25 years of Euronext

Euronext announces that it has entered into a definitive agreement with Visma to acquire 100% of Admincontrol, a leading provider of governance and secure collaboration Software as a Service (SaaS) solutions in the Nordics and in the UK. 

On 8 November 2024, as part of its “Innovate for Growth 2027” strategic plan, Euronext outlined its ambition to scale up its SaaS offering and increase Euronext’s share of subscription-based revenues. Euronext significantly accelerates this strategic ambition through the contemplated acquisition of Admincontrol. This acquisition strengthens the development of Euronext Corporate Solutions in the Nordics and in the UK. It more than doubles the size of the Euronext governance offering and broadens capabilities with state-of-the art solutions addressing mission-critical workflows.

Founded in 2005 and headquartered in Oslo, Admincontrol offers a leading governance and secure collaboration platform providing mission-critical board management software and transaction management solutions, designed to support effective decision-making processes and collaboration for over 4,000 clients and 200,000 users across organisational structures.

As a major milestone of Innovate for Growth 2027 strategic plan, Euronext Securities will be designated as the Central Securities Depository (CSD) for the settlement of Euronext Amsterdam, Brussels and Paris equity trades by second half of 2026. Euronext N.V. today also moves its own shares to Euronext Securities.

Euronext Amsterdam, Brussels and Paris will designate Euronext Securities as the CSD for the settlement of equity trades from September 2026. These three markets will join the other Euronext markets in Lisbon, Milan and Oslo, already supported by Euronext Securities.

This initiative marks a significant move as part of Euronext’s Innovate for Growth 2027 strategic plan unveiled in November 2024. It is an important step to improve European capital markets’ competitiveness, to tackle post-trade fragmentation in Europe and open up new trading and investment opportunities, particularly across borders.  Currently, the settlement of equity trades in Europe is fragmented across more than 30 different CSDs. 

Euronext is today the leading listing and trading venue gathering 25% of European lit equity trading activity. With this initiative, Euronext takes a decisive step in its commitment to build the backbone of the European Investment and Savings Union. This move complements the work initiated in 2023 with the migration of its markets clearing activities to Euronext Clearing. Clients will be able to consolidate settlement of equity trades, and related custody activities, for a number of local markets in one single CSD. The integrated model will provide clients with streamlined post-trade operations, enhanced liquidity and simplified market access across Europe. They will also benefit from easier adaptation to regulatory changes, in particular during the preparation for the move to T+1 in Europe in October 2027. By unifying settlement, Euronext reaffirms its commitment to driving efficiency, reducing risk, and delivering a stronger, more resilient marketplace for issuers, investors and financial institutions alike.

Euronext announces the expansion of Euronext Clearing’s central counterparty (CCP) services to include cryptocurrency exchange-traded products (ETPs) listed on its markets. This enhancement, effective on 
3 March 2025, marks a significant step in integrating digital assets into the regulated financial ecosystem. 

The expansion of clearing services is crucial in driving broader adoption of cryptocurrency ETPs within the regulated financial system. With this development, investors will have access to a wider selection of ETPs underlying cryptocurrencies while benefiting from the security, efficiency, and transparency of a regulated marketplace. Euronext Clearing’s risk management expertise ensures that market participants can trade confidently while adhering to stringent regulatory requirements. 

This strategic expansion reinforces Euronext Clearing’s position as a leading multi-asset CCP in Europe and highlights the Euronext Group’s commitment to supporting our clients’ investment needs through the provision of best-in-class trading and post-trading services.

Euronext announces the launch of fixed income derivatives on main European government bonds, marking the most significant innovation in financial derivatives in recent years.

This innovative offering introduces the first-ever mini futures cash-settled on European government bonds, delivering unparalleled accessibility and flexibility to investors. Designed to meet the needs of retail investors, these instruments also provide asset managers and private investors with the granularity required for hedging or taking exposure to government bonds.

