In the first instance, futures contracts will be introduced on the Euronext Derivatives Milan market – with contracts focused on European government bonds including: Italy’s 10-year and 30-year BTPs, France’s OAT, Germany’s Bund, and Spain’s Bono. 

Specifically, the offering introduces the first mini futures cash-settled on European government bonds – specially designed with retail investors in mind. 

The move provides both asset managers and private investors increased granularity for hedging as well as taking exposure to government bonds. 

Anthony Attia, global head of derivatives and post-trade, Euronext, said: “The launch of our fixed income derivatives is a pioneering step that highlights Euronext’s commitment to innovation and client-centric growth. By entering this critical market segment, we respond to the needs of investors who seek diversified opportunities and competitive solutions.

“[…] This is a significant step forward in our strategy to expand our derivatives franchise, realising our vision of driving growth and efficiency across Europe’s financial ecosystem.”

Read more: Fireside Friday with… Euronext’s Anthony Attia

The new derivatives products are set to go live in September 2025 and trades are set to be cleared by Euronext Clearing.

The post Euronext launches fixed income derivatives on European government bonds appeared first on The TRADE.

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.” 

The post Strong trading revenues sees Euronext achieve double digit revenue growth appeared first on The TRADE.

Anthony Attia

The development comes as part of Euronext’s plan to expand its Italian repo clearing franchise to a wider range of European government bonds.  

As part of the move, Euronext Clearing will use Euroclear as its first triparty agent to allow for improved collateral management capabilities.  

Through the use of Euroclear’s solutions, Euronext Clearing will provide clients with automated and flexible collateral solutions, helping to improve operational efficiency and margin and balance sheet optimisation.  

Euroclear will operate as an independent third party, managing the selection, valuation and substitution of collateral, ensuring that it meets eligibility criteria. 

In addition, Euroclear will handle settlement and custody, provide regular reporting and ensure regulatory compliance, with the aim of allowing clients to benefit from improved liquidity management and a reduction in burdens associated with administration.  

“This partnership marks a significant milestone in Euronext’s ‘Innovate for Growth 2027’ strategy, reinforcing Euronext Clearing’s role as a cornerstone of the group’s broader strategic ambitions,” said Anthony Attia, global head of derivatives and post-trade at Euronext.  

“It demonstrates our commitment to delivering best-in-class clearing and collateral management solutions for our clients.” 

Collaborating with Euroclear will come as part of the release of Euronext’s new repo clearing offering in June 2025, enabling the onboarding of clients with an updated risk framework.  

The firms added that clients will be able to use Euroclear as a triparty agent for repo clearing. 

Read more: Euronext bolsters European derivatives offering with German, Irish and Portuguese single stock options 

“Strengthening collaboration between market players is crucial for growth and stability in European capital markets,” said Marjie Verhelst, head of product strategy and collateral management and securities lending at Euroclear. “This initiative highlights the vital role of our global and neutral infrastructure in helping our clients optimise their collateral allocation, reducing fails and credit usage, and increasing flexibility and predictability for dealers.” 

The post Euronext collaborates with Euroclear to bolster collateral management offering 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.

As we bid farewell to 2024, we are left with many questions about the dawn of 2025, a year that promises to be a game-changer. We already have key milestones within the ever-fluid EMEA regulatory landscape, including DORA and implementing the Mifid II and Mifir review. We will likely witness further regulatory divergence between the UK and the EU. Still, all parties must act swiftly to address the macro-level challenges affecting primary market listings and the lack of investment in the EMEA region. It is imperative that action is taken on all fronts. 

We should finally see, on a grander scale, AI usage moving from an over-used buzzword bingo to a reality. The pursuit of innovation will persist, with new entrants needing to demonstrate credible and distinctive credentials in a highly competitive and demanding environment, where only those that offer something unique will ultimately endure.

