EURONEXT_Registration_Document_2017

PRESENTATION OF THE GROUP

Description of the Business

EURONEXT CASH TRADING MARKET SHARE VS MTF

such as the S&P World Commodity Index and Rogers International Commodity indices. Euronext operates an important bond market in continental Europe with approximately 5,600 corporate, financial institutions and government bonds listed on its markets and an internationally recognised derivatives platform. Optiq™ Euronext is currently upgrading its core trading platformwith Optiq, a new enhanced, multi-market trading platform, providing customers with maximum flexibility, simplified and harmonized messaging as well as high performance and stability. Optiq combines latest technologies with in-house expertise. Optiq is being rolled out across the Euronext markets to replace the Euronext Universal Trading Platform (“UTP”) in a phased implementation process. Market data have been managed through Optiq for both cash and derivatives since July 2017, already delivering massive benefits to the clients’ community. Migration of the orders management gateway and matching engine for cash will be completed in the first half of 2018. Some of the third party exchange using UTP or former Euronext solutions have already started projects to migrate to Optiq. Other exchanges and market operators have also shown interest in this best of breed solution. “United in Diversity” with an Open Federal Model Euronext is the only pan-European exchange operating across multiple jurisdictions with a harmonised regulatory framework, a Single Order Book for its exchanges in Amsterdam, Brussels, London and Paris and a single trading platformoffering access to all markets through a single connection. The Single Order Book consolidates liquidity in each multi-listed security to tighten spreads and increase market depth and achieves optimal price formation. Issuers listing on more than one of the Group’s markets benefit from enhanced visibility, qualification for inclusion in more local indices and greater exposure for their volumes and prices. The Group has generated sustainable and diversified cash flows across institutional, high frequency and algorithmic trading, own account, agency brokerage and retail client classes. The Single Order Book model and pan-European technology are key to Euronext’s unique federal market structure. This structure enables the Company to integrate its constituent markets while they remain subject to regulation by national regulators.

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EuronextMarketShare

MTFMarketShare

The combination of Euronext’s position as a leading pan-European trading venue, the quality of its markets and the expertise of the Company’s teams have enabled Euronext to maintain a relatively stable market share in cash equities above 60% in the trading of the securities listed on its markets since June 2011. The relative share of trading on competing platforms has been relatively stable over the past five years. The primary tool for supporting market share is the flagship Supplemental Liquidity Provision programme, which rewards liquidity providers for ensuring Euronext’s market quality remains high, whilst balancing against yield management considerations. Offering of a Wide Range of Product Services and Platforms Euronext’s issuer base is diverse, comprising about 1,300 companies from within its home markets as well as elsewhere in Europe, internationally and span ten sectors by industry classification benchmark. Euronext’s corporate issuers differ in size and represent a combined market capitalisation of €3.6 trillion. The Company is the third-largest exchange traded funds (“ETF”) market in continental Europe by number of ETF trades, with 804 listed ETFs and an average daily trading value of approximately €473 million from January to December 2017. Euronext is the second-largest warrants and certificates market in Europe, with over 60,000 instruments at 31 December 2017, and in total nearly 150,000 products have been listed in 2017. More than 5.5 million trades took place on those instruments in the twelve months ended 31 December 2017. Euronext is also a leading pan-European derivatives trading venue, with derivatives trading activities across financial and commodity derivative products. The Group has established the CAC 40 futures contract as the second most traded national index in Europe, with an equivalent of €6.6 billion in nominal value on an average daily basis. The milling wheat contracts which are the leading wheat derivatives in continental Europe as well as rapeseed commodity contracts continue to be included in recognised commodity benchmarks

1.3.3 LISTING 1.3.3.1 Listing - Products and Services

The Group’s issuer base is diverse, comprising about 1,300 companies from within its home markets as well as elsewhere in Europe, internationally and span ten sectors by industry classification benchmark. Euronext’s corporate issuers differ in size and represent a combined market capitalisation of €3.6 trillion. Euronext’s listing franchise includes 270 large cap companies (companies with a market capitalisation above €1 billion) and 954 small & mid capitalisation companies as at 31 December 2017.

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2017 REGISTRATION DOCUMENT