Euronext’s fixed income derivatives are powered by its state-of-the-art Optiq® trading platform, ensuring high performance and accessibility for all Euronext members. Liquidity will be guaranteed through dedicated market makers, and trades will be cleared by Euronext Clearing, supported by a robust and efficient risk model. With this offering, Euronext delivers an end-to-end value chain, further enhanced by advanced colocation services for seamless trading execution.

Euronext is leveraging its leading position in the fixed income trading ecosystem to bring this new product to market. By building on MTS, its platform for institutional bond trading, and the retail-focused MOT bond market, Euronext will leverage its active retail and algorithmic trading communities, to ensure a broad appeal and the utility of this offering. The first phase of this strategic expansion will see the introduction of futures contracts on the Euronext Derivatives Milan market. These contracts will focus on key European government bonds, including Italy’s 10-year and 30-year BTPs, France’s OAT, Germany’s Bund, and Spain’s Bono. The go-live date of the new derivatives products is planned for September 2025.

This initiative is central to Euronext’s "Innovate for Growth 2027" strategic plan, which emphasises leveraging the group’s comprehensive presence across the trading value chain to develop innovative products that meet evolving market demand. By launching this new suite of derivatives, Euronext strengthens its position as a leader in European financial markets while delivering added value to its clients. 

Euronext announces a new collaboration with Euroclear to support the development of Euronext Clearing’s collateral management services for repo and other asset classes. The initiative is a major step to enable Euronext’s ambition to expand its leading Italian repo clearing franchise to a large range of European government bonds bringing an efficient value offering to European and international clients. 

Euronext Clearing will use Euroclear as its first triparty agent to enable enhanced collateral management capabilities. Leveraging on Euroclear’s solutions, Euronext Clearing will offer clients automated, streamlined and flexible collateral solutions, improving operational efficiency and margin and balance sheet optimisation. Euroclear will act as an independent third party, managing the selection, valuation and substitution of collateral to ensure it meets eligibility criteria while optimising operational efficiency. It will also handle settlement and custody, provide regular reporting and ensure regulatory compliance, allowing clients to benefit from improved liquidity management and a reduced administrative burden. 

The support of Euroclear’s collateral management infrastructure, which handles an average in daily collateral, will strengthen Euronext Clearing’s ability to deliver efficient, scalable services that address the evolving needs of its clients, with additional partnerships expected to further reinforce this approach.

This initiative builds on Euronext Clearing’s unique position in the Italian repo market, where it already clears a significant portion of MTS repo activity, and lays the foundation for the next phase of the Euronext Clearing repo expansion to new European geographies. 

Euronext Clearing has undergone remarkable development in the last three years, evolving from a domestic central clearing house into the third-largest European clearing house. The integration of clearing operations across multiple geographies, diverse markets and various asset classes has solidified Euronext Clearing’s position as a European leader. 

Collaborating with Euroclear will pave the way for the rollout of Euronext’s new repo clearing offering in June 2025, enabling the onboarding of clients including international banks, with an updated risk framework. Clients will be able to use Euroclear as a triparty agent for repo clearing. 

Euronext released its new three-year strategic plan, “Innovate for Growth 2027”.

“Innovate for Growth 2027” sets out the Group’s ambition to leverage Euronext’s presence on the entire capital markets value chain in Europe to accelerate growth through innovation and efficiency. Euronext announces an updated capital allocation policy with a focus on shareholders’ returns and strategic flexibility. In line with this new capital allocation policy, Euronext will launch a €300 million maximum share repurchase programme on 11 November 2024.

Nord Pool, the European power market, enters a new area of business with the launch, together with Euronext, of a dedicated Nordic and Baltic power derivatives market.

The new Euronext Nord Pool Power Futures market will be traded on Euronext’s pan-European Optiq® trading platform and cleared by Euronext Clearing. The announcement comes after extensive consultation with market participants. Euronext Nord Pool Power Futures will be designed to answer the need expressed by the market to have a long-standing, sustainable market infrastructure committed to developing secure power futures trading in the Nordic and Baltic regions, with a strong Nordic foundation. Client testing will open as soon as March 2025.

