Euronext - 2019 Universal Registration Document

Operating and financial review 7 Overview

Trading

Yield on derivatives averaged 0.29bps in 2018, stable compared to 2017. Yield on derivatives averaged 0.29 bps over 2017, a decrease from 0.32 bps in 2016, due to the special Dutch circumstances stated above.

Cash Trading For the year ended 31 December 2019 (1) :

Cash trading revenue decreased by -2.6% in 2019, to a total of €205.6 million, resulting from a decline in trading volumes in a low volatility environment with average daily volume for cash trading decreasing to €7.8 billion in 2019, down -3.8% compared to 2018. On a like-for-like basis, cash trading revenue decreased by -5.8%. The average yield over the year was 0.52bps, and amounted to 0.53bps on a like-for-like basis, compared to 0.51bps in 2018. The cash trading market share throughout 2019 averaged 68.8% like- for-like, an increase from 66.1% in 2018. The average daily transaction value of ETFs on the electronic order book was €216 million over 2019, down -18.8% compared to 2018, driven by low volatility levels. The total number of ETFs listed on Euronext was 1,236 at end of December 2019. For the year ended 31 December 2018: Average daily volume for cash trading increased to €8.1 billion in 2018, up +5.7% compared to 2017 (2) . With volumes supported by volatility peaks through the year, and thanks to effective yield management, cash trading revenue increased by +10.9% in 2018, to a total of €210.9 million, thanks to an average yield over the year of 0.51bps, up +4.9% compared to 2017. Euronext strengthened its cash trading market share throughout 2018, averaging 66.1% in 2018, compared to 64.4% in 2017. The average daily transaction value of ETFs on the electronic order book was €266 million over 2018, up +7.0% compared to 2017, supported by market volatility. The total number of ETFs listed on Euronext was 1,150 at the end of December 2018. Derivatives trading revenue increased +0.9% in 2019, to €44.3 million, compared to €43.9 million in 2018. On a like-for- like basis, derivatives trading revenue was down -1.8%. Average daily volume on individual equity derivatives was down -4.2% at 295,227 contracts, while the average daily volume on equity index derivatives was down -2.0% to 240,550 contracts. Commodity products recorded an decrease in average daily volumes in 2019, down -7.3% to 53,224 contracts compared to 2018. Yield on derivatives averaged €0.30 in 2019, up +1.7% compared to 2018, resulting from enhanced yield management. For the year ended 31 December 2018: Derivatives trading revenue increased in 2018, to €43.9 million, compared to €40.3 million in 2017. Average daily volume on individual equity derivatives was up +7.4% at 297,012 contracts, while the average daily volume on equity index derivatives was up +4.1% to 231,107 contracts. Commodity products recorded increasing average daily volumes in 2018, up +10.8% to 57,191 contracts. Derivatives Trading For the year ended 31 December 2019:

Spot FX Trading For the year ended 31 December 2019:

Spot FX trading activity on the Euronext FX spot foreign exchange market recorded average daily volumes of $18.3 billion in 2019, down -9.2% compared to $20.1 billion in 2018, impacted by a low volatility environment through 2019. Spot FX trading generated €22.9million of revenue in 2019, up +5.6% compared to €21.7million in 2018, thanks to improved yield management. For the year ended 31 December 2018: Spot FX trading activity on FastMatch’s spot foreign exchangemarket recorded average daily volumes of $20.1 billion, up +9.3% compared to 2017, supported by markets volatility through the year. As a result, spot FX trading generated €21.7 million of revenue in 2018. In 2017, spot FX trading generated €7.2 million of revenue for 4.6 months of consolidation.

Investor Services For the year ended 31 December 2019:

Investor Services, created in 2019, encompassing primarily the activities of Commcise, of which Euronext acquired 78% of the capital in December 2018, as well as Investor Services activities from Oslo Børs VPS, reported €5.7 million of revenue in 2019 as the business benefited fromEuronext’s commercial reach and expertise throughout the year.

Advanced data services For the year ended 31 December 2019:

Advanced Data Services reported revenue up +8.8% to €128.8million in 2019 due to the good performance of index activities, particularly on ESG products and structured products, and the consolidation of Oslo Børs VPS. On a like-for-like basis, Advanced Data Services revenues were up +1.1% compared to 2018, thanks to the good performance of the indices business, offset by the decrease of market data revenue. For the year ended 31 December 2018: Advanced data services reported a strong 2018 performance, with revenue up +13.0% to €118.3 million in 2018, resulting from new market data agreements, good traction from indices business, and reflecting the consolidation of Euronext Dublin activities.

Post-Trade

Clearing For the year ended 31 December 2019:

Clearing revenue was stable in 2019, at €55.2 million, slightly down -0.2% compared to 2018, as lower derivatives trading volumes were partially offset by higher treasury income.

(1) 2018 figures has been restated to include Oslo Bør VPS. (2) Historical data for 2017 differ due to the retroactive inclusion of Euronext Dublin data and reclassification to comply with updated FESE methodology.

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2019 UNIVERSAL REGISTRATION DOCUMENT