Euronext today completes the acquisition of the Borsa Italiana Group and publishes Q1 2021 results Paris Stock Exchange:ENX

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EURONEXT TODAY COMPLETES THE ACQUISITION OF THE BORSA ITALIANA GROUP AND PUBLISHES Q1 2021 RESULTS

  • Euronext today completes the acquisition of the Borsa Italiana Group1 for a closing consideration of €4,444 million2, following the satisfaction of all situation precedents
  • Creation of the main pan-European market infrastructure and the main venue in Europe for itemizing and secondary markets for each debt and fairness financing
  • Addition of significant capabilities in fastened earnings buying and selling and enhanced put upcommerce actions, together with a multi-asset clearing home and a major CSD
  • Integration course of has begun with governance construction established and integration plan being developed additional
  • CDP Equity and Intesa Sanpaolo now be part of the Euronext Reference Shareholders by the subscription to a non-public placement for579 million, with long-term dedication to help the Group’s progress ambitions
  • Group-level governance in keeping with Euronext’s federal mannequin, with one unbiased Italian Supervisory Board member, to develop into the subsequent Chairman of the Supervisory Board, and one Supervisory Board member representing CDP Equity, as consultant of the Reference Shareholders, to be proposed at the Annual General Meeting of Shareholders on 11 May 2021
  • Strong begin to the 12 months with Q1 2021 income at €249.2 million up +5.2%3, regardless of decrease volatility and volumes in comparison with an distinctive market atmosphere in Q1 2020, EBITDA at €148.7 million, like-for-like EBITDA margin at 61.5% and adjusted EPS4 at €1.53, up +6.3%

Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris 29 April 2021 – Euronext, the main pan-European market infrastructure, today completes the acquisition of the Borsa Italiana Group (the “Transaction”) for a closing consideration of €4,444 million. Euronext today additionally pronounces its results for the first quarter of 2021, pushed by robust natural progress in non-trading actions, latest acquisitions and continued value self-discipline.

Key figures – in €m, until said in any other case Q1 2021 Q1 2020 % change % change

(like-for-like, fixed currencies)

Revenue 249.2 236.8 +5.2% -3.7%
Operational bills excluding D&A -100.4 -86.7 +15.8% +4.2%
EBITDA 148.7 150.0 -0.9% -8.0%
EBITDA margin 59.7% 63.4% -3.7 pts -2.9 pts
Net earnings, share of the Group 98.2 96.1 +2.2%  
EPS (non-diluted, reported, in €) 1.41 1.38 +2.3%  
EPS (diluted, reported, in €) 1.40 1.37 +2.4%  
EPS (non-diluted, adjusted, in €) 1.53 1.44 +6.3%  

Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext stated:
“Today marks a brand new chapter in the historical past of Euronext and of European capital markets. With the completion of the acquisition of the Borsa Italiana Group, Euronext delivers on its ambition to construct the main pan-European market infrastructure, connecting native economies to international capital markets, for the advantages of all market contributors throughout Euronext’s markets. The considerably scaled-up Group is now positioned as the main venue in Europe for itemizing and secondary markets for each debt and fairness financing. In addition, Euronext will increase its enterprise diversification with new capabilities in fastened earnings buying and selling and clearing, in addition to consolidation of a major CSD. This transaction strengthens Euronext’s profile and improves its strategic prospects for future progress.
In Q1 2021, Euronext posted +5.2% income progress, to €249.2 million, because of a powerful natural efficiency in non-trading actions and contribution from latest acquisitions. Even although Q1 2020 was an distinctive quarter in many respects, we continued to see throughout Q1 2021 the advantages of our diversification technique in addition to of the structural market dynamics of 2020. We recorded a 59.7% EBITDA margin in Q1 2021. We achieved our focused synergies in Oslo one 12 months in advance, and continued our value management coverage. The Adjusted EPS was up 6.3% to €1.53 per share, with acquired dividends offsetting distinctive prices associated to the Borsa Italiana Group acquisition. As of today, we are going to consolidate the Borsa Italiana Group results, which can mark a substantial change of scale and profile for the mixed Group. We will announce our mixed strategic plan in This autumn 2021.

Completion of the acquisition of the Borsa Italiana Group

Euronext today completes the acquisition of the Borsa Italiana Group, following the satisfaction of all situation precedents. The completion of the Transaction efficiently creates the main pan-European market infrastructure and the main venue for capital markets in Europe.

Euronext believes that prospects, of each Euronext and Borsa Italiana Group, will profit from the better measurement of the new Group, its diversified enterprise combine and strengthened post-trade actions, together with a multi-asset clearing home.

The Transaction firmly establishes Euronext as the main pan-European market infrastructure in a post-Brexit Europe and strengthens its mission to finance the actual financial system by the creation of:

  • the main itemizing venue in Europe, with greater than 1,870 corporations listed totalling €5.1 trillion in market capitalisation5;
  • the main venue in fairness financing6, with greater than €63.6 billion raised in 2020 from buyers to finance corporations throughout Europe;
  • the main venue for secondary markets in Europe7, with roughly €12.2 billion value of money equities and ETFs traded every day, on common8; and
  • a number one operator of post-trade infrastructures, together with a multi-asset-class clearing home and a major community of European CSDs with near €6 trillion in belongings underneath custody.

From a monetary perspective, Euronext believes that the Transaction gives a compelling worth proposition for shareholders. For the Financial Year ending 31 December 2020, the professional forma whole income and earnings for the Group amounted to €1.4 billion; professional forma EBITDA amounted to €789.7 million and professional forma adjusted web earnings amounted to €497.6 million.

