EURONEXT_Registration_Document_2017

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PRESENTATION OF THE GROUP

Description of the Business

INDEX (December 2017)

MARKET

EBBO GREATEST SIZE EBBO SETTER RELATIVE SPREAD MARKET DEPTH

MTF Average

34%

0%

3%

19.38

17,064

CAC 40

Euronext

69%

29%

58%

3.23

50,303

MTF Average

33%

1%

5%

23.5

23,271

BEL 20

Euronext

88%

56%

73%

3.9

80,046

MTF Average

36%

0%

4%

17.89

20,643

AEX-INDEX

Euronext

76%

40%

65%

3.45

70,246

MTF Average

30%

1%

5%

147.46

7,180

PSI 20

Euronext

87%

51%

70%

13.27

23,866

MTF Average

33%

1%

5%

20.95

18,382

BLUE CHIPS

Euronext

80%

43%

65%

3.72

58,313

MTF Average

31%

1%

6%

-

-

Domestic

Euronext

84%

59%

72%

-

-

Euronext operates equity markets of which the main financial instruments are shares. Shares are any share of capital stock or any other equity securities issued by a corporation or other incorporated business enterprise. Fixed income Euronext operates bond trading on its regulated market with a particular focus on the retail market. Over 100 members trade 5,600 corporate, financial institutions and government listed bonds, representing a monthly turnover of approximately €0.6 billion. In December 2017, Euronext launched Euronext Synapse - an innovative MTF in partnership with Algomi. Combining Euronext’s experience operating fair and orderly markets and Algomi’s innovation and award-winning technology, this new MTF connects pools of liquidity and market participants within a new anonymous inter-dealer centralised market place. It links banks and their customers together for liquidity, execution and reporting services with the appropriate level of protection for fixed income markets. Euronext Synapse turns disparate data into relevant and structured information, and increases trade opportunities and velocity in bond markets.  Euronext is the MTF operator, Algomi is the MTF technical service provider.  At launch, the focus is on large sizes of illiquid corporate and financial bonds to benefit from the MiFID II Large in Scale (“LIS”) waiver.  No pre-trade transparency, and post-trade transparency in line with MiFID II LIS post-trade waiver.  A straightforward and confidential trading process.  The model includes features covering the whole value chain:  For customers to send their indications of interest to their respective bank that will execute what can be internalised in their own pool of liquidity;  For banks to flag their active ISINs and send to Euronext Synapse IOI flows that cannot be internalized;

 Euronext Synapse scan IOI inventories and data signals to all connected participants and propose potential counterparties to join an auction on the same bond;  With different types of auctions (bilateral, private, public) always held in a fully confidential and anonymous environment;  With a secured bilateral negotiation and execution process – and a name give up after matching to perform bilateral settlement;  The model also includes Euronext’s standard set of services: membership, market surveillance, publication and reporting, MiFID II compliance.  FCA regulated MTF.  Fast track membership process is available for Euronext members. Euronext Block Euronext Block is a new trading venue designed to be compliant with MiFID II regulations. It is designed to facilitate the execution of algorithmically generated block trades on over 2,000 pan-European stocks. The platform is in the process of connecting its first wave of brokers and first trades have already taken place. Euronext Block is an MTF regulated by the FCA and cleared by the European Central Counterparty ‘EuroCCP’. Euronext developed a new pan-European service to upgrade the existing Smartpool product, and capture large institutional trading interests in which Euronext rarely participated. In partnership with AX Trading, an American based FinTech company, Euronext launched an innovative platform, Euronext Block, for block trading that empowers clients to proactively solicit the other side of a large trade while controlling the level of information disclosed to the market which could otherwise negatively impact their own performance. Growth in electronic block trading is emerging as a sustainable trend and Euronext’s main competitors are also focused on the space. Euronext’s approach however is unique and garnering significant support among market participants.

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www.euronext.com

2017 REGISTRATION DOCUMENT