Euronext announces the successful expansion of Euronext Clearing as
pan-European clearing house for Euronext cash markets
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Euronext announces the successful expansion of Euronext
Clearing as pan-European clearing house for Euronext cash
markets
- Euronext
further builds the backbone of the Capital Markets Union in Europe
by delivering one clearing house for cash markets to foster a
unified European financial market and ecosystem
- The
successful expansion of the clearing offering to Euronext cash
markets, completed on schedule in November 2023, delivers
significant synergies
- This major step paves the
way for European expansion of the clearing offering to Euronext’s
financial and commodity derivatives, confirmed for Q3 2024, and
positions Euronext across the entire trading value chain to create
value for clients
Amsterdam, Brussels, Dublin, Lisbon,
Milan, Oslo, Paris, Rome – 30 November 2023 – Euronext,
the leading pan-European market infrastructure, announces today the
successful achievement of Euronext Clearing's first major strategic
milestone, the expansion of its clearing offering for Euronext cash
markets.
Following the expansion of clearing activities
to Euronext Brussels cash markets on 6 November 2023, Euronext
successfully expanded its clearing offering, on schedule, to the
cash markets in France, Ireland, the Netherlands, and Portugal on
27 November 2023. As of that date, the pan-European clearing house
Euronext Clearing now clears equities, ETFs, structured products,
warrants, and bonds across six Euronext markets1. On average,
Euronext Clearing clears circa 2 million transactions on a
daily basis for its 52 European and local clearing members, of
which 37 were onboarded as part of the expansion, including all
major clearing members of the industry. This successful migration
establishes Euronext Clearing as the Central Counterparty (CCP) of
choice for Euronext’s cash markets, which process around 25% of
European cash trading. This transformation contributes
significantly to building the backbone of the Capital Markets Union
in Europe, reducing the fragmentation of European capital
markets.
This major step paves the way for the expansion
of Euronext Clearing activities to Euronext’s listed and commodity
derivatives in Q3 2024. The addition of material post-trade
capabilities puts Euronext at the forefront of the financial
landscape, with a unique and meaningful presence across the entire
value chain, ideally positioned to capture future growth
opportunities.
Through its expanded pan-European
multi-asset-class CCP, Euronext will directly operate clearing
activities for cash, listed derivatives and commodities markets by
the end of 2024, providing one single platform for clients to
manage their collateral, and access information on collateral,
risk, and clearing. Euronext Clearing has innovated with the
adoption of a new VaR-based margin methodology, in line with
evolving market standards. The new methodology enhances the
efficiency and reliability of risk capture and allocation within
the financial system. The introduction of a unified equity and
derivatives default fund facilitates cross-margining empowering
clients to optimise their trading activities across seven Euronext
markets. The implementation of harmonised clearing allows market
participants to streamline their entire trade lifecycle within
Euronext and to leverage on Euronext Securities to access T2S.
Since the acquisition of Borsa Italiana in April
2021, Euronext has demonstrated a unique expertise in delivering
significant technological projects with the migration of the Core
Data Centre from Basildon in the UK to Bergamo in Italy, as well as
the successful migration of Italian cash equity, ETF, fixed income,
warrants and certificates markets to the Euronext state-of-the-art
proprietary trading platform Optiq®. The expansion of Euronext
Clearing to Euronext cash markets significantly contributes to
reaching the €70 million run-rate annual EBITDA synergies targeted
by the end of 2023. Euronext continues to work toward the migration
of Italian derivatives trading to Optiq in Q1 2024. The confirmed
expansion of Euronext Clearing to Euronext listed derivatives by Q3
2024 will significantly contribute to reaching the “Growth for
Impact 2024” strategic plan €115 million run-rate annual EBITDA
synergies by end of 2024.
Stéphane Boujnah, CEO and Chairman of
the Managing Board of Euronext, said:“The successful
expansion of the Euronext Clearing offering to Euronext cash
markets is a significant milestone in the delivery of our Euronext
“Growth for Impact 2024” strategic plan and demonstrates our
capacity to timely and seamlessly integrate and expand European
market infrastructures. This move will enable us to further cater
to our clients along the entire trading value chain, unlocking new
opportunities to develop innovative solutions in a more agile way.