Euronext intends to leverage its enhanced capabilities to additional enhance European capital markets and function the spine of the Capital Markets Union in Europe, whereas at the similar time supporting native economies. Local buyers, market members and issuers of every Euronext market have entry to a major vary of energetic institutional buyers throughout Europe and worldwide. The Transaction marks an essential step in direction of securing Euronext’s future. It expands the Group’s strategic prospects in a quickly altering atmosphere and is predicted to translate into new alternatives for progress, geographical enlargement, enterprise diversification and product innovation.

An integration plan is being developed, throughout a number of workstreams, underneath the oversight of an Integration Management Office, together with representatives of each Euronext and the Borsa Italiana Group.

Euronext has signed a contract to host its Group core information centre with Aruba S.p.A. The information centre will likely be situated in Bergamo, Italy. The date at the moment focused for the first half of the Group core information centre migration, topic to regulatory approval and operational readiness, is about for 2022. The migration is being deliberate in response to a number of components, together with the acquisition of the Borsa Italiana Group, the dynamic created by Brexit and a powerful rationale to find the Group’s core information centre in a rustic the place Euronext operates a big enterprise. This migration is being deliberate to be prepared for the migration of the Borsa Italiana markets onto the Optiq® buying and selling platform by 2023.

Governance and shareholding evolution

On 15 February 2021, Euronext introduced that Piero Novelli has been nominated by the Supervisory Board as an unbiased member of the Supervisory Board, to develop into the subsequent Chairman of Euronext N.V., topic to regulatory and shareholder approvals.

Today, CDP Equity and Intesa Sanpaolo develop into shareholders of Euronext N.V. by the subscription to a non-public placement of 5.6 million and 1.0 million newly issued shares in Euronext, respectively, for a worth of 87.70€ per share, representing a complete consideration of €579 million.

Both CDP Equity and Intesa Sanpaolo develop into events to an amended and prolonged settlement with Euronext’s Reference Shareholders. Under the new Reference Shareholders Agreement, every of the Reference Shareholders has agreed to not promote or in any other case switch or dispose of any of Euronext’s peculiar shares for a interval of three years9, topic to sure exceptions.

As CDP Equity is now one of the two largest Reference Shareholders in Euronext with 7.31% of the share capital, it’s entitled to appoint one of the Reference Shareholders representatives on the Euronext N.V. Supervisory Board. As such, on 30 March 2021, Euronext introduced that Alessandra Ferone has been nominated by the Supervisory Board as member of the Supervisory Board of Euronext N.V. representing CDP Equity, topic to regulatory and shareholder approvals.

The presence of CDP Equity and Intesa Sanpaolo is predicted to additional help the Group’s progress ambitions whereas facilitating SMEs’ entry to capital markets.

Financing

The closing money consideration to be paid to London Stock Exchange Group plc quantities to €4,444 million10.

The Transaction is financed by:

  • ~€0.3 billion from the use of current money;
  • ~€3.7 billion from the draw down of Euronext’s €4.4 billion bridge mortgage facility; and
  • ~€0.6 billion from the non-public placement to CDP Equity and Intesa Sanpaolo.

Euronext is anticipating to refinance the bridge mortgage facility by:

  • ~€1.8 billion of new fairness to be issued, by a rights supply to Euronext’s current shareholders, as introduced today11; and
  • ~€1.8 billion of debt to be issued in the debt capital markets with long run maturities.

Euronext is dedicated to sustaining an funding grade credit standing, with a professional forma web debt to professional forma EBITDA leverage ratio of 3.2x as at 31 December 2020, which is predicted to cut back beneath 3x by the finish of 2022. Euronext doesn’t anticipate any change in its dividend coverage of a pay-out of 50% of its reported web earnings.

Euronext today additionally enters into a brand new €600 million Revolving Credit Facility, changing its €400 million current facility and reflecting the elevated measurement of the Group.

Strong efficiency over the first quarter of 2021

  • Revenue at249.2 million (+5.2%) pushed by robust natural progress in non-trading actions and latest acquisitions:
    • Post-trade income elevated to €63.2 million (+61.2%), primarily pushed by the rise of retail buyers and the growing contribution of VP Securities. Like-for-like at fixed currencies12, post-trade income elevated +8.5%.
    • Listing income elevated to €38.8 million (+9.4%), ensuing from the robust efficiency of Corporate Services, from a wonderful quarter for brand spanking new listings and from optimistic traction in ESG bond itemizing. Like-for-like at fixed currencies, itemizing income elevated +8.3%.
    • Advanced Data Services income elevated to €36.5 million (+4.8%) pushed by the good efficiency of indices and ESG merchandise. Like-for-like at fixed currencies, Advanced Data Services income elevated +4.2%.
    • Trading income decreased to €96.0 million (-14.2%), reflecting decrease buying and selling volumes in comparison with an distinctive market atmosphere in Q1 2020, partially offset by the next income seize and an improved market share in money buying and selling. Like-for-like at fixed currencies, buying and selling income decreased -15.8%.
    • Group non-volume associated income13 accounted for 53% of Q1 2021 whole income (vs. 44% in Q1 2020) and coated 132% of working bills excluding D&A (vs. 119% in Q1 2020).
  • EBITDA at148.7 million (-0.9%), with EBITDA margin at 59.7% (-3.7pts); EBITDA margin (like-for-like at fixed currencies) at 61.5%:
    • Group working bills excluding D&A had been up €13.7 million to €100.4 million in consequence of the consolidation of prices from acquired companies for €16.4 million, partially offset by continued value self-discipline. Like-for-like, working prices excluding D&A had been up +4.2%, primarily pushed by prices associated to the acquisition of the Borsa Italiana Group and workers prices notably associated to LTI computation.
    • Targeted Oslo Børs VPS run-rate value synergies had been delivered one 12 months forward of schedule and above goal. €13.8 million of synergies have been extracted from Oslo Børs VPS at the finish of March 2021, in comparison with a goal of €12 million. VP Securities run-rate money value synergies amounted to €4.5 million at the finish of March 2021.
  • Reported web earnings, share of the Group, at98.2 million (+2.2%):
    • Exceptional objects had been at €3.6 million, primarily ensuing from prices associated to the acquisition of the Borsa Italiana Group.
    • Results from fairness investments amounted to €11.7 million because of a acquired dividend of €9.2 million.
    • Income tax charge at 27.4%.
  • Adjusted EPS14 at1.53 (+6.3%).
In €m, until said in any other case

