addition to the mandatory one. It includes historical graphs, making it easier to read and understand.

Access the additional COT report

The Commodities team at events

During Q2-2022, we were pleased to take part in several events such as the Bourse de Sète, Euro Grain Hub Exchange & Forum in Bucharest, GrainCom in Geneva, the International Grains Conference & FIA IDX in London, and the Bourse Internationale de Paris.



These events are an opportunity for us to meet all the European agricultural industry.

Find out more

See all our MATIF Commodities contracts on the Euronext Live Markets website.

Contact our team:  commodities@euronext.com

Weather patterns and geopolitical factors continue to be the main drivers shaping volatility and price dynamics in grain and oilseed markets. Despite a bearish trend throughout the second quarter, prices became tense in June, with a dynamic weather market, due to adverse climate conditions impacting the coming harvest across the northern hemisphere and seeding in the south. Additionally, the Black Sea situation and the closure of the Black Sea grain corridor increase the uncertainties for the new campaign. 



Last week, we reached another high stress point, and the Euronext MATIF commodity markets continued to offer the users safe and liquid hedging tools. 20 July in fact marked the all-time daily volume record on our Milling Wheat Futures with 187,898 lots traded, equivalent to 9.4 million tonnes of physical products.



During Q2-2023, prices on Euronext commodities contracts remained bearish, with an average price of €238/T vs €393/T in Q2-2022 for Wheat Futures, €435/T vs €834/T in Q2-2022 for Rapeseed Futures and €240/T vs €338/T in Q2-2022 for Corn Futures.

Volumes were up by +23% vs Q2-2022, led by Rapeseed Futures (+81% vs Q2-22) and Wheat Futures (+25% vs Q2-2022).



Average daily volumes were at 89K lots per day, including 62K lots of Wheat Futures, 2K lots of Corn Futures, 15.5K lots of Rapeseed Futures, 8K of Wheat Options and 1.2K lots of Corn and Rapeseed Options.

The Euronext Commodities team

Corn consultation

We are running a market consultation about the Corn Futures contract to further its traction and expand the current liquidity. Feel free to contact us at commodities@euronext.com to share your input/opinion on this product.

Euronext Clearing migration

Following the communication made back in 2022, the Euronext Group has initiated a large reorganisation of its post-trade services with the deployment of its newly acquired clearing house, Euronext Clearing on all Euronext segments.



At this stage, the project is on track: a first milestone with the migration of the cash equity segment by Q4-2023 will be followed by the Euronext MATIF migration in June 2024.

Trading fees waiver for commodity options executed in the Central Order Book

The average daily volumes traded in commodity options on Euronext have increased by 120% since 2018, exceeding 10K lots per day in 2023, an important milestone. This growth has resulted from a strong interest from market participants and confirms the importance of the Euronext MATIF franchise as an efficient tool for price risk management in highly volatile markets.



To accelerate liquidity building in the commodity options markets, we introduced as of 1 July 2023 a trading fee holiday for options executed in the Central Order Book.

Introduction of a liquidity provision programme for options

To further boost the liquidity in the Central Order Book, we introduced a liquidity provision programme at the same time as the trading fees holiday programme.

• Submission of bids and offers on the screen every day for 80% of the time that the Euronext market is open (between 10:45 CET and 18:30 CET).
• Quoting the three first maturities with minimum quote size of 10 lots.
• Spread between bids and offers for the same month and the same strike to be within a range of 15 ticks.
• Minimum number of strikes required for a given trading day is calculated as 20% of the number of strikes available within the Near-The-Money area.
• Top performer (highest volume during a given month) will be granted a stipend.

New on the Euronext website

We publish every Monday the weekly average of the Sitagri European Durum Wheat Index (SEDWI) provided by FinanceAgri for the calculation of the EDW Futures EDSP.

View the weekly average of the index

Two new Commodities Insights articles were released. Read the articles on:

The Durum Wheat market

Black Sea Grains



We also released a second version of the Commitments of Traders (COT) report, in addition to the mandatory one. It includes historical graphs, making it easier to read and understand.

Access the additional COT report

The Commodities team at events

During Q2-2022, we were pleased to take part in several events such as the Bourse de Sète, Euro Grain Hub Exchange & Forum in Bucharest, GrainCom in Geneva, the International Grains Conference & FIA IDX in London, and the Bourse Internationale de Paris.



These events are an opportunity for us to meet all the European agricultural industry.

Find out more

See all our MATIF Commodities contracts on the Euronext Live Markets website.

Contact our team:  commodities@euronext.com

On the 22nd of October 2022, Euronext Securities Porto carried out a global external test of business continuity with the activation of its disaster recovery center, allowing financial intermediaries to verify Euronext Securities Porto’s recovery capacity, acting normally from their own offices. This test is part of the plan for the verification of the adequacy and of the operation of the recovery procedures and necessary resources as described in the Business Continuity Plan of Euronext Securities Porto.