Euronext Nord Pool Power Futures will offer trading of cash-settled futures for all maturities on System Price and EPADs across the Nordics and Baltics. Underlying spot indices will be provided by Nord Pool.

Euronext announces that it has acquired 100% of Substantive Research, an industry-leading pioneer providing in-depth transparency on product and pricing comparison for investment research spend, market data and investment research content. 

Founded in 2015 and headquartered in London, Substantive Research provides research and market data benchmarking to a growing base of over 100 global clients, across Europe and North America, including asset managers, hedge funds, wealth managers, sell-side institutions and private markets. Substantive Research provides valuable insights into research pricing and spending, benchmarks of market data providers, and automated delivery of user-customised research content.

Euronext, through its subsidiary Commcise, offers cloud-based, fully-integrated commission management, research valuation, consumption tracking and payment solutions which are connected to over 1,000+ capital markets participants globally. Commcise brings the buy-side, sell-side and research providers together using technologies that are designed to service the needs of each participant, and its business has grown rapidly since joining Euronext in December 2018. 

The combination of Commcise and Substantive Research offers multiple benefits for customers. Following the integration of Substantive Research, Commcise clients will be able to gain access to unique market benchmarks within the application. This will enable asset managers to demonstrate compliance with evolving regulation with the help of a single, integrated technology solution. Substantive Research customers will benefit from Euronext and Commcise’s scale, which will help Substantive Research to grow the universe of vendors that are benchmarked and also expand the variety of benchmarking products that it can offer to the buy- and sell-side.

The transaction complies with Euronext capital allocation policy. It will further reinforce Euronext’s growing investor services segment with high-quality, recurring revenues, and strengthen the Group’s proximity with the buy-side community.

Euronext announces the successful completion of the expansion of Euronext Clearing activities to all Euronext financial derivatives markets. This milestone marks the conclusion of the migration from LCH SA to Euronext Clearing and the end of the contractual relationship with LCH SA. This was the final phase in the European expansion of Euronext Clearing, to create Euronext’s multi-asset class clearing house. This achievement, realised on schedule in September 2024, marks the last critical achievement in completing Euronext's ‘Growth for Impact 2024’ strategic plan and the integration of the Borsa Italiana Group, three years after it was acquired by Euronext.

Euronext announces the successful completion of the migration of Italian derivatives trading to Optiq®, the third and final phase in the migration process of Borsa Italiana's markets onto Euronext’s state-of-the-art, proprietary trading platform Optiq®. This migration is the last in the ambitious integration plan of Italian markets onto the Euronext single trading platform, and was completed less than three years after the acquisition of the Borsa Italiana Group.

The migration of Borsa Italiana to Optiq® has been conducted with the ultimate objective of maximising the reciprocal benefits of Euronext the harmonisation process and minimising disruption for the Italian markets and other markets in the Group.

This key achievement of the “Growth for Impact 2024” strategic plan in 2024 is core to Euronext’s ambition to build a single liquidity pool, powered by a single technology platform across its markets. The seamless integration of Borsa Italiana’s markets onto the Optiq® platform ensures a harmonised trading environment and streamlined access to a full suite of services for investors and issuers alike. This convergence enhances market efficiency and reinforces Euronext's position as the leading listing and trading venue in Europe.

Euronext remains on track to deliver the last major milestone in the “Growth for Impact 2024” strategic plan during the course of 2024: the expansion of Euronext Clearing to Euronext listed financial derivatives and commodities derivatives by Q3 2024. Together with the migration of Italian derivatives to Optiq®, this will contribute significantly to reaching the targeted €115 million synergies by end of 2024.

