Stephane Boujnah

The trading venue saw full year revenue and income up 10% from 2023, totalling €1,627 billion.

Overall trading revenue contributed towards this, growing 14% year-on-year to €559 million, driven by strong results within its fixed income and FX divisions, as well as solid growth in cash trading revenue.  

Fixed income trading saw the largest year-on-year gains, up 36% and totalling €146 million compared to €107 million in 2023.  

The venue also posted positive results in FX trading revenues, which were up by 24%, reaching €32 million in the full year of 2024 compared to €25 million in 2023.  

Strong FX trading revenues were tied to a favourable volatility environment, Euronext stated.  

In a similar vein, cash trading revenues were up 7%, totalling €284 million in 2024, when compared to €265 million in 2023. 

Read more: Positive revenues from Euronext trading segments sees overall revenue rise year-on-year 

However, offsetting the gains in trading revenues was derivatives trading, which saw a 2% decline year-on-year from €54 million to €53 million.  

Euronext attributed declines in derivatives trading revenues to the continuing trend of lower volatility for equity and index derivatives, offset by dynamic commodity trading. 

Elsewhere, within Euronext’s post-trade business, total revenues were up 12%, achieving €415 million.  

Clearing revenue also saw positive figures, growing 19% to €144 million, which the venue attributed to the European expansion of Euronext Clearing, as well as dynamic fixed income activity. 

“In 2024, we delivered double-digit topline growth thanks to the solid performance of non-volume related activities, excellent performance of FICC trading, and the successful clearing expansion in Europe,” said Stéphane Boujnah, chief executive and chair of the managing board of Euronext.  

“[…] In 2025, we are building the foundations to achieve our 2027 growth targets and we are investing to innovate for growth.” 

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Featured in its final report on equity transparency, published in December, the European Securities Markets Authority (ESMA) added an additional line to its text surrounding the specific characteristics of negotiated transactions, preventing exchanges from using the model on their own behalf.

“A negotiated transaction […] shall be considered to be a transaction which is negotiated privately without the assistance of a system or trading protocol operated by a trading venue,” said the watchdog in its findings.

Read more – Early bird catches the worm: A look at the race for first mover advantage in Europe’s emerging crossing network landscape

Speaking to The TRADE, sources familiar with the matter confirm that the changes were made last minute and without industry consultation.

ESMA declined to comment on the changes.

Trajectory crossing became a prominent topic throughout the industry for a short period last year, with a flurry of new venues planned to go live throughout the first half of 2025. In the last six months, Aquis, Cboe Europe and Nasdaq Europe have all confirmed plans to launch European trajectory crossing products using the negotiated transaction model.

Read more – Cboe Europe new VWAP crossing service to launch in Q4

However, ESMA’s recent decision has all but banned the offerings in Europe, roadblocking their broader plans and leaving the pan-European trading venues with their UK versions only.

Cboe’s UK VWAP-X service went live last year, however, its European counterpart was delayed to Q1 of this year due to regulatory hurdles.

“We’re disappointed by the recent ESMA proposal that could limit the availability of trajectory crossing within the EU venue ecosystem, to the disadvantage of EU-based investors and brokers,” Natan Tiefenbrun, president, North American and European equities, Cboe Global Markets, told The TRADE.

“Our focus is on growing the user base of this platform in the UK, which launched in Q4 2024, whilst continuing to engage with regulators as we seek ways to extend the service to include EU equities.”

Aquis Exchange’s new UK VWAP matching service is set to go live in the first quarter of this year, as revealed by The TRADE in December.

Speaking to The TRADE at the time, Aquis confirmed that the service had received a non-objection from the UK’s Financial Conduct Authority (FCA) and that it was in the process of working with regulators in Europe.

Read more – Aquis VWAP Match service set to go live in Q1

“The launch of Aquis VWAP Match (‘AVM’) is continuing as planned in the UK, and we are excited to bring this product to our UK members very soon,” a spokesperson from Aquis told The TRADE.

“We are continuing dialogue with our European regulators and, as always, maintain a suite of products to meet the trading needs of our members in line with jurisdictional regulation.”