The figures on this doc haven’t been audited or reviewed by our exterior auditor.

Q1 2021 Q1 2020 % change Organic
(like-for-like, fixed forex)
Revenue 249.2 236.8 +5.2% -3.7%
Listing 38.8 35.4 +9.4% +8.3%
Trading income 96.0 111.8 -14.2% -15.8%
o/w Cash buying and selling 69.8 80.8 -13.7% -13.7%
o/w Derivatives buying and selling 11.7 15.7 -25.7% -25.8%
o/w Spot FX buying and selling 6.1 8.0 -24.5% -17.5%
o/w Power buying and selling 8.4 7.2 +17.2% n/a
Investor Services 2.3 1.9 +19.0% +21.2%
Advanced Data Services 36.5 34.9 +4.8% +4.2%
Post Trade 63.2 39.2 +61.2% +8.5%
o/w Clearing 17.1 19.2 -11.0% -11.0%
o/w Custody, Settlement and different Post Trade 46.1 20.0 +130.4% +21.2%
Euronext Technologies & Other income 11.9 13.3 -11.0% -3.5%
Other earnings 0.6 0.3 +133.0% +133.0%
Operational bills excluding D&A -100.4 -86.7 +15.8% +4.2%
o/w Salaries and worker advantages -55.7 -43.8 +27.2% +12.5%
o/w Other bills -44.7 -42.9 +4.1% -4.2%
EBITDA 148.7 150.0 -0.9% -8.0%
EBITDA margin 59.7% 63.4% -3.7 pts -2.9 pts
Depreciation & amortisation -16.0 -12.9 +24.5% +4.5%
Operating revenue earlier than distinctive objects 132.7 137.2 -3.2% -9.2%
Exceptional objects -3.6 -1.1 +221.0%  
Operating revenue 129.2 136.1 -5.1%  
Net financing earnings / (expense) -4.8 -2.0 +141.6%  
Results from fairness investments 11.7 2.1 +453.6%  
Profit earlier than earnings tax 136.1 136.2 -0.1%  
Income tax expense -37.2 -38.3 -2.8%  
Share of non-controlling pursuits -0.7 -1.8 -63.2%  
Net earnings, share of the Group 98.2 96.1 +2.2%  
Reported EPS (€ per share) 1.41 1.38 +2.3%  
Adjusted EPS (€ per share) 1.53 1.44 +6.3%  

Revenue

In the first quarter of 2021, Euronext consolidated income elevated to €249.2 million, up +5.2%, primarily ensuing from the consolidation of VP Securities and from natural progress in itemizing and put up commerce, partially offsetting decrease buying and selling income in comparison with Q1 2020. On a like-for-like foundation (Nord Pool, Ticker, 3Sens and VP Securities in Q1 2020) and at fixed currencies, Euronext consolidated income was down -3.7% in Q1 2021, at €218.5 million, in comparison with an distinctive Q1 2020.

Non-volume associated income accounted for 53% of whole Group income in Q1 2021, growing from 44% of whole Group income in Q1 2020, reflecting the expanded post-trade enterprise. The working value protection ratio was at 132% in Q1 2021, in comparison with 119% in Q1 2020.

EBITDA

In €m, until said in any other case Q1 2021 Q1 2020 % change Organic
(like-for-like, fixed forex)
Revenue 249.2 236.8 +5.2% -3.7%
Operational bills excluding D&A -100.4 -86.7 +15.8% +4.2%
Salaries and worker advantages -55.7 -43.8 +27.2% +12.5%
Other bills -44.7 -42.9 +4.1% -4.2%
EBITDA 148.7 150.0 -0.9% -8.0%
EBITDA margin 59.7% 63.4% -3.7 pts -2.9 pts

Operational bills excluding depreciation & amortisation elevated to €100.4 million, up +15.8%, or €13.7 million, primarily in consequence of the consolidation of the prices from Nord Pool, VP Securities, Ticker and 3Sens for €16.4 million. On a like-for-like foundation, operational bills excluding depreciation & amortisation elevated by +4.2% in comparison with Q1 2020, reflecting prices associated to the acquisition of the Borsa Italiana Group and workers prices notably associated to LTI computation.

