Euronext - 2019 Universal Registration Document

Presentation of the Group

Description of the Business

Fixed Income Trading A new pilot scheme (Liquidity Distributor) has been designed for specific members to publish marked up/aggregated liquidity of Euronext order book on their trading systems and distribution networks in order to increase matching opportunities on Euronext markets; this scheme was green-lighted by Euronext’s College of regulators and will be implemented with a pilot member in Q1’20. Another initiative is the inclusion of selected Dublin-listed bonds in Euronext order book with a target implementation in Q1’20. In 2019, other initiatives aiming at supporting the development of e-trading workflows (widening of trading thresholds, migration of instruments from the auction to continuous segment, tightening of Liquidity Providers’ obligations) were successfully implemented. In the post-MiFID II environment, Fixed Income Regulated Markets remain active despite the low interest rate environment and the restart of the ECB QE in Q4’19. Derivatives Trading On the financial derivatives markets, Euronext continued to reposition and expand its franchise. New products launched in 2019 included: n ten Individual Equity Options including two Spotlight Options and six Options on German underlying; n three Single Stock Dividend Futures and one Single Stock Future. In June 2019, the minimum size of Large-in-Scale pre-trade thresholds have been adjusted on French Individual Equity Options. During June and July 2019, the matching algorithm of the central order book has been changed from Price-Time algorithm to Pro- Rata algorithm on all Individual Equity Options. During second half of 2019, the semi-annual maturities and additional monthly maturities have been introduced on 52 contracts of Single Stock Dividend Futures and Single Stock Futures respectively. In November, with Optiq® go-live, a new Market Making scheme has been rolled out with the aim to leverage on the technology upgrade and establish a harmonized, fair, flexible and transparent market making framework across Euronext Derivatives markets. Euronext is pursuing the expansion of its historic MATIF commodity derivatives strategy along three axes: 1. focus on the core for European agricultural markets with the introduction of EIM, Euronext’s more secure, trade finance enabling warehouse receipt delivery system, new delivery points in corn and wheat and new liquidity provider/market- making programmes; 2. innovation and diversification with cash settled and Paris real estate; 3. enhanced client centric approach. With the acquisition of the Oslo stock exchange in 2019, the commodities franchise will include Salmon futures (Fish Pool) and the integration onto Euronext’s Optiq® trading platform is scheduled Q4 2020/Q1 2021. Leveraging on Euronext MATIF’s extensive network of intermediaries and GCMs, as well a financial

users and liquidity providers, Euronext Fish Pool has strong potential for growth. Finally, with the closing of the Nord Pool deal occuring in January 2020, Euronext commodities is diversifying away from the Agri historic roots (including now fisheries/seafood) and as a key player in the power and electricity markets. The Group also sees strong potential for “futurization” of the contract on the Optiq® platform and CCP. Optiq® After the migration of Cash Markets to strategic proprietary trading platform Optiq® in June 2018, Euronext Derivatives Markets successfully migrated to Optiq® in November 2019. Optiq® is a new enhanced, multi-market trading platform, providing customers with maximum flexibility, simplified and harmonized messaging as well as high performance and stability. This new platform leverage on the latest technology to provide our members with high reliability as well as enhanced throughput and more predictable latency. 1.3.5.1 Market Data − Products and Services Euronext’s market data portfolio provides a wide range of data products to the global investment community, including pre- and post-trade market prices, indices composition, and reference data spanning its Cash and Derivatives markets in Amsterdam, Brussels, Dublin, Lisbon, London, Oslo and Paris. The data is used by traders and investors to make buy or sell decisions with confidence, and by issuers to create new tradable products such as ETF’s. Euronext’s market data clients range from the largest investment banks in the world to individual investors trading from their front room. Euronext’s market data business consists of two product and service categories: Real-Time Market Data Euronext’s main data offering involves the distribution of real-time market data. This data includes price, trade and order book data on all instruments traded on the Company’s cash and derivatives markets, as well as information about Euronext’s indices and trade and transaction reports submitted via the APA and ARM services. The data is marketed through different information products which are packaged according to the type of instrument, the depth of the information, and the type of customer. Euronext continues to invest in its trading and information platforms to ensure both execution and data services are of the highest quality and value, as exemplify by the migration of the equity derivatives market onto Optiq® in 2019. Additionally, Euronext cloud based datalake and new analytics platform went live on September 30, with real time streaming from Optiq® . 1.3.5 ADVANCED DATA SERVICES (1)

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(1) Previously reported as Market Data & Indices.

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2019 UNIVERSAL REGISTRATION DOCUMENT