Crossing services as a concept is not a novel one for Europe. Scrapped in 2018 under Mifid II, former broker crossing networks (BCNs) used a similar workflow. Prior to the regulatory change that banned the ‘venues’ among other market changes, many brokers would leverage their algo plant to do VWAP or trajectory crossing.

Given the regulatory changes brought in by ESMA in December, this flourishing landscape is set to look vastly more different in Europe than expected.

“This regulatory development presents challenges to our planned service launch in Q1 2025,” said Nasdaq in a statement. “We remain committed to providing PureStream to our clients and will continue our dialogue with the regulators as well as exploring alternative solutions to advance in this direction.”

The post ESMA thwarts European trajectory crossing plans with last minute rule change appeared first on The TRADE.

The coverage expansion relates to LSEG’s Tick History Packet Capture (PCAP) product, and has also enhanced its low latency direct feeds, Real-Time-Direct (RTD) offering, with 105 feeds added to PCAP and 37 new markets added to RTD.

In addition, all PCAP data is now available in the cloud through AWS.

Stuart Brown, global head of data and feeds at LSEG, explained: “This expansion continues our low-latency strategy to meet the needs of our front-office customers and to provide market data across the entire latency spectrum.” 

Specifically, PCAP coverage expansion includes new feeds from 76 markets in EMEA, 14 in the Americas, and eight markets in APAC. These include: Johannesburg Stock Exchange, Shenzhen Stock Exchange and European Energy Exchange.

In addition, RTD’s services have been bolstered through the addition of 20 US equities and Canadian markets, and 17 global futures exchanges. The direct feeds expansion also includes a simplified architecture and lower latency, according to LSEG.

Read more: LSEG’s data and analytics head departs after 18 months

Market data has been a key discussion point so far this month, with a new report published on 4 February suggesting that exchanges are supplementing declining equity market revenues with higher market data prices, highlighting the fact that there are ‘no specific costs for producing market data’.

However, named trading venues in the report responded in turn, highlighting the findings full of “inaccuracies”, maintaining that the price of data is not only “fair” but also “transparent”.

Read more: Exchanges hit back at ‘inaccurate’ and ‘misleading’ accusations around market data costs

With market data access and costs among the top three market structure concerns for 2025, as reported in a recent JP Morgan survey, continued debate around this topic is set to continue, with significant changes to the status quo arguably unavoidable.

The post LSEG adds 105 feeds and 35 new markets to historical market data offering appeared first on The TRADE.

The specially designed microsite – available via www.thetradenews.com/liquidnet – has been built by the TRADE’s digital development team and will publish one in-depth article a month through 2025.

The innovative platform and content is set to provide the industry with a fresh perspective on key industry themes, delivering a unique platform for key thought leaders across a range of topics.

Speaking about the brand new offering and the decision to partner with The TRADE, Liquidnet enthuses: “We look forward to collaborating with The TRADE’s editorial team, sharing valuable perspectives along the way.

“With over 20 years of industry reporting expertise, we’re excited to partner with this publication to deliver insightful articles directly to buy-side trading desks and drive meaningful conversations.” 

Topics on the agenda include: the role of algo trading in listed derivatives, the electronification in new markets, lessons to be learnt from retail trading, an overview of futures and options in APAC, the rise of dark trading, and much more.

You can read the first instalment now, wherein Liquidnet chief executive, Mark Govoni, delves into how AI raises critical questions about the evolving role of brokers as its integration continues to transform and revolutionise trading desks. 

Stay tuned!

The post The TRADE unveils ‘Liquidnet Leads’ initiative appeared first on The TRADE.

While at LSEG he was also a member of the executive committee.

Singh boasts three decades of experience leading global businesses in data and analytics, capital markets, post-trade services, payments, and technology.  

His previous roles include stints as global head of securities services and head of global transaction bank, EMEA, at Deutsche Bank, head of custody and clearing, EMEA at Citi, and global head of sales at HSBC Securities Services. 

London-based Singh has also previously served in senior position at Mastercard and Euroclear.