Consequently, EBITDA for the quarter was secure at €148.7 million, representing an EBITDA margin of 59.7%, down -3.7 factors in comparison with Q1 2020. On a like-for-like foundation, EBITDA for Q1 2021 was down -8.0%, to
€134.4 million, and EBITDA margin was 61.5%, down -2.9 factors in comparison with the similar perimeter in Q1 2020.

Net earnings, share of the Group

In €m, until said in any other case Q1 2021 Q1 2020 % change Organic
(like-for-like, fixed forex)
EBITDA 148.7 150.0 -0.9% -8.0%
EBITDA margin 59.7% 63.4% -3.7 pts -2.9 pts
Depreciation & amortisation -16.0 -12.9 +24.5% +4.5%
Operating revenue earlier than distinctive objects 132.7 137.2 -3.2% -9.2%
Exceptional objects -3.6 -1.1 +221.0%  
Operating revenue 129.2 136.1 -5.1%  
Net financing earnings / (expense) -4.8 -2.0 +141.6%  
Results from fairness investments 11.7 2.1 +453.6%  
Profit earlier than earnings tax 136.1 136.2 -0.1%  
Income tax expense -37.2 -38.3 -2.8%  
Share of non-controlling pursuits -0.7 -1.8 -63.2%  
Net earnings, share of the Group 98.2 96.1 +2.2%  

Depreciation and amortisation accounted for €16.0 million in Q1 2021, up +24.5%, ensuing primarily from the consolidation of just lately acquired companies and their respective PPA15. On a like-for-like foundation, depreciation & amortisation was up +4.5% in comparison with Q1 2020 at €12.6 million.

Operating revenue earlier than distinctive objects was €132.7 million, a -3.2% lower in comparison with Q1 2020. On a like-for-like foundation, working revenue earlier than distinctive objects was down -9.2% in comparison with Q1 2020, at €121.9 million.

€3.6 million of distinctive prices was reported in Q1 2021, primarily in relation to the acquisition of the Borsa Italiana Group.

Net financing expense for Q1 2021 was €4.8 million in comparison with a web financing earnings of €2.0 million in
Q1 2020, reflecting the bond faucet concern in June 2020 and financing prices associated to the acquisition of the Borsa Italiana Group.

Results from fairness investments amounted to €11.7 million in Q1 2021, ensuing from the interim dividend acquired from Euroclear and from the contribution from LCH SA, by which Euronext owns an 11.1% stake. As a reminder, in Q1 2020, Euronext reported €2.1 million of results from fairness investments.

Income tax for Q1 2021 was €37.2 million. This translated into an efficient tax charge of 27.4% for the quarter
(Q1 2020: €38.3 million and 28.1% respectively).

Share of non-controlling pursuits primarily regarding iBabs (100%-owned from 3 March 2021) amounted to €0.7 million in Q1 2021.

As a consequence, the reported web earnings share of the Group for Q1 2021 elevated by +2.2% in comparison with Q1 2020, to €98.2 million. This represents a reported EPS of €1.41 primary and €1.40 absolutely diluted in Q1 2021, in comparison with €1.38 primary and €1.37 absolutely diluted in Q1 2020. The quantity of shares used was 69,665,485 for the primary calculation and 69,928,074 for the absolutely diluted calculation.

Adjusted EPS16 is up +6.3% in Q1 2021, at €1.53, in comparison with an adjusted EPS of €1.44 in Q1 2020.

In Q1 2021 Euronext generated a web money stream from working actions of €185.9 million, in comparison with €51.0 million in Q1 2020.

Q1 2021 enterprise highlights

In €m, until said in any other case Q1 2021 Q1 2020 % change
Listing income 38.8 35.4 +9.4%
Equity      
Annual charges 9.5 8.9 +6.9%
Follow-ons 4.6 5.2 -11.4%
IPOs 3.2 2.7 +16.0%
Debts 9.0 7.9 +14.3%
ETFs, Funds & Warrants 3.0 3.0 0.0%
Corporate Services 9.1 6.8 +32.9%
Others 0.4 0.9 -57.4%
Money raised 376,678 314,423 +19.8%

Listing income was €38.8 million in Q1 2021, a rise of +9.4% in comparison with Q1 2020, pushed by the robust efficiency of Euronext Corporate Services, the greatest first quarter for brand spanking new listings since the first quarter of 2015 and optimistic traction of ESG bond itemizing. On a like-for-like foundation at fixed currencies, itemizing income elevated by +8.3% in comparison with Q1 2020.

The first quarter of 2021 noticed the robust major fairness itemizing dynamic proceed, with 37 new listings on Euronext, together with 4 giant firm itemizing similar to Stellantis, InPost, CTP and Technip Energies. This momentum throughout Euronext markets was supported each by giant capitalisations and SMEs. In addition, Euronext continued to reveal its robust worth proposition for revolutionary corporations with a majority of listings by tech corporations. In Q1 2021, €6.4 billion was raised on Euronext major markets, in comparison with €0.3 billion in Q1 2020.

Secondary markets reported a stable first quarter of 2021, with €14.0 billion raised in secondary fairness points, in comparison with €11.1 billion in Q1 2020.

Debt itemizing exercise was stable in Q1 2021, notably supported by the continued momentum in ESG bond itemizing. In Q1 2021, €356.3 billion in debt was raised on Euronext’s markets, in comparison with €303.1 billion in Q1 2020.

In whole, €376.7 billion in fairness and debt was raised on Euronext’s markets in Q1 2021, in comparison with €314.4 billion in Q1 2020.