Euronext announces that it has entered into an agreement to acquire 75% of the share capital of Global Rate Set Systems (GRSS), a leading provider of services to benchmark administrators. This acquisition significantly strengthens the Euronext index franchise adding very strong capabilities in contributed data indices and data from a highly respected provider.

Euronext successfully expanded its clearing offering, on schedule, to the cash markets in France, Ireland, the Netherlands, and Portugal on 27 November 2023. As of that date, the pan-European clearing house Euronext Clearing now clears equities, ETFs, structured products, warrants, and bonds across six Euronext markets¹. On average, Euronext Clearing clears circa 2 million transactions on a daily basis for its 52 European and local clearing members, of which 37 were onboarded as part of the expansion, including all major clearing members of the industry. This successful migration establishes Euronext Clearing as the Central Counterparty (CCP) of choice for Euronext’s cash markets, which process around 25% of European cash trading. This transformation contributes significantly to building the backbone of the Capital Markets Union in Europe, reducing the fragmentation of European capital markets.

This major step paves the way for the expansion of Euronext Clearing activities to Euronext’s listed and commodity derivatives in Q3 2024. The addition of material post-trade capabilities puts Euronext at the forefront of the financial landscape, with a unique and meaningful presence across the entire value chain, ideally positioned to capture future growth opportunities.

Opening up the markets to a new set of Italian instruments

When Euronext’s Fixed Income, Warrants and Certificates markets opened for trading on Monday 11 September 2023, the range of instruments on offer had expanded, with over 32,500 Italian fixed income, warrants and certificates now available for trading on the Optiq trading platform. This marks a major milestone in the journey to integrating all Borsa Italiana markets into the Euronext Optiq^® platform, as the Italian cash markets are all now live, and another key step in building the backbone of the Capital Markets Union in Europe.

Bonds, certificates and warrants

This phase of the migration brought across Borsa Italiana’s three fixed income markets: MOT, the regulated market designed to facilitate access to the bond market for private investors; Euronext Access Milan (formerly ExtraMOT), a multilateral trading facility (MTF) for professional investors that offers trading in bonds listed in other EU markets as well as Italian bonds, particularly those issued by SMEs; and EuroTLX, another MTF targeted specifically to non-professional and professional investors trading in retail-size fixed income securities.

Also included in the scope was the Borsa Italiana SeDeX market, for retail investors trading certificates and covered warrants, collectively known as securitised derivatives products (hence the name SeDeX). The Italian secondary market is one of the most active in Europe for these financial instruments.

The Euronext Foundation aims to foster Euronext's support of local sustainable communities and projects across Europe in the fields of financial literacy, diversity and inclusion in finance, and marine resources.

It acts as an umbrella encompassing Euronext’s philanthropic and educational support via dedicated funding and volunteering initiatives to empower young people, promote sustainability, and strengthen our connections with local communities.

In March 2023, Euronext proudly signed the Women’s Empowerment Principles, a roadmap for business sustainability, innovation, and productivity.

By signing these principles, which result from a collaboration between the UN Global Compact and UN Women, Euronext is committing to the corporate delivery on gender equality dimensions of the 2030 agenda and the United Nations Sustainable Development Goals, while working collaboratively in multistakeholder networks to foster business practices that empower women.

By signing the Principles, Euronext aims to become an inspiration for others in its industry, by encouraging business leaders to join this movement, so that together we shape capital markets for future generations.

• Phase one of the full migration to Euronext’s state-of-the art trading platform was delivered on schedule, with immediate revenue synergies
• Euronext confirms its position as the leading listing and trading venue, and the largest liquidity pool in Europe with superior market quality
• This migration brings significant benefits to Italian issuers, members, investors and to the European financial markets ecosystem, helping finance the real economy

In 9 February 2023, Euronext’s upgraded SBTi-aligned climate targets were validated by the Science-Based Targets initiative:

• By 2030, Euronext will reduce its Scope 1 and Scope 2 market-based greenhouse gas emissions by 73.5% compared to 2020; (Up from 70% previously announced in June 2022)
• By 2030, Euronext will reduce its Scope 3 business travel emissions by at least 46.2% compared to 2019;
• 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. (Up from 67% previously announced in June 2022)

Euronext Tech Leaders is Euronext's initiative dedicated to highlighting the visibility and attractiveness of high-growth and leading Tech companies towards international investors, together with a suite of services to support them along their listing journey. 