As the industry moves towards a consolidated tape and the looming T+1 deadline, established players will likely continue positioning themselves to expand their market share or protect their existing trading, data, and technology businesses. This is set against a backdrop of rising industry costs, which will inevitably face heightened scrutiny.  Liquidity sweet spots like retail, blocks, bilateral and VWAP crossing will again dominate many liquidity discussions. The bilateral debate will likely persist, and we can expect engaging discussions from industry participants and regulators. 

Furthermore, the ‘Trump effect’ looms on the horizon; this could exacerbate market volatility in the year ahead, a reality that will soon become apparent. In 2025, we must challenge existing workflows and the status quo to innovate and compete globally. We all have a role to play in establishing the EMEA ecosystem as a model of excellence for the global trading community next year and beyond.

Steve Walsh, director of product and solutions, Duco 

This has been one of the most consequential years for financial market regulation in a decade. New compliance requirements have reshaped frameworks in Europe and across the globe. The two most important regulations were the Emir refit at the end of April and the US transition to a T+1 settlement cycle. Both regulations aim to enhance transparency and resilience. 

The Emir refit’s primary motivation was to improve data quality and transparency in the European derivative markets with mandatory data reconciliation requirements and obligations to report material issues to national competent authorities (NCAs). While the transition was largely successful, regulators next year will need to address lingering issues around data accuracy and integrity on data reported to trade repositories. 

Meanwhile in America, T+1 has created operational difficulties, highlighting data quality and transformation issues as well as poor processes and a lack of automation throughout. Resolving these issues will be relevant in Europe as well, as T+1 is expected to reach both the EU and the UK by the end of 2027. European firms need to start preparing while learning from their US peers.

Vikesh Patel, global head of clearing, and president, Cboe Clear Europe 

In 2025, we anticipate renewed regulatory efforts to promote more resilient, efficient and integrated pan-European financial infrastructures. Striking the right balance between fostering growth and innovation on one hand and maintaining regulatory oversight and financial stability on the other will be essential for advancing the region’s capital markets and we look forward to Emir 3.0 helping bring this to life. Whilst we anticipate that talk of top-down consolidation for Europe’s post-trade infrastructure is likely to persist, we will continue to advocate for strengthening the existing competitive framework, particularly in cash equities through mandating true clearing interoperability for all major exchanges.

We remain dedicated to fostering a stronger and more resilient European market by continually driving innovation and equipping participants with the tools they need to drive a more efficient use of their capital, ultimately contributing to long-term growth and stability across the region.

Matt Smith, chief executive officer, SteelEye  

Following several years marked by significant fines for record-keeping breaches related to encrypted messaging apps, we expect to see a broadening focus in 2025. E-comms will remain a regulatory focus, but so too will areas such as voice surveillance. 

Voice surveillance currently represents a big gap in many firms’ communications surveillance programmes due to ambiguous regulatory rules. However, it is likely regulators will clarify expectations around voice surveillance in 2025, and financial firms should prepare for this. 

Currently, regulatory rules do not specify how voice data should be monitored which has resulted in many financial institutions simply carrying out manual reviews of a sample of voice calls, leaving a considerable gap for missed risks.  With advancements in transcription and analytics technology, voice surveillance will move from being an overlooked channel to a critical component of risk management frameworks in 2025. 

Simon Gallagher, chief executive officer, Euronext London 

In 2025, the realities of increased competition from the US for capital and liquidity will be a wake-up call for Europe. On both sides of the channel, policy makers will accelerate measures to bridge the gap between the region’s vast, untapped household savings and its equity markets.

As part of this wider effort, Europe will need stronger and simpler market structures. Euronext will play its full role, making material contributions to simplifying Europe’s post-trade complexity, harmonising its fragmented ETF markets and leveraging our new clearing capability to unlock value for clients. In addition, following our recent push for a single, unified European prospectus, we will continue to proactively propose ‘bottom-up’ solutions to simplify European markets.

Under strong political leadership, I am optimistic that the region will be able to catch up with the US in funding innovation and infrastructure and in creating greater wealth for its citizens. 

