Euronext Exchange locations (clockwise): London, Brussels, Lisbon, Paris, Amsterdam
|Type||Stock and derivatives exchange|
|Founded||September 22, 2000|
|Key people||Dominique Cerutti 
(CEO Euronext London)
|No. of listings||1,299|
|Market cap||US$ 3.7 trillion (2013)|
|Volume||US$ 1.9 trillion (2013)|
Euronext is a pan-European exchange based in Amsterdam, Brussels, London, Lisbon and Paris. In addition to equities and derivatives markets, the Euronext group provides custody and settlement services.
As of December 2012 Euronext was the 5th largest stock-exchange group in terms of companies listed. Euronext merged with NYSE Group, Inc. on April 4, 2007 to form NYSE Euronext (NYX). On November 13, 2013 IntercontinentalExchange (NYSE: ICE), completed acquisition of NYSE Euronext. In June 2014 Euronext completed an initial public offering making it a standalone company again.
- 1 History
- 2 Structure and indices
- 3 See also
- 4 References
- 5 External links
Euronext was formed on 22 September 2000 following a merger of the Amsterdam Exchanges, Brussels Stock Exchange, and Paris Bourse, in order to take advantage of the harmonization of the European Union financial markets. In December 2001, Euronext acquired the shares of the London International Financial Futures and Options Exchange (LIFFE), which continues to operate under its own governance. Beginning in early 2003, all derivatives products traded on its affiliated exchanges trade on LIFFECONNECT, LIFFE's electronic trading platform, which was later replaced with Universal Trading Platform (UTP). In 2002 the group merged with the Portuguese stock exchange Bolsa de Valores de Lisboa e Porto (BVLP), renamed Euronext Lisbon. In 2001, Euronext became a listed company itself after completing its Initial Public Offering.
Acquisition of Liffe
Euronext.liffe was formed in January 2002 from the takeover of the London International Financial Futures and Options Exchange (LIFFE) by Euronext. The derivatives activities of the other constituent exchanges of Euronext (Amsterdam, Brussels, Lisbon and Paris), were merged into Euronext.liffe. Until migration to UTP, trading was done electronically through the LIFFE CONNECT platform.
In addition, Euronext.liffe sells its technology to third parties. Since April 2003, the trading on Tokyo Financial Exchange (formerly Tokyo International Financial Futures Exchange[TIFFE]) was run on LIFFE CONNECT. From January 2004 until its merger with the Chicago Mercantile Exchange in 2008, the Chicago Board of Trade provided electronic trading via e-cbot, which was powered by LIFFE CONNECT. As a result, the Kansas City Board of Trade and the Minneapolis Grain Exchange used LIFFE CONNECT for their overnight trading.
In 2011 complete migration of all derivative products to UTP was completed, aimed at bringing together all positive aspects of NYSE Euronext's prior trading systems under a new framework. The Luxembourg Stock Exchange and Qatar Exchange also migrated to UTP of NYSE Euronext in 2009 and 2010 respectfully, followed by the Warsaw Stock Exchange in 2013. In March 2014, Euronext signed agreements with four new exchanges, the Beirut Stock Exchange, the Amman Stock Exchange, Bourse de Tunis and the Muscat Securities Market, for the implementation of its UTP.
Alternext was formed in 2005 by Euronext to help small and mid-class companies in the Eurozone seek financing. Since the merger of Euronext and NYSE in 2006, completed in 2007, this market is now a division of NYSE Euronext, named NYSE Alternext.
Enternext is a subsidiary of Euronext and was created in order to help SMEs outline and apply a strategy that is most suited to support their growth. Enternext is a pan-European program and comprises over 750 SMEs, which are listed on Euronext markets in Europe.
Merger with NYSE
Due to apparent moves by NASDAQ to acquire the London Stock Exchange, NYSE Group, owner of the New York Stock Exchange, offered €8 billion (US$10.2b) in cash and shares for Euronext on 22 May 2006, outbidding a rival offer for the European Stock exchange operator from Deutsche Börse, the German stock market. Contrary to statements that it would not raise its bid, on 23 May 2006, Deutsche Börse unveiled a merger bid for Euronext, valuing the pan-European exchange at €8.6 billion (US$11b), €600 million over NYSE Group's initial bid. Despite this, NYSE Group and Euronext penned a merger agreement, subject to shareholder vote and regulatory approval. The initial regulatory response by SEC chief Christopher Cox (who was coordinating heavily with European counterparts) was positive, with an expected approval by the end of 2007. The new firm, tentatively dubbed NYSE Euronext, would be headquartered in New York City, with European operations and its trading platform run out of Paris. Then-NYSE CEO John Thain, who was to head NYSE Euronext, intended to use the combination to form the world's first global stock market, with continuous trading of stocks and derivatives over a 21-hour time span. In addition, the two exchanges hoped to add Borsa Italiana (the Milan stock exchange) into the grouping.
Deutsche Börse dropped out of the bidding for Euronext on 15 November 2006, removing the last major hurdle for the NYSE Euronext transaction. A run-up of NYSE Group's stock price in late 2006 made the offering far more attractive to Euronext's shareholders. On 19 December 2006, Euronext shareholders approved the transaction with 98.2% of the vote. Only 1.8% voted in favour of the Deutsche Börse offer. fr:Jean-François Théodore, the Chief Executive Officer of Euronext, stated that they expected the transaction to close within three or four months. Some of the regulatory agencies with jurisdiction over the merger had already given approval. NYSE Group shareholders gave their approval on 20 December 2006. The merger was completed on 4 April 2007, forming NYSE Euronext.