Corporate Services reported a powerful efficiency, producing €9.1 million in income in Q1 2021, up +32.9% in comparison with €6.8 million in Q1 2020. This efficiency results from continued industrial growth and an enhanced digital providing assembly excessive demand for digital options.

In €m, until said in any other case Q1 2021 Q1 2020 % change
Trading income 96.0 111.8 -14.2%
Cash buying and selling 69.8 80.8 -13.7%
ADV Cash market 9,953 12,555 -20.7%
Derivatives buying and selling 11.7 15.7 -25.7%
ADV Derivatives market (in tons)1 678,009 853,659 -20.6%
Number of buying and selling days 63 64  
Spot FX buying and selling 6.1 8.0 -24.5%
ADV spot FX Market (in USDm) 21,440 25,868 -17.1%
Number of buying and selling days 63 64  
Power buying and selling 8.4 7.2 n/a
ADV Day-ahead energy market (in TWh) 2.94 2.90 +1.2%
ADV Intraday energy market (in TWh) 0.06 0.08 -22.0%
Number of buying and selling days 90 91  

Cash buying and selling

Cash buying and selling income decreased by -13.7% in Q1 2021, to a complete of €69.8 million, reflecting decrease buying and selling volumes as a result of decrease volatility in comparison with an distinctive Q1 2020. Average each day quantity for money buying and selling decreased to €10.0 billion in Q1 2021, down -20.7% in comparison with Q1 2020. Revenue seize remained robust, with the common yield over the quarter reaching 0.56 bps, in comparison with 0.50 bps in Q1 2020. Average market share on money buying and selling was 70.3%17 in the first quarter of 2021, in comparison with 69.9% in the first quarter of 2020.

The common each day transaction worth of ETFs on the digital order e-book was €287 million over Q1 2021, down     -26.4% in comparison with Q1 2020, in consequence of decrease volatility.

On a like-for-like foundation at fixed currencies, income from money buying and selling was down -15.8% in comparison with an distinctive Q1 2020, marked by the market volatility associated to the COVID-19 pandemic.

Derivatives buying and selling

Derivatives buying and selling income decreased -25.7% in Q1 2021, to €11.7 million, in comparison with €15.7 million in Q1 2020. Derivatives buying and selling volumes in Q1 2021 decreased -20.6% in comparison with Q1 2020. Average each day quantity on particular person fairness derivatives was down -7.3% at 396,082 contracts, whereas the common each day quantity on fairness index derivatives was down -41.6% to 198,345 contracts, reflecting unsure market situations.

Commodity merchandise recorded a report quarter in Q1 2021, with common each day volumes growing +8.5%, in comparison with Q1 2020, to 83,582 contracts, ensuing from the excessive volatility on agricultural markets.

Yield on derivatives averaged €0.27 in Q1 2021, in comparison with €0.29 in Q1 2020.

On a like-for-like foundation at fixed currencies, income from derivatives buying and selling was down 25.8% in comparison with Q1 2020.

Spot FX buying and selling

Spot FX buying and selling exercise on the Euronext FX spot overseas alternate market recorded common each day volumes of $21.4 billion in Q1 2021, down -17.1% in comparison with $25.9 billion in Q1 2020, ensuing from a much less unstable buying and selling atmosphere. As a consequence, spot FX buying and selling generated €6.1 million of income in Q1 2021, down -24.5% in comparison with €8.0 million in Q1 2020.

On a like-for-like foundation at fixed currencies, spot FX buying and selling income was down -17.5% in Q1 2021 in comparison with Q1 2020.

Power buying and selling

Power buying and selling, encompassing the buying and selling actions of Nord Pool, reported €8.4 million income, reflecting the regular seasonally larger winter months. Over Q1 2021, common each day day-ahead energy traded was 2.94TWh, up +1.2% in comparison with Q1 2020, and common each day intraday energy traded was 0.06TWh, down -22.0% in comparison with Q1 2020.

Investor Services reported income up +19.0% to €2.3 million in Q1 2021 reflecting its continued industrial growth.

On a like-for-like foundation at fixed currencies, Investor Services income was up +21.2% in comparison with Q1 2020.

Advanced Data Services reported income up +4.8% to €36.5 million in Q1 2021 pushed by the good efficiency of indices and ESG merchandise.

On a like-for-like foundation at fixed currencies, Advanced Data Services income was up +4.2% in comparison with Q1 2020.

Clearing

Clearing income was down in Q1 2021, at €17.1 million, -11.0% in comparison with Q1 2020, reflecting decrease derivatives buying and selling volumes over the quarter.

Custody, Settlement and different Post Trade

Revenue from Custody, Settlement and different Post Trade, notably encompassing Interbolsa, Euronext VPS and VP Securities actions, elevated by +130.4% to €46.1 million in Q1 2021. This efficiency resulted primarily from the consolidation of VP Securities, larger settlement actions and elevated retail participation in the Danish and Norwegian CSDs.

On a like-for-like foundation at fixed currencies, income from Custody, Settlement and different different Post Trade was up +21.2% in comparison with Q1 2020.

As a reminder, Euronext introduced on 22 March 2021 that it has accomplished the sale of Centevo to Profile Software.

  • Euronext Technologies & Other income

Euronext Technologies & Other income decreased by -11.0% in Q1 2021, to €11.9 million, primarily reflecting a lower in Nord Pool’s delivery and value restoration income, offsetting larger SFTI / Colocation income.