Read more: Fireside Friday with… LSEG’s group head of analytics, Emily Prince

In his role at LSEG, Singh led LSEG’s global data and analytics businesses which included the Group’s flagship Workspace product – financial and real-time data and news for the financial community, as well as spearheading the development of new offerings through LSEG’s Microsoft partnership.

An LSEG spokesperson confirmed the move and told The TRADE: “LSEG’s data and analytics business continues to deliver strong momentum and, with the progress we have made, is very well positioned to innovate, drive change and grow. 

“Our leading capabilities in data, analytics, insights and news, together with our flagship Workspace product provide a platform for continued expansion.”

The post LSEG’s data and analytics head departs after 18 months appeared first on The TRADE.

Released today, the new report by Market Structure Partners (MSP) entitled ‘There is no Market in Market Data’ revealed findings that suggest incumbent venues are supplementing dwindling equity market revenues and volumes with hikes in market data pricing, ultimately leading to what the paper calls “stifling of growth and innovation”.

Among the exchanges listed in the report are Euronext, Deutsche Börse, the London Stock Exchange Group’s Turquoise and Nasdaq Nordics.

Read more – Some exchanges pocketing nearly £5 billion from ‘inexplicable’ market data price rises, finds report

“The data presented in the report contains multiple errors and does not accurately present Turquoise’s trading volumes and market data costs,” said a spokesperson for LSEG.

“The conclusions drawn in the report are therefore inaccurate and we will be contacting MSP to request the necessary extensive corrections throughout.”

One example of an inaccuracy in the findings noted by LSEG are figures relating to its private investors data fees. The report claims that LSEG has increased its data fees for private investors by over 150% between 2017-2024.

“Market data for retail investors on Turquoise has always been free and there was no change in the LSE data charge for this community over this period,” continued the LSEG spokesperson. “Since January 2025, LSE fees for market data for retail have also been waived. Furthermore, all of LSEG’s equity trading entities are required to make Reasonable Commercial Basis disclosures.”

At the heart of MSP’s findings released on Tuesday is the claim that market data – which MSP argues should be a by-product of trading volumes – has grown to become a far larger revenue stream than it should be that is supplementing other business areas such as trading that are suffering from a lack of innovation and attention from exchanges.

In its findings, MSP claims that trading turnover on LSEG’s Turquoise reduced by 61% between 2020 and 2022. However, in the same period, market data revenues increased by 16.5%, according to the report.

Naming other specific venues, the report also found that between 2020 and 2023 – despite total equity markets transacting value reducing by 17% – Euronext only saw total equity market revenue decline by 0.5% thanks to an 8% uptick in market data revenue.

“An independent analysis commissioned by FESE and published by Oxera in September 2024, shows exchanges market data pricing remains reasonable, reflecting shifts in data consumption, evolving fee structures, and broader industry costs,” a Euronext spokesperson told The TRADE in response to the report.

The MSP report also names Deutsche Börse and Nasdaq Nordics.

In its findings it suggests that between 2020 and 2023, Deutsche Börse saw transacted value in equity markets reduced by 29%. Total equity market revenue, however, only declined by 12% due to a 10% increase in market data revenue.

The research on Nasdaq Nordics tells a similar story, seeing a 27% reduction in transacted value in equity markets between 2021 and 2023 but only seeing a 9% decline in total equity market revenue stemming from a 4% rise in market data revenue.

“The claim that exchange data fees are increasing is misleading; any price increases have been below inflation over the same period, and we are fully committed to fair and transparent pricing,” a spokesperson for Nasdaq Nordics told The TRADE.

“We are relentlessly focused on innovation and enhancing the resilience of our world class markets and data services, to ensure they keep up with the accelerating pace and sophistication of trading.”

Deutsche Börse did not respond to a request for comment at the time of publication.

The post Exchanges hit back at ‘inaccurate’ and ‘misleading’ accusations around market data costs appeared first on The TRADE.

