Brussels Euronext Exchange
|Founded||September 22, 20001234|
|Key people||Dominique Cerutti 567
(CEO Euronext N.V.)
(CEO Euronext Paris)
|No. of listings||1,176|
|MarketCap||US$ 2.8 trillion (Dec 2012)13|
|Volume||US$ 1.9 trillion (Dec 2009)|
fr:Next 150 (French)
Euronext N.V. is a European electronic stock exchange based in Amsterdam, Netherlands,14 and with subsidiaries in Belgium, France, Netherlands, Portugal and the United Kingdom. In addition to equities and derivatives markets, the Euronext group provides clearing and information services. As of December 2012 Euronext was the 5th largest stock-exchange group in terms of companies listed.13 Euronext merged with NYSE Group, Inc. on April 4, 2007 to form NYSE Euronext (Euronext: NYX), the "first global stock exchange". On November 13, 2013 IntercontinentalExchange (NYSE: ICE), completed acquisition of NYSE Euronext.515
- 1 History
- 2 Structure and indices
- 3 See also
- 4 References
- 5 External links
Euronext was formed on 22 September 2000 following a merger of the Amsterdam Stock Exchange, Brussels Stock Exchange, and Paris Bourse, in order to take advantage of the harmonization of the European Union financial markets.1234 In December 2001, Euronext acquired the shares of the London International Financial Futures and Options Exchange (LIFFE), which continues to operate under its own governance. Beginning in early 2003, all derivatives products traded on its affiliated exchanges trade on LIFFECONNECT, LIFFE's electronic trading platform,316 which was later replaced with Universal Trading Platform (UTP).1718 In 2002 the group merged with the Portuguese stock exchange Bolsa de Valores de Lisboa e Porto (BVLP), renamed Euronext Lisbon.3
Euronext.liffe was formed in January 200216 from the takeover of the London International Financial Futures and Options Exchange (LIFFE) by Euronext.19 The derivatives activities of the other constituent exchanges of Euronext (Amsterdam, Brussels, Lisbon and Paris), were merged into Euronext.liffe. Until migration to UTP, trading was done electronically through the LIFFE CONNECT platform.17 In 2011 migration of all derivative products to UTP was completed.18 Euronext.liffe offers a wide range of futures and option products on short-term interest rates, bonds, swaps, equities and commodities.
In addition to this, it sells its technology to third parties. Since April 2003, the trading on Tokyo Financial Exchange (formerly Tokyo International Financial Futures Exchange[TIFFE]) is run on LIFFE CONNECT.20 From January 2004 until its merger with the Chicago Mercantile Exchange in 2008, the Chicago Board of Trade provided electronic trading via e-cbot, which was powered by LIFFE CONNECT.2122 As a result, the Kansas City Board of Trade23 and the Minneapolis Grain Exchange24 used LIFFE CONNECT for their overnight trading.
Alternext was formed in 2005 by Euronext to help small and mid-class companies in the Eurozone seek financing. Since the merger of Euronext and NYSE in 2006, completed in 2007, this market is now a division of NYSE Euronext, named NYSE Alternext.2526
Due to apparent moves by NASDAQ to acquire the London Stock Exchange,27 NYSE Group, owner of the New York Stock Exchange, offered €8 billion (US$10.2b) in cash and shares for Euronext on 22 May 2006, outbidding a rival offer for the European Stock exchange operator from Deutsche Börse, the German stock market.28 Contrary to statements that it would not raise its bid, on 23 May 2006, Deutsche Börse unveiled a merger bid for Euronext, valuing the pan-European exchange at €8.6 billion (US$11b), €600 million over NYSE Group's initial bid.29 Despite this, NYSE Group and Euronext penned a merger agreement, subject to shareholder vote and regulatory approval. The initial regulatory response by SEC chief Christopher Cox (who was coordinating heavily with European counterparts) was positive, with an expected approval by the end of 2007.30 The new firm, tentatively dubbed NYSE Euronext, would be headquartered in New York City, with European operations and its trading platform run out of Paris. Then-NYSE CEO John Thain, who was to head NYSE Euronext, intended to use the combination to form the world's first global stock market, with continuous trading of stocks and derivatives over a 21-hour time span. In addition, the two exchanges hoped to add Borsa Italiana (the Milan stock exchange) into the grouping.
Deutsche Börse dropped out of the bidding for Euronext on 15 November 2006, removing the last major hurdle for the NYSE Euronext transaction. A run-up of NYSE Group's stock price in late 2006 made the offering far more attractive to Euronext's shareholders.31 On 19 December 2006, Euronext shareholders approved the transaction with 98.2% of the vote. Only 1.8% voted in favour of the Deutsche Börse offer. fr:Jean-François Théodore, the Chief Executive Officer of Euronext, stated that they expected the transaction to close within three or four months.32 Some of the regulatory agencies with jurisdiction over the merger had already given approval. NYSE Group shareholders gave their approval on 20 December 2006.33 The merger was completed on 4 April 2007, forming NYSE Euronext.