On a like-for-like foundation at fixed currencies, income was down -3.5% in comparison with Q1 2020.

Corporate highlights of Q1 2021 since publication of the 2020 Universal Registration Document on 30 March 2021

  • Euronext acquires remaining curiosity in iBabs

Euronext introduced on 3 March 2021 the acquisition of the remaining 40% curiosity in iBabs, a number one supplier of dematerialised and secured board portal options for company and public organisations in Europe, held by the founders of the firm who are actually exiting the enterprise after a profitable transition interval. As detailed at the time of Euronext’s acquisition of iBabs in July 2017, Euronext has exercised its name possibility on the remaining curiosity of iBabs for a consideration of €53.2 million18, on a debt-free-cash-free foundation, representing an Adjusted EBITDA 2020 a number of of 10x.

Since Euronext’s acquisition of a 60% stake in July 2017, iBabs has been a serious contributor to Euronext Corporate Services efficiency. iBabs has reported excessive double-digit income progress yearly, with compound annual progress charge of +33% between 2017 and 2020, whereas remaining cost-efficient and demonstrating the scalability of its SaaS mannequin. Through its integration into Euronext Corporate Services, iBabs has expanded its footprint in Europe and doubled its quantity of purchasers and quantity of customers, reflecting growing wants for digital options, secured assembly administration and continued product innovation.

Euronext introduced on 22 March 2021 that it has accomplished the sale of Centevo to Profile Software, a global monetary options supplier. Centevo had been acquired in 2019 as half of the acquisition of Oslo Børs VPS. Centevo generated c.€5.3 million of revenues in 2020.

The sale of this asset was carried out as half of a strategic assessment initiated following the integration of Oslo Børs VPS and the choice to divest non-core actions.

Centevo gives its purchasers with a complete and standardised panel of providers to help asset and fund supervisor processes, from onboarding of finish purchasers to asset administration providers in the Nordic area.

Euronext VPS will proceed to work in shut collaboration with Centevo to ship best-in-class providers to their widespread purchasers.

Based on Euronext 2020 full-year results, the sale of Centevo would account for a rise of c.+0.4 pts to Euronext EBITDA margin. For 2021, this can lead to an extra value discount on prime of the mid-single digit lower in working prices excluding D&A beforehand anticipated in 2021.

  • Convening of the Annual General Meeting of Euronext N.V.

On 30 March 2021 Euronext introduced that the digital Annual General Meeting (“AGM”) will happen on Tuesday 11 May 2021 at 10:30 CET. Formally, the digital AGM will likely be held at Beursplein 5, 1012 JW Amsterdam, The Netherlands.

In the mild of the Dutch emergency regulation concerning General Meetings throughout the Covid-19 pandemic, the Managing Board of Euronext N.V. has taken the choice to permit shareholders to attend the assembly nearly solely, by way of web at https://channel.royalcast.com/landingpage/euronextwebcast/20210511_1/

The documentation is on the market at:

https://www.euronext.com/en/investor-relations/financial-calendar/annual-general-meeting-11052021

Corporate highlights put up 31 March 2021

  • Q1 2021 Borsa Italiana Group results

In the first quarter of 2021, Borsa Italiana Group19 consolidated income was €124.1 million, secure in comparison with Q1 2020, primarily pushed by progress in capital markets and data providers, partially offsetting slower post-trade and know-how providers income.

Operational bills excluding depreciation & amortisation decreased to €47.2 million, down 5.1%, or
€2.6 million in comparison with Q1 2020, primarily ensuing from decrease prices of gross sales, intercompany prices, different prices and advertising prices in Q1 2021.

Consequently, EBITDA for the quarter was €76.8 million, up +3.4% in comparison with Q1 2020, representing a margin of 61.9%, up +2.0 factors in comparison with Q1 2020.

Borsa Italiana Group corporations have adopted as of today the Euronext model structure, notably the “Pulse” image shared by all Euronext-owned corporations. Reflecting Euronext’s federal mannequin, beginning today, Borsa Italiana, Monte Titoli, CC&G, MTS and Gatelab will combine the Euronext visible identification of their branding.

Agenda

A convention name and a webcast will likely be held TODAY 29 April 2021, at 9.30am CEST (Paris time) / 8.30am BST (London time):

Website: www.euronext.com/investors

To hook up with the convention name, please dial:

  • UOk Number:         +44 330 551 0200
  • FR Number:         +33 1 7037 7166
  • NL Number:         +31 20 708 5073
  • US Number:         +1 212 999 6659
  • BE Number:         +32 2 789 8603
  • PT Number:         +351 3 0880 2081
  • IR Number:        +353 1 436 0959
  • NO Number:        +47 2 156 3318
  • IT Number:        +39 06 83360400

Password:                Euronext
  
Live Webcast:
A stay audio webcast and replay after the name will likely be out there by way of this link and on Euronext’s Investor Relations web site.