Euronext’s rich Tech ecosystem brings together 700+ Tech companies listed on Euronext markets with 900+ alumni of its pre-IPO programmes and a large international investor base financing all growth profiles of Tech companies.

Euronext Tech Leaders is composed of 120+ high-growth and leading companies, each meeting a specific set of criteria to qualify. It complements Euronext's existing Tech offer and aims to strengthen the European Tech sector and be a catalyst for the next generation of Tech leaders.

Relocating Euronext’s Core Data Centre from the UK to Italy, into a best-in-class and green data centre facility, was a strategic decision made in response to multiple factors, including the dynamic created by Brexit, and a strong rationale for relocating Euronext’s core European trading activities in the European Union. This move allows Euronext to fully control and directly manage its core IT infrastructure, as well as a key service to clients, colocation, which was previously outsourced. It also allows the generation of colocation revenues, embedded in the upgraded synergies.

The Aruba Global Cloud Data Centre meets the highest quality standards (rating 4 certification), provides the maximum level of safety and resilience, and is 100% powered by renewable energy, enabling Euronext to minimise its environmental impact.

Euronext now operates a state-of-the-art colocation facility available to both members and non-members, opening up new opportunities for development of services, and contributing as of today to a part of the planned delivery of the €100 million run-rate annual EBITDA synergies related to the Borsa Italiana Group acquisition targeted for 2024.

The Core Data Centre migration has been timed in order to pave the way for the migration of the Borsa Italiana equity and derivatives markets onto the Euronext Optiq^® trading platform as soon as 2023.

In November 2021, we launched Euronext Securities, the CSD network connecting European economies to global capital markets. With CSDs in Copenhagen, Milan, Oslo and Porto and assets under custody totaling more than €6.5 trillion, Euronext Securities is one of the largest CSD operators in Europe.

Our new strategic plan, “Growth for Impact 2024”, sets out the group's ambition to build the leading market infrastructure in Europe.  

Growth for Impact 2024 is built around five strategic priorities: Leverage our integrated value chain, Pan-Europeanise our CSDs, Build upon our leadership in Europe, Empower sustainable finance and Execute value-creative M&A. 

Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext said: “Today marks a new chapter in the history of Euronext and of European capital markets. With the completion of the acquisition of the Borsa Italiana Group, Euronext delivers on its ambition to build the leading pan-European market infrastructure, connecting local economies to global capital markets, for the benefits of all market participants across Euronext’s markets. The significantly scaled-up Group is now positioned as the leading venue in Europe for listing and secondary markets for both debt and equity financing. In addition, Euronext increases its business diversification with new capabilities in fixed income trading and clearing, as well as consolidation of a significant CSD. This transaction strengthens Euronext’s profile and enhances its strategic prospects for future growth."

In August 2020, Euronext announced that it had completed the settlement of shares under its offer launched on 23 April 2020 to acquire 100% of VP Securities, the Danish Central Securities Depository.

Euronext acquires Oslo Børs VPS, the Norwegian stock exchange and the Norwegian CSD, which became the Group’s central exchange in the Nordic region and one of its seven core markets. Euronext further expands its footprint and diversifies its activities in post-trade.

In July 2015, Euronext launched TechShare, a pre-IPO programme designed to help Tech entrepreneurs familiarise themselves with capital markets while promoting networking by connecting Tech entrepreneurs and capital markets advisors.

Following the November 2013 acquisition of NYSE Euronext, ICE keeps LIFFE and spins off the continental European operations by launching a public offering for a newly formed, independent Euronext N.V. in June 2014.