Attempted merger with Deutsche Börse
In 2011, Deutsche Börse and NYSE Euronext confirmed that they were in advanced merger talks. Such a merger would create the largest exchange in history. The deal was approved by shareholders of NYSE Euronext on July 7, 2011, and Deutsche Börse on July 15, 2011 and won the antitrust approved by the US regulators on On December 22, 2011. On February 1, 2012, the deal was blocked by European Commission on the grounds that the new company would have resulted in a quasi-monopoly in the area of European financial derivatives traded globally on exchanges.
Acquisition by Intercontinental Exchange
In December 2012 Intercontinental Exchange announced plans to acquire NYSE Euronext, owner of Euronext, in an $8.2 billion takeover. The deal was approved by the shareholders of NYSE Euronext and Intercontinental Exchange on June 3, 2013. The European Commission approved the acquisition on 24 June 2013 and on Aug. 15, 2013 the US regulator, SEC, granted approval of the acquisition. European regulators and ministries of Finance of the participating countries approved the deal and on November 13, 2013 the acquisition was completed. ICE intends to pursue an initial public offering of Euronext in 2014.
Split from ICE
Structure and indices
Euronext comprises cash and derivatives markets, which, as of December 2013, cover the following operational markets and segments.
|Market / Segment Name||Cash / Derivatives||Country||City||MIC Code||Comments|
|Euronext Amsterdam||Cash||The Netherlands||Amsterdam||XAMS|
|Alternext Amsterdam||Cash||The Netherlands||Amsterdam||ALXA|
|Traded But Not Listed Amsterdam||Cash||The Netherlands||Amsterdam||TNLA|
|Euronext EQF, Equities And Indices Derivatives||Derivatives||The Netherlands||Amsterdam||XEUE|
|Euronext IRF, Interest Rate Future And Options||Derivatives||The Netherlands||Amsterdam||XEUI|
|Easy Next||Cash||Belgium||Brussels||ENXB||MTF for Warrants and Certificates|
|Marche Libre Brussels||Cash||Belgium||Brussels||MLXB|
|Trading Facility Brussels||Cash||Belgium||Brussels||TNLB|
|Ventes Publiques Brussels||Cash||Belgium||Brussels||VPXB|
|Euronext Brussels - Derivatives||Derivatives||Belgium||Brussels||XBRD|
|Alternext Lisbon||Cash||Portugal||Lisbon||ALXL||Alternext is the name of a market (MTF) organised in Portugal by Euronext Lisbon, Sociedade Gestora De Mercados Regulamentados, S.A.|
|Mercado De Futuros E Opções||Derivatives||Portugal||Lisbon||MFOX|
|Market Without Quotations Lisbon||Derivatives||Portugal||Lisbon||WQXL|
|Euronext London||Cash||United Kingdom||London||XLDN||A UK regulated market aimed at international issuers complementary to the existing euronext Cash markets|
|NYSE Bondmatch||Cash||France||Paris||MTCH||Financial, corporate and covered bonds trading platform for professional investors.|
|Euronext Paris Matif||Derivatives||France||Paris||XMAT|
|Marche Libre Paris||Cash||France||Paris||XMLI|
|Euronext Paris Monep||Derivatives||France||Paris||XMON|
Euronext combines four national markets in Europe, trading stocks of major companies of each country participant, and manages the main national indices representing these stocks: AEX-index, BEL 20, CAC 40 and PSI 20. Blue chip traded on Euronext represent 20+ issuers included in the EURO STOXX 50® benchmark. In 2012, Euronext announced it was opening a listings venue in London under Euronext London, which strengthened the competitive position of Euronext in Europe and increased its visibility.
Table of major instrument types traded on Euronext Cash Markets
|Market / Segment Name||Equities||Bonds||ETFs||Funds||ETVs / ETNs||Warrants, Certificates & Structured Notes|
|Marche Libre Brussels||Yes||Yes||-||-||-||-|
|Marche Libre Paris||Yes||Yes||-||-||-||Yes|
|Traded But Not Listed Amsterdam||Yes||-||-||-||-||-|
|Trading Facility Brussels||Yes||-||-||-||-||-|
Table of major instrument types traded on Euronext Derivative Markets
|Futures/Options||Amsterdam, The Netherlands||Brussels, Belgium||Lisbon, Portugal||Paris, France|
Euronext manages various country (national), as well as pan-European regional and sector and strategy indices.
Main indices managed by Euronext
|BEL CONTIN STCK NR||BELCU||EUR|
|CAC Mid & small||CACMS||EUR|
|CAC Mid 60||CACMD||EUR|
|CAC Next 20||CN20||EUR|
|EURONEXT FAS IAS||FIAS||EUR|
|NYSE Euronext Iberian||NEIBI||EUR|
|IEIF SIIC FRANCE||SIIC||EUR|
|Low Carbon 100 Europe||LC100||EUR|
|Private Equity Nxt||PENXT||EUR|
|SBF - 120||FCI||EUR|
In March 2014 Euronext cash products average daily volume was 1.5 million transactions, an increase of 13% from March 2013, and Euronext global derivatives products average daily volume was 633,000 contracts.
Agreements and cooperation with other exchanges
Since the acquisition of Euronext by IntercontinentalExchange, information about the status and validity of agreements and cooperations is not available.
- Euronext Amsterdam
- Euronext Brussels
- Euronext Lisbon
- Euronext Paris
- List of European stock exchanges
- List of stock exchanges
- Options Market France
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