This test is part of the plan for the verification of the adequacy and of the operation of the recovery procedures and necessary resources as described in the Business Continuity Plan of Euronext Securities Porto.

Euronext Securities Porto took advantage of the availability of the T2S platform during a non-working day to test with external participation the activation of the Business Continuity Plan. This availability was made possible by ECB extending the real time settlement window after the NTS settlement on the night from Friday to Saturday until Saturday afternoon.

The test was open to the voluntary participation of all financial intermediaries affiliated to Euronext Securities Porto, and eight institutions participated in this test of the disaster recovery center by accessing from their own offices, namely Banco Comercial Português, S.A, Banco Santander Totta, S.A., Banco Finantia, S.A., BNP Paribas Securities Services, S.A., Citibank International, PLC, Caixa Geral de Depósitos, S.A., Caixa Banco de Investimento, S.A and Banco de Portugal (DMR).

The test began on Saturday morning with a simulated incident, which left its main data center unavailable, with the consequent activation of the disaster recovery center and the re-routing of the communications decided after a meeting of the Crisis Management Team, thus allowing all participants to access the recovery system.

Immediately after the activation of the disaster recovery center, the Support and Recovery Teams activated the applications in the disaster recovery site and proceeded with the verification of the existence of information that resulted from the previous processing, as well as the accessibility to the services. After this the services were made available to the participants that they carried out testing activities using their terminals in their offices. These activities consisted of queries and data entry operations as well as information upload and download using the file transfer functions and real time messages of the STD system.

During the tests no critical issues were identified that could jeopardize the functioning of Euronext Securities Porto’s backup systems in a real disaster situation. This asserts the adequacy of the Business Continuity Plan of Euronext Securities Porto, as well as, of the disaster recovery data center.

All the activities executed according to a predefined test plan, which was thoroughly carried out. The testing was concluded with success, which was recognized by all internal and external participants.

This result reinforces once more the engagement of Euronext Securities Porto in satisfying international recommendations and good practices for Business Continuity, thus contributing to the mitigation of the risks associated with possible disasters. This achievement contributes to the continuity of the business and the safety and reliability of the market structures, strengthening the trust of the investors and the participants and benefiting, in the end, the whole Portuguese Financial Market.

SRD II regulation in the Norwegian market is about to be decided upon. Euronext Securities Oslo is in the process of developing services ensuring that issuers and intermediaries will be able to meet the requirements from the new regulation.

We will enhance the Issuer Portal (VIS) with all services needed for the issuers to be compliant with the new regulation. In cooperation with Euronext Corporate Services, Euronext Securities Oslo will offer shareholder analyses so that the issuer can interact with its shareholders, increase liquidity and expand their shareholder base. Investors will receive information about corporate actions through use of ISO messages and existing portals like the Investor Portal (VIP). Finally, Euronext Securities Oslo will enable communication with intermediaries through automated processes that will ensure an efficient flow of communication.

SRD II services from Euronext Securities Oslo

Euronext Securities Oslo is currently developing services and features for SRD II based on the following three pillars:

1. General Meeting Services
   
   Our General Meeting Services will be improved to secure that issuers and their intermediaries remain compliant with SRD II requirements.
2. Shareholder Identification Services
   
   Euronext Securities Oslo are currently developing ISO 20022 messages to support the issuers need for disclosure of their beneficial shareholders. Furthermore, we will offer functionality for the issuers to order shareholder identification by using the Issuer Portal (VIS). Shareholder Identification Services will be delivered in cooperation with Euronext Corporate Services.
3. Corporate Action
   
   Euronext Securities Oslo will provide services that ensure shareholders exercise of the shareholders rights by give the end investor information about all corporate actions in the VPS investor Portal (VIP) and by sending information to intermediaries in ISO messages.

SRDII regulation in Norway

A proposal for the implementation of SRD II was submitted for public consultation in November 2019. The consultation follows a previous consultation of January 2019. The comments received in the previous consultation has resulted in an amended proposal. The consultation addresses the implementation of the provisions in SRD II regarding the issuer’s right to identify its shareholders and the intermediaries’ obligations to transmit information regarding corporate actions from the issuer to the shareholders and to facilitate the shareholders’ exercise of shareholders rights.

The proposal also sets out significant amendments to the rules regarding the general meetings. The purpose of the amendments is to facilitate the participation of nominee registered shareholders. To this end it is proposed that nominee registered shareholders that intend to take part in the general meeting must notify the issuer three days before the date of the meeting. It is also proposed that the record date for shareholders- meeting shall be five days before the date of the meeting. Companies with shares admitted to trading on a regulated market must make public a list of the shareholders that attended the meeting.

Under the proposed rules Norwegian limited companies will be obligated to make public a list of all shareholder in the company, included nominee registered shareholders.This guide provides a detailed overview of why it helps to know shareholders and how your company can benefit from SRD II.

Under the proposal the rules in SRD II is made applicable for all Norwegian limited companies which allows nominee registered shareholders. The rules of the directive will therefore be applicable not only for companies with shares admitted to trading on a regulated market.

