Euronext N.V.

Overview

Euronext N.V. is a pan-European capital markets infrastructure operator whose activities span Belgium, Denmark, France, Ireland, Italy, Norway, Portugal and the Netherlands.[1] It covers the capital markets value chain, including listing, trading, clearing, settlement and custody, as well as services for issuers and investors.[2] The group operates regulated markets in Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris, where it lists equities, bonds, structured products, ETFs and investment funds.[3][4] Its platform also includes fixed-income trading through MTS, power trading through Nord Pool, FX and derivatives markets, and post-trade operations through Euronext Clearing and the Euronext Securities central securities depository network.[2]+2

Euronext states that its purpose is to “shape capital markets for future generations” and that its mission is to provide trusted and sustainable markets that drive innovation and growth.[7][8] As of December 2024, its regulated exchanges hosted more than 1,800 listed issuers with around €6 trillion in market capitalisation, and in 2024 the group reported total revenue and income of about €1.63 billion.[9][10] Euronext had 2,455 employees at year-end 2024, and its Corporate Solutions business served more than 4,800 organisations across 30 countries.[11][12] [1]+11

Products & services

Euronext’s main transaction products are cash equities, equity and index derivatives, agricultural commodities derivatives, fixed-income cash and repo trading, spot FX and power trading. Cash-market fees are charged per executed order based on value traded, derivatives fees are charged per lot, MTS fixed-income products charge membership and transaction fees based on executed or term-adjusted notional, and Nord Pool power markets combine annual membership fees with variable trading and settlement fees based on volume traded. Euronext FX is an ECN for spot foreign exchange, precious metals and NDF trading through Euronext Markets Singapore, powered by FastMatch technology and offering access to diversified and bespoke liquidity, multiple trading protocols and unique order types; Nord Pool operates day-ahead and intraday power markets. These markets run on Optiq, Euronext’s multi-market trading platform, which is designed for harmonised messaging, flexibility, high performance and stability; in 2024, Optiq availability was 100.00% for regulated cash markets and 99.98% for regulated derivatives markets. Trading represented 35.7% of 2024 revenue from contracts with customers, including 18.1% from cash trading, 9.3% from fixed-income trading, 3.4% from derivatives, 2.9% from power and 2.0% from FX.[13]+7

On the issuer side, Euronext sells listing services covering initial and subsequent listing of securities, related corporate-action services and ongoing continuous-listing services. It also offers issuer software and advisory products through Euronext Corporate Solutions, focused on governance, compliance, investor relations and communications; named products include EngageStream for webcasts and webinars, Admincontrol Board Portal, InsiderLog for insider-list management under MAR, and IR.Manager for investor-relations workflow, alongside ESG Advisory with reporting and governance analytics support. Listing represented 14.8% of 2024 revenue from contracts with customers.[21]+6

Euronext’s data, post-trade and technology products are also material. Advanced Data Services include real-time data sold on a per-user basis, enterprise licences for non-display and analytics use, historic and reference data, vendor redistribution licences, and index licences for structured products, ETPs and ETFs based on Euronext-owned indices, as well as third-party index and iNAV calculation; this business represented 15.4% of 2024 revenue from contracts with customers. Post-trade services comprise clearing, settlement and custody, and Euronext Securities also offers shareholder register services and digital general meeting services including virtual general meetings; post-trade represented 26.5% of 2024 revenue. Euronext Technology Solutions adds software licences, IT development/operations/maintenance for third-party exchanges, managed IT and SaaS, connectivity and infrastructure hosting, and colocation from Euronext’s Bergamo core data centre, which Euronext describes as Rating 4 certified and powered by 100% renewable energy; connection services also include active logon sessions used to place cash and derivatives orders. Technology solutions and other represented 6.8% of 2024 revenue from contracts with customers, while investor services represented 0.9%.[27]+8 [13]+21

Geographic presence

Euronext’s core operating footprint is concentrated in Europe. It operates regulated markets in Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris, and its broader presence map also includes Oslo, Dublin, London, Paris, Porto, Lisbon, Amsterdam, Brussels, Copenhagen and Milan, with Euronext Clearing and MTS in Italy.[3][35] Its office and property footprint spans major European locations including Amsterdam, Brussels, Lisbon, Porto, Paris, Dublin, Oslo, Bergen, Copenhagen, Milan, Rome, Stockholm, Helsinki, London, Madrid and Frankfurt, alongside sites in New York, Bengaluru, Gurugram and Singapore.[36] The company’s presence map also lists offices in Bangalore, Delhi, New York, Santiago, Singapore and Wellington.[35]

