EURONEXT_Registration_Document_2017

OPERATING AND FINANCIAL REVIEW

Overview

Total Revenue Euronext’s total revenue for the year ended 31 December 2016 was €496.4million, compared to €518.5million for the year ended 31 December 2015, a decrease of €-22.1 million or -4.3%. The table below sets forth Euronext’s revenue for the years ended 31 December 2016 and 2015.

2016 68,708

2015 70,516

In thousands of euros

Listing

Trading revenue

220,835

241,699

of which

 Cash trading

180,727

197,243

 Derivatives trading

40,108

44,456

Market data & indices

105,697

99,759

Post-trade

67,627

71,682

of which

 Clearing

47,992

51,937

 Custody and Settlement

19,635

19,745

Market Solutions & Other revenue

33,009

34,147

Other income

560

744

TOTAL REVENUE

496,436

518,547

Derivatives Trading Derivatives trading revenue decreased by -9.8% in 2016 to €40.1 million (compared to €44.5 million in 2015). Index product trading volumes declined by -9.8% in 2016 compared to 2015. Trading activity on Euronext’s individual equity option franchise decreased by -5.2% during 2016, compared to 2015 as market volatility was higher last year. In 2016 a material sub-standard French wheat harvest impacted volumes in commodity products that declined by -4.1% compared to 2015. Market Data & Indices Market data & indices revenue, which accounts for 21.3% of Euronext’s revenue, posted a +6.0% increase in revenue compared to 2015 (2016: €105.7 million versus 2015: €99.8 million). The 2016 revenue benefited from the positive impact of new products and services launched in the course of 2015, as well as from some fee adjustments.

For the year ended 31 December 2016:

Listing Listing revenue was €68.7 million in 2016, a decrease of -2.6% compared to the €70.5 million achieved in 2015. This decrease was mainly driven by the fall in IPO activity and reduced listing fees for ETPs in comparison with 2015. In 2015, large transactions such as Lafarge-Holcim, Altice, Amundi and ABN Amro were key contributors to the listing revenue performance. In 2016, twenty eight new listings took place (versus fifty two in 2015), with a total of €3.7 billion of capital raised, compared to €12.4 billion in 2015. The cash trading revenue was €180.7 million in 2016, a decrease of -8.4% compared to €197.2 million in 2015. Volumes in cash trading were down -15.3% compared to last year, and average market share for the year has reduced to 61.0%, compared to 63.5% in 2015. Uncertainty created by various global factors throughout the year (United Kingdom referendum, US elections in November), translated into reduced investor confidence and lower volatility. Activity on the ETF segment was similary impacted. Average daily transaction value was €554 million, down -9.7% compared to €613 million in 2015. Trading Cash Trading

5

Post-Trade Clearing

Consistent with the trend in derivatives trading volumes, clearing revenue decreased by -7.6%, from €51.9 million in 2015 to €48.0 million in 2016.

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2017 REGISTRATION DOCUMENT