The consultation closed 6 January 2020. It is expected that a proposal will be presented to the Norwegian parliament in the first half of 2020 in order for the amended rules to be implemented within the implementation deadline of the SRD II in September 2020.

Euronext Securities Oslo will continue to monitor and engage in dialogue with clients and authorities on further implementations on SRD II, and will invite for a SRD II seminar late March. A separate invitation will be sent shortly.

The new Central Securities Depositories Act which implements the CSDR enters into force 1 January 2020.

The new Central Securities Depositories Act which implements the CSDR enters into force 1 January 2020. This means that Euronext Securities Oslo must apply for authorisation under CSDR within 30 June 2020. On the 20th December the Ministry of Finance adopted transitional provisions clarifying that Euronext Securities Oslo’ current authorization will remain in force and that the current Securities Register Act will continue to apply to our business and to account operators, settlement participants and holders of nominee accounts in Euronext Securities Oslo until the authorisation process is completed.

The Central Securities Depositories Act

The growth in number of investors has increased significantly the last year. On Oslo Stock Exchange alone we see an 18% increase in Norwegian private investors.

This year, Norwegian market places see a large increase in both new listings and number of new private investors. As many as 70.000 new private investors have this year chosen to invest on Oslo Stock Exchange. We are also seeing an increase in new investors on Merkur Markets, where at the end of September as many as 51.000 investors where registered, of which 83% are men.

Investing in ESG companies are very popular for both women and men in both market places. The ESG companies that attracted the most number of Norwegian investors are NEL ASA (OSE) and Aker Offshore Wind (Merkur).

Key figures from Merkur Market:

Average age on Merkur Markets for Norwegian private investors per September:

Women = 45.9 years (OB = 50.4 years)

Men = 45.5 years (OB = 53.3 years)

The number of Norwegian private investors per September:

Women = 8.863

Men = 42.451

Status September (third quarter) Norwegian private investors:

Women

Top 5 companies based on the number of unique investors:

• AKER OFFSHORE W

• AKER CARBON CAP

• KAHOOT! AS

• QUANTAFUEL ASA

• LIFECARE AS

Top 5 companies based on the most value on value on accounts:

• QUANTAFUEL ASA

• KAHOOT! AS

• AKER OFFSHORE W

• AKER CARBON CAP

• MERCELL HOLDING

Men

Top 5 companies based on the number of unique investors:

• AKER OFFSHORE W

• AKER CARBON CAP

• QUANTAFUEL ASA

• KAHOOT! AS

• LIFECARE AS

Top 5 companies based on the most value on value on accounts:

• QUANTAFUEL ASA

• KAHOOT! AS

• AKER OFFSHORE W

• AKER CARBON CAP

• ANDFJORD SALMON

Most popular stock

Aker offshore and Aker carbon are the most popular stocks based on number of private investors in all counties in Norway, as well as all age groups per September.

Aker Carbon:

Women: Allmost 60% of the female investors are between 30-54 years old. 15% are below 30 years of age.

Men: 53% of male investors are between 40-69 years old. 17% are below 20 years of age.

Aker Offshore:

Women: Allmost 60% of the female investors are between 30-54 years old. 13% are below 30 years of age.

Men: 52% of male investors are between 40-69 years old. 18% are below 20 years of age.

Most values

Looking at where women and men have the largest share of their values on Merkur Markets, QUANTAFUEL ASA comes out on top. If you look at the number of stocks, Lavo. TV AS has the biggest number of stocks amongst women, while Zenith Energy is the company with the biggest number of stocks amongst the men.

Play Magnus

In total, Play Magnus attracted 149 investors on the first day of trading;

• 33 of these are foreign investors

• 116 of these are Norwegian investors (102 organizations and 14 private individuals)

The 14 Norwegian private investors in Play Magnus are mainly men between the ages of 40-69, the majority of the new investors have their residential address in the county of Oslo.

The Norwegian retail activity has bursted during 2020, and Euronext Growth has now 60 000 retail investors

Euronext Growth (previously Merkur Market) started out the year by having approximately 10 400 retail investors. Overall, the year experienced double-digit growth figures during 7 of 11 months. August was the month with the strongest growth, where the number of investors more than doubled up to 44 000. By the end of November Euronext Growth had just under 60 000 retail investors which entailed a year to date growth of approximately 475%, compared to the 450 000 local retail investors on Oslo Børs Main Market that saw an increase of local investors by 18% by the end of October. The number of investors is expected to increase further in 2021, though not at the same pace.

2020 has also seen record numbers in listings on Euronext Growth, and 2020 is expected to end on 49 listings. Share savings accounts (ASK) for equities has increased by 46% and has now passed 560 000 accounts.

2020 has for sure been a special year for all of us, and it will be interesting to see what 2021 will bring.

Happy New Year to all of you, Euronext VPS wishes you all the best. See you in 2021!

Important information about 2021 tax reporting dates

Please see attached letter for the dates in question.