Euronext - 2020 Universal Registration Document

Presentation of the Group 1 Regulation

The technologies & other business also receives revenue for network connectivity and server colocation under a revenue sharing agreement with ICE. This agreement enables Euronext to benefit from service sales to clients who connect to its markets via the ICE Global Network IGN® or who take colocation space in the ICE data centers that house Euronext’s trading platforms. For more information on the IGN® and colocation, please refer to section 7.2 Material contracts and related party transactions of this Universal Registration Document. By combining our services, software, infrastructure, and technology developed for our internal markets alongside an extensive community of members, ISV’s and data vendors who connect to our systems, Euronext is able to offer a compelling solution to exchanges and venue operators globally.

range of market models means that the same Optiq® software can be offered in the formof amanaged service. Optiq® as a Service enables exchanges and venue operators to take advantage of fully-hosted trading and clearing platforms without investing in data centre or network infrastructure. With banks and financial intermediaries increasingly seeing migration to cloud and software-as-a-service as solutions to the competing pressures of cost-reduction and regulatory complexity, Euronext’s experience as a service provider is receiving renewed interest. Euronext’s MiFID II compliant MTF and SI services build on Euronext’s own software, processes and infrastructure and offer clients an effective way to reduce costs without increasing regulatory risk. At the end of 2020, Euronext had three managed services in production for European venue operators. Two of the managed service clients utilise Euronext UTP, and migrating these services to Optiq® is part of the Technology Solutions strategy to provide a single service offering.

1.4 Regulation

1.4.1 OVERVIEW Euronext is an organisation that provides exchange listing, trading, post-trade and related services in Europe. The Company operates exchanges in six European countries (Belgium, France, Ireland, the Netherlands, Norway, and Portugal). Each of the European exchanges and/or its respective operator holds an exchange licence granted by the relevant national exchange regulatory authority and operates under its supervision. Each market operator is subject to national laws and regulations and other regulatory requirements imposed by exchange authorities, central banks and finance ministries as appropriate. In addition, Euronext holds a recognised investment exchange licence in the UK granted by the FCA. However, no regulated activities are undertaken pursuant to the licence and a request for revocation of the licence is pending approval by the Financial Conduct Authority (“FCA”). The seven national regulatory authorities coordinate their regulation and supervision of the regulated markets operated by the Euronext Group through the “Euronext College of Regulators”, acting pursuant to memoranda of understanding which Euronext has committed to respect. The FCA is expected to withdraw from the Euronext College of Regulators after Euronext’s recognised investment exchange licence is revoked. The Danish CSD (VP Securities) and the Portuguese CSD (Interbolsa) hold a license under the European Union Central Securities Depository Regulation (Regulation [EU] 909/2014, “CSDR”) granted by their national competent authority. Interbolsa and VP Securities operate under the supervision of their national competent authority, respectively, CMVM – Comissão do Mercado de Valores Mobiliários

and Finanstilsynet (Danish Financial Supervisory Authority). The Norwegian CSD (Euronext VPS) submitted the CSDR authorization file in June 2020 (1) to also obtain the CSDR authorisation from its national competent authority (NFSA – Finanstilsynet, the Financial Supervisory Authority of Norway). As part of the contemplated acquisition of the Borsa Italiana Group (see section 1.2.2 Update in 2020) , Euronext will recommend that Commissione Nazionale per le Società e la Borsa (“CONSOB”), the regulatory authority for the Italian securities market, is invited to join Euronext’s College of Regulators, becoming part of the supervision of Euronext at Group level pari passu with other European regulators. 1.4.2 EUROPEAN REGULATION The regulatory framework in which Euronext operates is substantially influenced and governed by European directives and regulations in the financial services area, many of which have been adopted pursuant to the Financial Services Action Plan, which was adopted by the European Union in 1999 to create a single market for financial services. This has enabled and increased the degree of harmonisation of the regulatory regime for financial services, public offers, listing and trading, amongst other activities. Markets and Trading There are currently two key pieces of European legislation that govern the fair and orderly operation of markets and trading: the MiFID II/MiFIR and the MAR/MAD II frameworks (both defined as below).

(1) Norway is an EEA EFTA Member and CSDR was not included in the EEA Agreement before 1. January 2020.

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2020 UNIVERSAL REGISTRATION DOCUMENT