In 2011, Deutsche Börse and NYSE Euronext confirmed that they were in advanced merger talks. Such a merger would create the largest exchange in history.36 The deal was approved by shareholders of NYSE Euronext on July 7, 2011,30 and Deutsche Börse on July 15, 201137 and won the antitrust approved by the US regulators on On December 22, 2011.38 On February 1, 2012, the deal was blocked by European Commission on the grounds that the new company would have resulted in a quasi-monopoly in the area of European financial derivatives traded globally on exchanges.3940
In December 2012 Intercontinental Exchange announced plans to acquire NYSE Euronext, owner of Euronext, in an $8.2 billion takeover.41 The deal was approved by the shareholders of NYSE Euronext and Intercontinental Exchange on June 3, 2013.424344 The European Commission approved the acquisition on 24 June 201345 and on Aug. 15, 2013 the US regulator, SEC, granted approval of the acquisition.464748 European regulators and ministries of Finance of the participating countries approved the deal and on November 13, 2013 the acquisition was completed.515 ICE intends to pursue an initial public offering of Euronext in 2014.5
Euronext comprises cash and derivatives markets, which, as of December 2013, cover the following operational markets and segments.49
|Market / Segment Name||Cash / Derivatives||Country||City||MIC Code||Comments|
|Euronext Amsterdam||Cash||The Netherlands||Amsterdam||XAMS|
|Alternext Amsterdam||Cash||The Netherlands||Amsterdam||ALXA|
|Traded But Not Listed Amsterdam||Cash||The Netherlands||Amsterdam||TNLA|
|Euronext Com, Commodities Futures And Options||Derivatives||The Netherlands||Amsterdam||XEUC|
|Euronext EQF, Equities And Indices Derivatives||Derivatives||The Netherlands||Amsterdam||XEUE|
|Euronext IRF, Interest Rate Future And Options||Derivatives||The Netherlands||Amsterdam||XEUI|
|NYSE Arca Europe||Cash||The Netherlands||Amsterdam||XHFT||Pan-European MTF for High-frequency trading (HFT)|
|Easy Next||Cash||Belgium||Brussels||ENXB||MTF for Warrants and Certificates|
|Marche Libre Brussels||Cash||Belgium||Brussels||MLXB|
|Trading Facility Brussels||Cash||Belgium||Brussels||TNLB|
|Ventes Publiques Brussels||Cash||Belgium||Brussels||VPXB|
|Euronext Brussels - Derivatives||Derivatives||Belgium||Brussels||XBRD|
|Alternext Lisbon||Cash||Portugal||Lisbon||ALXL||Alternext is the name of a market (MTF) organised in Portugal by Euronext Lisbon, Sociedade Gestora De Mercados Regulamentados, S.A.|
|Mercado De Futuros E Opções||Derivatives||Portugal||Lisbon||MFOX|
|Market Without Quotations Lisbon||Derivatives||Portugal||Lisbon||WQXL|
|Euronext London||Cash||United Kingdom||London||XLDN||A UK regulated market aimed at international issuers complementary to the existing euronext Cash markets|
|NYSE Bondmatch||Cash||France||Paris||MTCH||Financial, corporate and covered bonds trading platform for professional investors.|
|Euronext Paris Matif||Derivatives||France||Paris||XMAT|
|Marche Libre Paris||Cash||France||Paris||XMLI|
|Euronext Paris Monep||Derivatives||France||Paris||XMON|
Euronext combines four national markets in Europe, trading stocks of major companies of each country participant, and manages the main national indices representing these stocks: AEX index, BEL20, CAC 40 and PSI20. Blue chip traded on Euronext represent 20+ issuers included in the EURO STOXX 50® benchmark. 50
Table of major instrument types traded on Euronext Cash Markets
|Market / Segment Name||Equities51||Bonds52||ETFs53||Funds54||ETVs / ETNs55||Warrants, Certificates & Structured Notes56|
|Marche Libre Brussels||Yes||Yes||-||-||-||-|
|Marche Libre Paris||Yes||Yes||-||-||-||Yes|
|NYSE Arca Europe||Yes||-||-||-||-||-|
|Traded But Not Listed Amsterdam||Yes||-||-||-||-||-|
|Trading Facility Brussels||Yes||-||-||-||-||-|
Table of major instrument types traded on Euronext Derivative Markets57
|Location||Commodities||Index Derivatives||Stock Futures||Stock Options||ETF Options||Currency Derivatives|
|Amsterdam, The Netherlands||-||Yes||-||Yes||-||Yes|
Euronext manages various country (national), as well as pan-European regional and sector and strategy indices.58
Main indices managed by Euronext58
|BEL CONTIN STCK NR||BELCU||EUR|
|BEL MID INDEX||BELM||EUR|
|BEL SMALL INDEX||BELS||EUR|
|CAC ALL SHARES||PAX||EUR|
|CAC MID & SMALL||CACMS||EUR|
|CAC MID 60||CACMD||EUR|
|CAC NEXT 20||CN20||EUR|
|EURONEXT FAS IAS||FIAS||EUR|
|IEIF SIIC FRANCE||SIIC||EUR|
|LC 100 EUROPE||LC100||EUR|
|NEXT 150 (French)||N150||EUR|
|PRIVATE EQUITY NXT||PENXT||EUR|
|PSI ALL-SHARE GR||BVLGR||EUR|
|SBF - FCI||FCI||EUR|
In December 2012 Euronext cash products average daily volume was 1.1 million transactions, and market share in European Cash products was 68.7%, Euronext derivatives products average daily volume was 3.5 million contracts.59
|This article is outdated. (December 2013)|
Euronext has cross-membership and cross-access agreements with the Warsaw Stock Exchange for their cash and derivatives products, and with the Helsinki Exchanges on cash trading; ownership agreements are currently excluded.
- Euronext Amsterdam
- Euronext Brussels
- Euronext Lisbon
- Euronext Paris
- List of European stock exchanges
- List of stock exchanges
- Options Market France
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