Contacts

Investor Relations:
Aurélie Cohen – Chief Communications and Investor Relations Officer        +33 1 70 48 24 17
Clément Kubiak – Investor Relations Manager                                +33 1 70 48 24 33; [email protected]  

Media:
Aurélie Cohen – Chief Communications and Investor Relations Officer           +33 1 70 48 24 45; [email protected]   
        

About Euronext

Euronext is the main pan-European market infrastructure, connecting native economies to international capital markets, to speed up innovation and sustainable progress. It operates regulated exchanges in Belgium, France, Ireland, Italy, The Netherlands, Norway and Portugal. With near 1,900 listed issuers value €5.6 trillion in market capitalisation as of finish March 2021, it has an unmatched blue chip franchise and a powerful numerous home and worldwide shopper base. Euronext operates regulated and clear fairness and derivatives markets, one of Europe’s main digital fastened earnings buying and selling markets and is the largest centre for debt and funds listings in the world. Its whole product providing consists of Equities, FX, Exchange Traded Funds, Warrants & Certificates, Bonds, Derivatives, Commodities and Indices. Euronext additionally leverages its experience in working markets by offering know-how and managed providers to 3rd events. In addition to its essential regulated market, it additionally operates Euronext Growth® and Euronext Access®, a quantity of junior markets, simplifying entry to itemizing for SMEs. Euronext gives custody and settlement providers by central securities depositories in Denmark, Italy, Norway and Portugal.

For the newest information, go to euronext.com or comply with us on Twitter (twitter.com/euronext) and LinkedIn (linkedin.com/euronext).

Disclaimer

IMPORTANT NOTICE: THIS PRESENTATION IS NOT AND DOES NOT CONTAIN AN OFFER OF SECURITIES FOR SALE OR A SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR SECURITIES IN ANY JURISDICTION, INCLUDING THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. ANY SECURITIES MENTIONED IN THIS PRESENTATION (THE “SECURITIES”) HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES UNLESS REGISTERED UNDER THE SECURITIES ACT OR PURSUANT TO AN EXEMPTION FROM, OR A TRANSACTION NOT SUBJECT TO, REGISTRATION UNDER THE SECURITIES ACT. THERE WILL BE NO PUBLIC OFFER OF THE SECURITIES IN THE UNITED STATES.
This press launch is for data functions solely: it’s not a suggestion to interact in funding actions and is offered “as is”, with out illustration or guarantee of any variety. While all cheap care has been taken to make sure the accuracy of the content material, Euronext doesn’t assure its accuracy or completeness. Euronext is not going to be held answerable for any loss or damages of any nature ensuing from utilizing, trusting or appearing on data offered. No data set out or referred to on this publication could also be considered creating any proper or obligation. The creation of rights and obligations in respect of monetary merchandise which are traded on the exchanges operated by Euronext’s subsidiaries shall rely solely on the relevant guidelines of the market operator. All proprietary rights and curiosity in or linked with this publication shall vest in Euronext. This press launch speaks solely as of this date. Euronext refers to Euronext N.V. and its associates. Information concerning emblems and mental property rights of Euronext is on the market at:
www.euronext.com/terms-use
© 2021, Euronext N.V. – All rights reserved.
The Euronext Group processes your private information in an effort to offer you details about Euronext (the “Purpose”). With regard to the processing of these private information, Euronext will adjust to its obligations underneath the Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any relevant nationwide legal guidelines, guidelines and rules implementing the GDPR as offered in its privateness assertion out there at: https://www.euronext.com/privacy-policy.
In accordance with the relevant laws you could have rights as regard to the processing of your private information:

APPENDIX

Non-IFRS monetary measures

For comparative functions, the firm gives unaudited non-IFRS measures together with:

  • Operational bills excluding depreciation and amortisation

Non-IFRS measures are outlined as follows:

  • Operational bills excluding depreciation and amortisation as the whole of wage and worker advantages, and different operational bills
  • EBITDA as the working revenue earlier than distinctive objects and depreciation and amortisation
  • EBITDA margin as the working revenue earlier than distinctive objects and depreciation and amortisation, divided by income.

Non-IFRS monetary measures aren’t meant to be thought of in isolation or as an alternative to comparable IFRS measures and must be learn solely along side the consolidated monetary statements.

Adjusted EPS definition

In €m until said in any other case Q1 2021 Q1 2020
Net earnings reported 98.2 96.1
EPS Reported (€ per share) 1.41 1.38
Intangible belongings adj. associated to acquisitions (PPA) (6.4) (4.8)
Exceptional objects (3.6) (1.1)
Tax associated to these objects 1.3 1.3
Adj. web earnings 106.9    100.7
Adj. EPS (€ per share) 1.53 1.44

Consolidated earnings assertion

Unaudited, In €m Q1 2021 Q1 2020 % var Organic
(like for like at fixed forex)
Revenue 249.2 236.8 +5.2% -3.7%
Listing 38.8 35.4 +9.4% +8.3%
Trading income 96.0 111.8 -14.2% -15.8%
Cash buying and selling 69.8 80.8 -13.7% -13.7%
Derivatives buying and selling 11.7 15.7 -25.7% -25.8%
Spot FX buying and selling 6.1 8.0 -24.5% -17.5%
Power buying and selling 8.4 7.2 n/a n/a
Investor Services 2.3 1.9 +19.0% +21.2%
Advanced Data Services 36.5 34.9 +4.8% +4.2%
Post Trade 63.2 39.2 +61.2% +8.5%
Clearing 17.1 19.2 -11.0% -11.0%
Custody, Settlement and different Post Trade 46.1 20.0 +130.4% +21.2%
Euronext Technologies & Other income 11.9 13.3 -11.0% -3.5%
Other earnings 0.6 0.3 +133.0% +133.0%
Operational bills excluding D&A -100.4 -86.7 +15.8% +4.2%
Salaries and worker advantages -55.7 -43.8 +27.2% +12.5%
Other operational bills -44.7 -42.9 +4.1% -4.2%
System & communication -10.9 -9.2 +18.2% +4.0%
Professional providers -15.7 -12.7 +23.1% +12.0%
Clearing expense -8.1 -9.1 -11.1% -8.6%
Accommodation -1.8 -1.9 -8.9% -22.4%
Other operational bills -8.3 -10.0 -16.6% -22.7%
EBITDA 148.7 150.0 -0.9% -8.0%
EBITDA margin 59.7% 63.4% -3.7 pts -2.9 pts
Depreciation & amortisation -16.0 -12.9 +24.5% +4.5%
Operating revenue earlier than distinctive objects 132.7 137.2 -3.2% -9.2%
Exceptional objects -3.6 -1.1 +221.0%  
Operating revenue 129.2 136.1 -5.1%  
Net financing earnings / (expense) -4.8 -2.0 +141.6%  
Results from fairness investments 11.7 2.1 +453.6%  
Profit earlier than earnings tax 136.1 136.2 -0.1%  
Income tax expense -37.2 -38.3 -2.8%  
Share of non-controlling pursuits -0.7 -1.8 -63.2%  
Net earnings, share of the Group 98.2 96.1 +2.2%  
         