The post The TRADE predictions series 2025: The evolving regulatory landscape appeared first on The TRADE.

The firm is introducing 21 new German single stock options, completing its coverage of all DAX 40 index constituents, as well as six Irish and four Portuguese single stock options.

These stock options mark the first that Euronext has listed on Irish stocks.

The new listings round out the range of options contracts available across Euronext markets to give investors increased access to key assets in Europe through Euronext’s single order book.

Dedicated market makers will ensure onscreen liquidity for investors on the new stocks, according to the firm.

Read more: Fireside Friday with… Euronext’s Anthony Attia

Trading in the new options is powered by Euronext’s Optiq trading platform, which offers access to a large and diverse pool of liquidity.

Clearing will take place through Euronext Clearing, offering risk management and portfolio-wide margin efficiencies.

Euronext added that the expansion of single stock options is designed to deliver greater value to investors by allowing them to trade a broader range of European options on a single platform.

“This growth of our derivatives offer was made possible following the successful completion of the expansion of Euronext Clearing to all markets across the Euronext Group,” said Anthony Attia, global head of derivatives and post-trade at Euronext.  

“It not only allows us to broaden our equity derivatives offering, but also paves the way for future product launches as part of our new strategic plan, which will be announced in November, leveraging the full strength of our integrated pan-European model.”

The post Euronext bolsters European derivatives offering with German, Irish and Portuguese single stock options appeared first on The TRADE.

The initiative was established to further develop BondVision, a multi dealer-to-client (D2C) trading platform for rates, credit and repo, alongside promoting competition within the market.

“Sustainably competitive and straightforward” fees will be introduced by the initiative for all BondVision dealers.

This will incentivise improved service levels to clients from supporting dealers as they tap into the benefits offered, while also building on MTS’s market presence, dealer and end-user network, and proprietary technology.

The top ten BondVision dealers support the initiative’s underlying principles. This includes: Barclays, Bank of America, BNP Paribas, Crédit Agricole Corporate and Investment Bank, Citi, Deutsche Bank, JP Morgan, Morgan Stanley, Nomura and UniCredit.

“MTS is a critical component of Euronext’s growth ambitions for the coming years,” said Stéphane Boujnah, chief executive and chair of the managing board of Euronext.

“The initiative announced today with Euronext’s longstanding partners demonstrates our commitment to adapt our solutions to meet the evolving needs and priorities in the fixed income world”.

As a subsidiary of Euronext Group, MTS is committed to investing in talent and technology to support the initiative.

“We are excited to support this initiative as it fosters innovation, which has benefits for the entire European bond market,” said Pierre Morel, global co-head of investment grade trading at JP Morgan.

“By addressing key concerns like cost pressures and enhancing data use provisions, BondVision improves efficiency and delivers significant advantages to all market participants.”

The post Euronext’s MTS partners with BondVision on growth initiative launch appeared first on The TRADE.

London-headquartered Substantive Research provides research and market data benchmarking to more than 100 global clients across Europe and North America.

Speaking about the deal, Mike Carrodus, founder and chief executive of Substantive Research, said: “Euronext’s acquisition of Substantive Research underlines our team’s hard work in creating a unique price benchmarking database in investment research and market data.  With the research market poised for yet more regulatory-driven changes, plus market data consumers grappling with increasing costs and pricing opacity, we are so excited to be able to accelerate our coverage and data depth with Commcise and Euronext’s insight and resources. 

“It feels great that we can now accelerate development into areas we know our clients need greater market transparency.”

Read more: In conversation with… Substantive Research’s Mike Carrodus

Substantive Research will be particularly beneficial for clients of Euronext’s subsidiary Commcise, which offers cloud-based, fully integrated commission management, research valuation, consumption tracking and payment solutions. 

With the integration of Substantive Research, these clients will be able to gain access to unique market benchmarks, enabling asset managers to demonstrate compliance with evolving regulation in a single, integrated technology solution.