Niki Beattie

Released on Tuesday, the research entitled ‘There is no Market in Market Data’ revealed that incumbent venues are supplementing dwindling equity market revenues and volumes with hikes in market data pricing, ultimately leading to what the paper calls “stifling of growth and innovation”.

If correctly correlated to true market share, some exchanges could have earned an additional £4.93 billion in surplus revenue from market data fees since 2008, MSP said, or up to 7.64 times more than competitors who are processing similar volumes and market share.

MSP’s report has found that these market data revenue increases have occurred despite there being no “specific costs for producing market data” while also noting that the costs of running a trading platform are “stable or declining”. 

“This study shows the ease with which exchanges can rely on market data income to supplement what should otherwise be a natural decline in total revenue earnt from equity markets and suggests that, as a result, market growth has become a secondary objective,” said Niki Beattie, chief executive of MSP.

“European policymakers with competitiveness and innovation agendas should rigorously challenge the current separation of trading and data revenues at all trading venues.”

Supplemented declines

The report has found that market data – which MSP argues should be a by-product of trading volumes – has grown to become a far larger revenue stream than it should be that is supplementing other business areas such as trading that are suffering from a lack of innovation and attention from exchanges.

In a cross-section of European incumbent venues, the report finds that between 2020 and 2023 – despite total equity markets transacting value reducing by 17% – Euronext only saw total equity market revenue decline by 0.5% thanks to an 8% uptick in market data revenue.

Between 2020 and 2023, Deutsche Börse saw transacted value in equity markets reduced by 29%. Total equity market revenue, however, only declined by 12% due to a 10% increase in market data revenue.

Nasdaq Nordics tells a similar story, seeing a 27% reduction in transacted value in equity markets between 2021 and 2023 but only seeing a 9% decline in total equity market revenue stemming from a 4% rise in market data revenue.

Trading turnover on LSEG’s Turquoise reduced by 61% between 2020 and 2022. However, in the same period, market data revenues increased by 16.5%.

“Addressing the harmful impact of the oligopoly at the heart of market data access would lower trading costs, encourage new market entrants, and promote innovation,” said Tanguay van de Werve, director general of EFAMA, in a comment released with Tuesday’s findings.

“EU capital markets are underperforming their global peers, a trend that has only solidified over the last few years. Tackling high market data costs should be an obvious choice for policymakers looking to reinvigorate European capital markets.”

Complex fee structures

The effect, MSP has found, is achieved via a series of “arbitrary and complex” fee structures that shroud the true cost of data to competitors and peers.

These structures are based off several factors including method of data consumption, user type, competitive status, professional versus retail users, and number of devices able to see the data.

For those competing with incumbent venues, the result is a lofty increase in costs for non-display data. According to MSP’s findings, competing trading platforms have seen costs for non-display data rise by up to 481% between 2017 and 2024. Proprietary index creators that compete with exchange owned indices also experienced cost rises between 97% and 170% across three exchanges over the same period, the report has found.

The report is now calling for legislators to address the issue by re-aligning market data costs with trading activity on each exchange as well as greater regulation to ensure that market data is treated as a by-product of trading as opposed to a separate revenue stream.

The post Some exchanges pocketing nearly £5 billion from ‘inexplicable’ market data price rises, finds report appeared first on The TRADE.

The decision relates to the exchange’s US equities business on its Cboe EDGX Equities Exchange (EDGX) and is currently awaiting regulatory approval from the US Securities and Exchange Commission (SEC).

Cboe said the move followed “growing global customer demand” for expanded trading hours in the asset class. As part of the expansion, all listed NMS stocks will become available for trading on EDGX for 24 hours Monday – Friday.

“We continue to hear from market participants globally – particularly those in Asia Pacific markets like Hong Kong, Japan, Korea, Singapore and Australia – that they want greater access to US equities trading and need trusted venues that can offer transparency, robust liquidity and efficient price discovery,” said Oliver Sung, head of North American equities at Cboe Global Markets.

“As the world’s largest global exchange operator, Cboe is uniquely positioned to meet that demand. By leveraging our global infrastructure, leading-edge technology, and proven experience facilitating around-the-clock trading in global markets, we believe we can seamlessly support a 24×5 trading model for US equities.”

