Euronext // 2021 Universal Registration Document
Presentation of the Group
Company Profile
1.1.1 HISTORY Today, Euronext is the leading pan-European market infrastructure, offering a diverse range of products and services across the value chain and notably operating transparent and efficient equity, fixed income securities and derivatives markets in Amsterdam, Brussels, Dublin (since March 2018), Lisbon, Milan (since April 2021), Oslo (since June 2019) and Paris. Euronext’s businesses comprise equity, debt, fund and ETF listing, corporate and investor services, cash trading, foreign exchange trading, derivatives trading, fixed income trading, power trading, Advanced Data Services and post-trade services (including clearing and custody and settlement in Denmark, Italy, Norway and Portugal) as well as Technology Solutions. Euronext in its original formwas created in 2000 and takes its roots from the European construction. It began as the result of a three- way merger of the Paris, Amsterdam and Brussels exchanges, which were combined into a unique federal model with unified rules and a Single Order Book, operating on the same electronic trading platform and cleared by LCH SA central counterparty (CCP). This created the first genuinely cross-border exchange in Europe, pre- dating all initiatives by policy makers to allow for the creation of pan-European market places. This was complemented soon after by the acquisition of the London-based derivatives market, LIFFE, and the merger with the Portuguese exchange. In May 2006, Euronext entered into an agreement with NYSE group for the combination of their respective businesses. The new holding company of these combined businesses, NYSE Euronext, was subsequently listed on the New York Stock Exchange and on Euronext Paris. In 2010, NYSE Euronext launched Euronext London, a London-based securities market aiming at attracting international issuers looking to list in London and benefit from Euronext’s value proposition (1) . In November 2013, ICE, an operator of global markets and clearing houses, acquired NYSE Euronext. A key element of the overall transaction was the separation and IPO of NYSE Euronext’s continental European exchanges as a stand-alone entity. In order to do this, ICE carved out the continental European operations of NYSE Euronext and Euronext London into a newly formed entity, which was subsequently renamed Euronext N.V. Since its successful IPO on 20 June 2014, Euronext N.V. has been an independent listed company. In May 2016, Euronext N.V. launched its strategic plan named “Agility for Growth” which defined its growth ambitions for 2019, both through organic growth and bolt-on acquisitions. In 2017, Euronext N.V. diversified its revenue, through the acquisition of 90% of the shares of the spot forex platform FastMatch (subsequently renamed Euronext FX), and by investing in corporates services companies. In 2018, Euronext N.V. expanded its listing franchise, welcoming a new exchange to its federal model with the acquisition of the Irish Stock Exchange, now Euronext Dublin. The Group also strengthened its Corporate Services offering with the acquisition of InsiderLog and widened its product offering with the launch of Investor Services through the acquisition of Commcise in December 2018. In 2019, Euronext N.V. pursued the expansion of its federal model with the acquisition of Oslo Børs VPS, strengthening its capital markets footprint and its post-trade franchise and marking the first step in
its Nordic expansion ambitions. The Group also continued to invest in innovative solutions, such as in Tokeny Solutions. In October 2019, Euronext launched its strategic plan, “Let’s Grow Together 2022” under which Euronext built the leading pan-European market infrastructure and which targets have been achieved two years in advance. In 2020, Euronext N.V. pursued both its Nordic and federal model expansion. The Group acquired a majority stake in Nord Pool, a leading power trading infrastructure operating in the Nordic region, Baltics and the Central and Western Europe region, widening its range of asset classes. The Group also strengthened its post- trade offering with the acquisition of VP Securities, now Euronext Securities Copenhagen, the Danish domestic “CSD” and expanded its corporate services franchise with the acquisition of Troisième Sens and Ticker. In 2021, Euronext N.V. pursued both its federal model and asset class expansion with the transformational acquisition of 100% of the entire issued share capital of London Stock Exchange Group Holdings Italia S.p.A., the holding company of the Borsa Italiana Group. The Transaction, which was completed on 29 April 2021, significantly enhances the scale of Euronext, diversifies its business mix into new asset classes and strengthens its post-trade activities. In November 2021, Euronext N.V. launched its new strategic plan “Growth for Impact 2024”, which sets out the Group’s ambition to build the leading market infrastructure in Europe. Under this plan, Euronext N.V. will continue to pursue its mission to connect European economies to global capital markets, to accelerate innovation and sustainable growth. The Group aims to make an impact on its industry and its ecosystem to shape capital markets for future generations (see Section 1.2 – Strategy: “Growth for Impact 2024” – Strategic Plan for more information on Euronext’s strategy ). AMBITION Euronext is the leading pan-European market infrastructure. Its core mission is to connect European economies to global capital markets, to accelerate innovation and sustainable growth. The Group’s ambition and driver of its strategy is to build the leading market infrastructure in Europe. As a European group with a profile that is “united in diversity”, Euronext aims to play a constructive role in its local ecosystems and act as an industry problem-solver while contributing to making Europe an attractive block in a multipolar world. Euronext believes that the Group’s model is best suited to contribute to the construction of a true European market. It operates regulated markets in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal, all of which are connected via a unique, single trading platform, with a Central Order Book and with a harmonised regulatory framework (2) . Euronext has a proven track record in connecting other independent exchanges to its single trading platform, as demonstrated with the migration of Euronext Dublin in 2019 and the migration of Oslo Børs markets in 2020. Euronext has announced the planned migration of Borsa Italiana equity and derivatives markets to its Optiq® trading platform, currently targeted for mid-2023. Euronext’s unique Central Order Book allows 1.1.2
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(1) Ceased activities June 2020. (2) Italy has not yet joined the single liquidity pool. The date currently targeted for the Borsa Italiana equity and derivatives markets migration to Optiq® trading platform is mid-2023.
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2021 UNIVERSAL REGISTRATION DOCUMENT
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