This achievement is another step towards establishing Euronext as
the leading market infrastructure in Europe to provide a
unparalleled access to unified European financial markets and to be
the backbone of the Capital Markets Union in Europe. Thanks to the
commitment of our teams and clients, we have once again
demonstrated our unique capability to deliver complex projects to
shape capital markets for future generations.”
Anthony Attia, Euronext Global Head of
Derivatives and Post-Trade, said: “Euronext's extensive
European presence positions it with the necessary infrastructure to
establish a resilient pan-European clearing house. The efficiency
and market security of a clearing house relies on its ability to
manage various asset classes and markets, and Euronext is
leveraging the diversity of its different markets to enhance
Euronext Clearing, as a truly European clearing provider. This
endeavour has involved substantial investments in technology,
talents, and a new risk framework, with the backing of clients to
ensure its success. We have reached our objective to achieve
critical mass, to provide an entry point and optimal support for
the financial community and to enable our clients to benefit from
significant risk and collateral efficiencies. Now present across
the entire trading value chain, Euronext is a unique point of entry
to European capital markets, from pre-listing to post-trade through
T2S, and in this way further builds unified European capital
markets.”
CONTACT ANALYSTS & INVESTORS
– ir@euronext.com |
Aurélie
Cohen |
+33 1 70 48 24
17 |
ir@euronext.com |
Clément
Kubiak |
+33 1 70 48 26
33 |
ir@euronext.com |
CONTACTS MEDIA –
mediateam@euronext.com |
Aurélie Cohen
(Europe) |
+33 1 70 48 24
45 |
mediateam@euronext.com |
Andrea Monzani
(Europe) |
+39 02 72 42 62
13 |
mediateam@euronext.com |
Ester Russom
(Milan/Rome) |
+39 02 72 42 67
56 |
italypressoffice@euronext.com |
Marianne Aalders
(Amsterdam) |
+31 20 721 41
33 |
amsterdampressoffice@euronext.com |
Marianne Aalders
(Brussels) |
+31 20 721 41
33 |
brusselspressoffice@euronext.com |
Sandra Machado
(Lisbon) |
+351 91 777 68
97 |
portugalpressoffice@euronext.com |
Cathrine Lorvik
Segerlund (Oslo) |
+47 41 69 59
10 |
clsegerlund@euronext.com |
Sarah Mound
(Paris/Dublin) |
+33 1 70 48 24
45 |
parispressoffice@euronext.com |
Coralie Patri
(Corporate Services) |
+33 7 88 34 27
44 |
parispressoffice@euronext.com |
About Euronext
Euronext is the leading pan-European market
infrastructure, connecting European economies to global capital
markets, to accelerate innovation and sustainable growth. It
operates regulated exchanges in Belgium, France, Ireland, Italy,
the Netherlands, Norway and Portugal. With more than 1,900 listed
issuers and around €6.2 trillion in market capitalisation as of end
of September 2023, it has an unmatched blue-chip franchise and a
strong diverse domestic and international client base. Euronext
operates regulated and transparent equity and derivatives markets,
one of Europe’s leading electronic fixed income trading markets and
is the largest centre for debt and funds listings in the world. Its
total product offering includes Equities, FX, Exchange Traded
Funds, Warrants & Certificates, Bonds, Derivatives, Commodities
and Indices. The Group provides a multi-asset clearing house
through Euronext Clearing, and custody and settlement services
through Euronext Securities central securities depositories in
Denmark, Italy, Norway and Portugal. Euronext also leverages its
expertise in running markets by providing technology and managed
services to third parties. In addition to its main regulated
market, it also operates a number of junior markets, simplifying
access to listing for SMEs. For the latest news, go to euronext.com
or follow us on Twitter (twitter.com/euronext) and LinkedIn
(linkedin.com/euronext).
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1 While Euronext Clearing is not the default CCP for Oslo,
clients in Oslo can still decide to use Euronext Clearing.
- Euronext_PR_Clearing Expansion 2023
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