The Depository Trust and Clearing Corporation (DTCC) is set to clear all trades.

Cboe currently supports extended trading hours for US equities on EDGX. Early order acceptance commences at 2:30am ET and trading is available from 4am ET to 8pm ET, throughout the working week.

Read more – Are we on our way to 24/7 trading in equities?

The exchange also currently offers a 24/5 trading model in its proprietary S&P 500 Index (SPX) options, and Cboe Volatility Index (VIX) options and futures markets, as well as a 24-hour five day a week model for its global FX markets.

Cboe is the latest exchange to move to expand its US equities trading hours as the markets continuously assess the viability of the trading model – which has historically been limited to foreign exchange and digital assets – for equities.

The post Cboe to launch 24-hour US equities trading appeared first on The TRADE.

Armando Diaz and David Barnett

Specifically, the partnership will expand the remit of PureStream’s streaming protocol – which combines parent level liquidity discovery with “undistorted” price discovery of the market – by enabling OptimX clients to access it through the OptimX platform.

“Collaborating with OptimX allows us to extend the reach of our streaming protocol, offering institutions incremental liquidity choices,” said Armando Diaz, chief executive of PureStream.

As part of the deal, mutual broker dealer partners can opt-in to the OptimX platform and leverage streaming to find and facilitate crosses.

“Our partnership with PureStream reflects our dedication to providing clients with innovative solutions that address the complexities of modern trading,” said David Barnett, OptimX founder and chief executive.

“The integration of trajectory crossing technology enhances our platform’s ability to deliver superior execution outcomes.”

The partnership builds on OptimX’s recent integration with Aquis’ Matching Pool (AMP), Barnett added.

Read more – Aquis and OptimX unveil new dark trading solution 

Announced in December, the move allowed Aquis UK members to direct actionable liquidity opportunities to their institutional clients via OptimX Markets. Brokers subscribed to the AMP order book can instruct Aquis via OptimX to deliver liquidity opportunities within the institutional trader’s workflow.

Aquis Exchange picked up a minority stake in OptimX back in August 2023 as it looked to expand its block crossing remit.

The post PureStream and OptimX partner to improve institutional liquidity discovery and execution appeared first on The TRADE.

MIAX Bloomberg 500 Index futures will be listed on MIAX Futures, pending certain filings with the Commodity Futures Trading Commission (CFTC).  

Elsewhere, MIAX Bloomberg 500 Index options will be listed on MIAX Options, subject to certain filings with and subject to approval from the Securities and Exchange Commission (SEC). 

The new MIAX Bloomberg 500 futures and options products aim to provide competitive fees, increased product choice and more granular contract sizes, offering retail and institutional investors an alternative way to manage US equity market exposure. 

“Our collaboration with MIH to list Bloomberg 500 Index futures and options on its MIAX exchanges reinforces our strategy of expanding the use of Bloomberg equity indices across the financial investment community,” said Umesh Gajria, global head of index-linked product at Bloomberg Index Services Limited.  

“The introduction of these products answers significant pent-up demand for access to an alternative way of managing long and short exposure in the world’s most liquid equity market.” 

Read more: MIAX receives $100 million capital injection from Warburg Pincus  

MIAX Bloomberg 500 Index futures and options are being developed to reach both retail and institutional investor preferences, with a H2 2025 target for trading.  

In addition, Bloomberg 500 Index futures are expected to be the first financial future to be traded on the new MIAX Futures Onyx trading platform, pending filing with the CFTC. 

“We are pleased to provide the industry with a suite of new futures and options products offering a competitive alternative to manage exposure to the 500 largest publicly traded US corporations,” said Thomas Gallagher, chair and chief executive at MIH.  

“I believe our technology, support from strategic exchange members and Bloomberg’s distribution capabilities create a powerful combination to help answer industry demand for alternative ways to hedge and manage risk in US equities and options markets.” 

The post Miami International Holdings and Bloomberg collaborate to list futures and options on MIAX exchanges appeared first on The TRADE.