Camille Beudin, head of diversified services, Euronext, said: “The acquisition of Substantive Research will accelerate the growth of our investor services business with leading research and market data benchmarking capabilities and cross-selling potential with Commcise, our commission management and research valuation solutions.” 

The post Euronext acquires Substantive Research appeared first on The TRADE.

Anthony Attia

The new index family consists of 26 indices that measure the total return of Euro-denominated government bonds from ten Eurozone countries, deriving from the mother index Euronext MTS EGB Broad GR.

The new index family will use prices from MTS Cash trading platforms, ensuring a level of transparency and replicability that is unique in the bond market.

Euronext added that all European government bonds available for trading on MTS’s dealer-to-dealer regulated markets are eligible for inclusion in this family of indices.

Versions for all Eurozone countries, fixed coupon instruments, single-country indices, and other customised indices, are included in the index family.

“We are proud to launch this family of 26 European government bond indices, further solidifying our position as a leading index provider,” said Anthony Attia, global head of derivatives and post-trade at Euronext.

“By leveraging MTS’s high-quality trading data, we are broadening the range of investment solutions available to our clients, helping them deploy capital in European fixed income markets with greater efficiency.”

Elsewhere, Euronext and MTS are launching the Euronext MTS EU Gross Return Index, supported by MTS’s role as a DMO-designated interdealer platform for EU primary dealers, offering improved price transparency to investors.

The Euronext MTS EGB Index Family, reviewed monthly, is ideal for ETFs, investment funds, and as a reference for further customisation and sub-indices, added Euronext.

The index family is designed to support both active managers and those with passive fixed income strategies.

“Our position as Europe’s leading electronic fixed income trading platform ensures the highest level of price transparency and accuracy, providing investors with robust and reliable benchmarks,” said Angelo Proni, chief executive at MTS.

“The launch of Euronext MTS EGB Broad Index Family demonstrates our commitment to the European fixed income market.”

The post Euronext and MTS launch new European government bond index family appeared first on The TRADE.

Stephane Boujnah

The trading venue saw Q2 2024 revenue and income increase 12.2% when compared to the same period last year, totalling €412.9 million.

Overall trading revenue grew 20.7% to €142.7 million year-on-year, driven by increases in revenue across all trading segments compared to Q2 2023.

Fixed income trading saw the most significant increase in revenues, up 40.7% year-on-year and totalling €35.6 million.

Euronext’s fixed income trading volumes achieved record quarterly volumes at MTS, which the trading venue attributed to an economic environment favouring money markets, sustained sovereign issuance activities and supportive volatility. 

FX trading also showed promise, with a reported revenue of €7.9 million, up 28.7% -thanks to a favourable volatility environment, according to Euronext.

Similarly, cash trading and derivatives trading both saw year-on-year revenue increase; up 13.8% and 6.6%, amounting to €74.2 million and €13.9 million, respectively.

Euronext stated that cash trading revenues were supported by increased volatility, while derivatives trading reflected higher trading volumes for equity, index and commodity derivatives.

Elsewhere, within Euronext’s post-trade business, total revenues were up 16.9% year-on-year, achieving €108.9 million.

Contributing to this, clearing as well as custody and settlement figures were up 33.2% (€39.2 million) and 9.4% (€69.7 million), respectively.

Euronext’s Q2 2024 results follow a strong Q1 for the trading venue where trading revenues grew 7.4% year-on-year, driven by strong results within its fixed income and power trading segments.

Read more: Euronext sees Q1 trading venues rise despite declines in cash and derivatives

“Strong organic growth in our non-volume related businesses, combined with dynamic trading activities across asset classes drove the Group’s revenue growth to +12.2%,” said Stéphane Boujnah, chief executive and chair of the managing board at Euronext.

The post Positive revenues from Euronext trading segments sees overall revenue rise year-on-year appeared first on The TRADE.