EURONEXT_Registration_Document_2017

OPERATING AND FINANCIAL REVIEW

5.1 Overview

106

5.2 Material Contracts and Related Party Transactions

127

5.1.1 Definitions

106

5.2.1 Material Contracts

127 127

5.1.2 Establishment of Euronext as an Independent, Publicly Traded Company

106 106 108 108 111 111 112 120 121 122 122 122 124 124

5.2.2 Related Party Transactions

5.1.3 Sources of Revenues 5.1.4 Components of Expenses

5.3 Legal Proceedings

129

5.1.5 Key Factors Affecting Businesses and Results of Operations

5.3.1 Euronext Amsterdam Pension Fund

129

5.4 Insurance

130

5.1.6 Goodwill

5.1.7 Financial and Trading Position

5.1.8 Results of Operations

5.5 Liquidity and Capital Resources

131

5.1.9 Cash Flow

5.5.1 Liquidity

131 131

5.1.10 Facilities Agreement 5.1.11 Contractual Obligations

5.5.2 Consolidated Regulatory Capital Requirements

5.1.12 Off-Balance Sheet Arrangements

5.6 Tangible Fixed Assets

133

5.1.13 Quantitative and Qualitative Disclosures about Market Risk

5.6.1 Principal Properties

133

5.1.14 Significant Accounting Policies

5.1.15 Critical Accounting Estimates and Judgments

105

2017 REGISTRATION DOCUMENT