Revenue attributed by country in 2024 was led by Italy at €474.8 million (about 33% of total), France at €354.9 million (about 25%), Norway at €188.7 million (about 13%) and the Netherlands at €183.9 million (about 13%). Denmark contributed €76.0 million, Ireland €37.9 million, Portugal €36.6 million, Belgium €30.5 million, the United States €28.6 million and the United Kingdom €9.6 million, on total revenue from contracts with customers of €1.43 billion.[37] These geographic allocations are based on a methodology under which several trading, clearing, data, colocation and connectivity revenues are attributed to the country where the exchange is domiciled, while other categories are attributed to the billing entity.[38]

Employee headcount is likewise centered in a handful of countries. As of 31 December 2024, the largest disclosed employee bases were in Italy (809), France (468), Portugal (286), Norway (225), the Netherlands (177), Denmark (132) and the United Kingdom (103), followed by Ireland (66), India (62) and Finland (53); a further 74 employees were grouped under other countries with fewer than 50 employees each.[39][40] The country split is based on registrations in Euronext’s HR system.[41] [3]+7

Business segments

Euronext does not report multiple IFRS operating segments: management states that the business is monitored on a group-wide basis and that the group has one operating segment and one reportable segment. The main long-term segmentation therefore comes from its disclosed business-line revenue mix rather than from formal segment reporting. In FY2024, the largest revenue and income categories were Trading at 34.4% (€559.4 million), Post Trade at 25.5% (€414.7 million), Advanced Data Services at 14.9% (€241.7 million), Listing & Corporate Solutions at 14.3% (€231.9 million), and Technology Solutions at 6.5% (€106.2 million).[42][43]

In its business-line descriptions, Euronext says its activities span listing; corporate and investor services; trading venues for cash equities, derivatives, agricultural commodities, power, FX, fixed income securities, securitised derivatives and ETPs; advanced data services including real-time data, enterprise licences, analytics, and historical/reference data; investor services mainly through Commcise’s cloud-based research evaluation, commission management and accounting tools; clearing through Euronext Clearing; custody and settlement through Euronext Securities, its CSD network; and technology solutions including software, hosting/connectivity, regulatory services, and deployment/customisation services.[44]+7

Euronext also provides a more granular FY2024 revenue mix by activity: Listing & Corporate Solutions 14%, Cash trading 17%, Fixed Income trading 9%, Other trading 8% (made up of Derivatives 3%, FX 2% and Power 3%), NTI 3%, Clearing 9%, Custody & Settlement 17%, Investor Services 1%, Advanced Data Services 15%, and Technology Solutions 7%. These percentages are approximate and reflect disclosed revenue mix rather than separate reportable segments.[43] [42]+9

Company history

Euronext was formed on 22 September 2000 through the merger of the Paris, Amsterdam and Brussels stock exchanges, creating a cross-border European exchange group. It went public in 2001 and expanded in 2002 through the acquisition of LIFFE and the Lisbon stock exchange.[51][52]

In 2007, Euronext merged with the New York Stock Exchange to form NYSE Euronext.[53] After Intercontinental Exchange acquired NYSE Euronext in November 2013, the continental European businesses were separated into Euronext N.V., which returned to the public markets in an IPO on 20 June 2014 and became independent again.[54][55] Under its renewed independent structure, Euronext resumed expansion through acquisitions, completing the purchase of the Irish Stock Exchange in 2018, adding Oslo Børs VPS in 2019, and completing the acquisition of Borsa Italiana in April 2021.[56]+2 [51]+7

Sources

• Euronext N.V. — Full financial report (2024 Y)
  42 citations

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• Euronext N.V. — Full financial report (2023 Y)
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• Euronext N.V. — Press release (2024 Y)[9]
• www.corporatesolutions.euronext.com[23]
• www.corporatesolutions.euronext.com[24]
• www.corporatesolutions.euronext.com[25]
• www.corporatesolutions.euronext.com[26]
• Euronext N.V. — Presentation (2024 Y)[43]
• Euronext N.V. — Full financial report (2020 Y)
  3 citations

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• www.euronext.com[52]
• www.euronext.com[56]
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