Euronext

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This article is about the stock exchange. For its parent company, see IntercontinentalExchange.
Euronext
EURONEXT location collage small
Euronext Exchange locations (clockwise): London, Brussels, Lisbon, Paris, Amsterdam
Type Stock and derivatives exchange
Location Amsterdam, Netherlands
Founded September 22, 2000[1][2][3][4]
Key people Dominique Cerutti [5][6][7]
(CEO Euronext)
[8][9]

Cees Vermaas [10][11]
(CEO Euronext Amsterdam)
Vincent Van Dessel[12]
(CEO Euronext Brussels)
Luís Laginha de Sousa[13]
(CEO Euronext Lisbon)
Antony Attia[7][14]
(CEO Euronext Paris)

Lee Hodgkinson[15]
(CEO Euronext London)
Currency Euro
No. of listings 1,299[16]
Market cap US$ 3.7 trillion (2013)[16][17]
Volume US$ 1.9 trillion (2013)[16]
Indexes AEX
BEL 20
CAC 40
PSI 20
Euronext 100
NEXT 150
Website Euronext.com

Euronext[8][9] is a pan-European exchange based in Amsterdam, Brussels, London, Lisbon and Paris.[18] In addition to equities and derivatives markets, the Euronext group provides custody and settlement services.[19]

As of December 2012 Euronext was the 5th largest stock-exchange group in terms of companies listed.[17] Euronext merged with NYSE Group, Inc. on April 4, 2007 to form NYSE Euronext (NYX). On November 13, 2013 IntercontinentalExchange (NYSEICE), completed acquisition of NYSE Euronext. In June 2014 Euronext completed an initial public offering making it a standalone company again.[5][20] [21]

History[edit]

Amsterdam Stock and Derivatives Exchange building at Beursplein 5

Euronext was formed on 22 September 2000 following a merger of the Amsterdam Exchanges,[22] Brussels Stock Exchange, and Paris Bourse, in order to take advantage of the harmonization of the European Union financial markets.[1][2][3][4] 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,[3][23] which was later replaced with Universal Trading Platform (UTP).[24][25] In 2002 the group merged with the Portuguese stock exchange Bolsa de Valores de Lisboa e Porto (BVLP), renamed Euronext Lisbon.[3] In 2001, Euronext became a listed company itself after completing its Initial Public Offering.[26]

Acquisition of Liffe[edit]

Euronext.liffe was formed in January 2002[23] from the takeover of the London International Financial Futures and Options Exchange (LIFFE) by Euronext.[27] 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.[24][28]

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.[22][29] 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.[22][30][31] As a result, the Kansas City Board of Trade[32] and the Minneapolis Grain Exchange[33] 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.[25][34] 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.[34][35][36] 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.[37]

Alternext[edit]

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.[38][39]

Enternext[edit]

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.[40]

Merger with NYSE[edit]

Due to apparent moves by NASDAQ to acquire the London Stock Exchange,[41] 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.[42] 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.[43] 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.[44] 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.[45] 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.[46] Some of the regulatory agencies with jurisdiction over the merger had already given approval. NYSE Group shareholders gave their approval on 20 December 2006.[47] The merger was completed on 4 April 2007, forming NYSE Euronext.

Attempted merger with Deutsche Börse[edit]

In 2008 and 2009 Deutsche Börse made two unsuccessful attempts to merge with NYSE Euronext. Both attempts did not enter into advanced steps of merger.[48][49]

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.[50] The deal was approved by shareholders of NYSE Euronext on July 7, 2011,[44] and Deutsche Börse on July 15, 2011[51] and won the antitrust approved by the US regulators on On December 22, 2011.[52] 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.[53][54]

Acquisition by Intercontinental Exchange[edit]

In December 2012 Intercontinental Exchange announced plans to acquire NYSE Euronext, owner of Euronext, in an $8.2 billion takeover.[55] The deal was approved by the shareholders of NYSE Euronext and Intercontinental Exchange on June 3, 2013.[56][57][58] The European Commission approved the acquisition on 24 June 2013[59] and on Aug. 15, 2013 the US regulator, SEC, granted approval of the acquisition.[60][61][62] European regulators and ministries of Finance of the participating countries approved the deal and on November 13, 2013 the acquisition was completed.[5][20] ICE intends to pursue an initial public offering of Euronext in 2014.[5]

Split from ICE[edit]

On June 20, 2014 Euronext was split from ICE through an initial public offering.[63]

Structure and indices[edit]

Euronext comprises cash and derivatives markets, which, as of December 2013, cover the following operational markets and segments.[64]

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
Euronext Brussels Cash Belgium Brussels XBRU
Alternext Brussels Cash Belgium Brussels ALXB
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
Euronext Lisbon Cash Portugal Lisbon XLIS
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.
Easynext Lisbon Cash Portugal Lisbon ENXL
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
Liffe Derivatives United Kingdom London XLIF
Euronext Paris Cash France Paris XPAR
Alternext Paris Cash France Paris ALXP
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

Cash markets[edit]

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.[65] 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.[66][67]

Table of major instrument types traded on Euronext Cash Markets

Market / Segment Name Equities[68] Bonds[69] ETFs[70] Funds[71] ETVs / ETNs[72] Warrants, Certificates & Structured Notes[73]
Alternext Amsterdam Yes - - - - -
Alternext Brussels Yes Yes - - - -
Alternext Lisbon Yes - - - - -
Alternext Paris Yes Yes - - - -
Easynext Lisbon Yes - - - - Yes
Euronext Amsterdam Yes Yes Yes Yes Yes Yes
Euronext Brussels Yes Yes Yes Yes Yes Yes
Euronext Lisbon Yes Yes Yes Yes - -
Euronext London Yes - - - - -
Euronext Paris Yes Yes Yes - Yes Yes
Marche Libre Brussels Yes Yes - - - -
Marche Libre Paris Yes Yes - - - Yes
NYSE Bondmatch - Yes - - - -
Traded But Not Listed Amsterdam Yes - - - - -
Trading Facility Brussels Yes - - - - -

Derivative market[edit]

Table of major instrument types traded on Euronext Derivative Markets[74]

Futures/Options Amsterdam, The Netherlands Brussels, Belgium Lisbon, Portugal Paris, France
Commodity Futures - - - Yes
Commodity Options - - - Yes
Index Futures Yes Yes Yes Yes
Index Options Yes Yes Yes
Stock Futures - - Yes -
Stock Options Yes Yes - Yes
ETF Options - - - Yes
Currency Futures Yes - - -
Currency Options Yes - - -
Dividend Futures Yes - - Yes

Indices[edit]

Euronext manages various country (national), as well as pan-European regional and sector and strategy indices.[75]

Main indices managed by Euronext[75]

Name Symbol Trading Currency
AEX All-share AAX EUR
AEX AEX EUR
Alternext All-share ALASI EUR
AMX AMX EUR
AScX ASCX EUR
BEL 20 BEL20 EUR
BEL All-share BELAS EUR
BEL CONTIN STCK NR BELCU EUR
BEL Mid BELM EUR
BEL Small BELS EUR
CAC 40 PX1 EUR
CAC All-share PAX EUR
CAC All-tradable CACT EUR
CAC Mid & small CACMS EUR
CAC Mid 60 CACMD EUR
CAC Next 20 CN20 EUR
CAC Small CACS EUR
Euronext 100 N100 EUR
EURONEXT FAS IAS FIAS EUR
NYSE Euronext Iberian NEIBI EUR
IEIF SIIC FRANCE SIIC EUR
Low Carbon 100 Europe LC100 EUR
Next 150 N150 EUR
Next Biotech BIOTK EUR
OSEO INNOVATION NAOII EUR
Private Equity Nxt PENXT EUR
PSI 20 PSI20 EUR
PSI All-share BVLGR EUR
REIT EUROPE EUR
SBF - 120 FCI EUR

Financial figures[edit]

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.[76]

Agreements and cooperation with other exchanges[edit]

Since the acquisition of Euronext by IntercontinentalExchange, information about the status and validity of agreements and cooperations is not available.

See also[edit]

References[edit]

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  73. ^ Euronext. "Euronext Warrants & Certificates Product directory". Retrieved 2014-01-11. 
  74. ^ NYSE Euronext. "NYSE Euronext Global Derivatives Product Directory". Retrieved 2014-01-11. 
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External links[edit]