EPS Reported (in € per share) € 1.41 € 1.38 +2.3%  
EPS Adjusted (in € per share) € 1.53 € 1.44 +6.3%  

The figures on this doc haven’t been audited or reviewed by our exterior auditor.

Consolidated complete earnings assertion

Unaudited, In €m Q1 2021 Q1 2020
Profit for the interval 98.9 97.9
     
Other complete earnings    
Items which may be reclassified to revenue or loss:    
– Exchange variations on translation of overseas operations 45.0 -114.7
– Income tax impression on alternate variations on translation of overseas operations -5.3 9.3
     
Items that won’t be reclassified to revenue or loss:    
– Change in worth of fairness investments at honest worth by different complete earnings -0.4 2.6
– Income tax impression on change in worth of fairness investments at honest worth by different complete earnings 0.2 0.0
Other complete earnings for the interval web of tax 39.5 -102.8
Total complete earnings for the interval 138.3 -4.9
     
Comprehensive earnings attributable to:    
– Owners of the mother or father 136.7 -3.9
– Non-controlling pursuits 1.6 -1.0

The figures on this doc haven’t been audited or reviewed by our exterior auditor.

Consolidated stability sheet

Unaudited, In €m As at 31 March 2021 As at 31 Dec 2020
Non-current belongings    
Property, plant and gear 56.4 56.0
Right-of-use belongings 43.0 46.9
Goodwill and different intangible belongings 1,568.4 1,536.1
Deferred earnings tax belongings 21.5 20.8
Investments in associates and JV 70.7 68.1
Financial belongings at honest worth by OCI 204.5 204.5
Other non-current belongings 7.5 8.6
Total non-current belongings 1,972.0                      1,941.1
     
Current belongings    
Trade and different receivables 299.0 195.0
Income tax receivable 2.9 3.3
Derivative monetary devices 23.7 23.7
Other present monetary belongings 104.0 92.1
Cash & money equivalents 759.2 629.5
Total present belongings 1,188.8                       943.5
Total belongings 3,160.7                   2,884.6
     
Shareholders’ fairness    
Shareholders’ fairness 1,148.4 1,058.7
Non-controlling pursuits 21.6 30.2
Total fairness 1,170.0 1,089.0
     
Non-current liabilities    
Borrowings 1,272.6 1,272.5
Lease liabilities 31.9                           35.1
Deferred earnings tax liabilities 99.8                           92.9
Post-employment advantages 27.2                           26.5
Contract liabilities 48.5                           44.6
Other provisions 13.0                              14.5
Total non-current liabilities 1,493.0 1,486.1
     
Current liabilities    
Borrowings 12.6 8.2
Lease liabilities 16.3 15.9
Other present monetary liabilities 0.5
Derivative monetary devices 0.0 0.4
Income tax payable 44.8 33.8
Trade and different payables 308.0 185.8
Contract liabilities 111.8 62.2
Other provisions 4.1 2.6
Total present liabilities 497.7 309.6
     
Total equity and liabilities 3,160.7 2,884.6

Consolidated assertion of money flows

Unaudited, In €m Q1 2021 Q1 2020
Profit earlier than tax 136.1 136.2
     
Adjustments for:    
– Depreciation and amortisation 16.0 12.9
– Share primarily based funds 2.4 1.4
– Share of revenue from associates and joint ventures -2.6 -2.1
– Changes in working capital 61.5 -65.3
Cash stream from working actions 213.5 83.0
Income tax paid -27.6 -32.0
Net money flows from working actions 185.9 51.0
     
Cash stream from investing actions    
Acquisition of subsidiaries, web of money acquired -56.1 61.3
Proceeds from disposal of subsidiary 3.3 0.0
Purchase of present monetary belongings -20.2 -15.3
Redemption of present monetary belongings 10.6 0.0
Purchase of property, plant and gear -2.4 -1.7
Purchase of intangible belongings -3.1 -2.4
Proceeds from sale of Property, plant, gear and intangible belongings 0.1 0.1
Dividends acquired from fairness investments 9.2 0.0
Net money stream from investing actions -58.9 41.9
     
Cash stream from financing actions    
Interest paid -0.1 -0.1
Payment of lease liabilities -2.8 -1.7
Transaction of personal shares -0.2 -13.8
Dividends paid to non-controlling pursuits -3.6 0.0
Net money stream from financing actions -6.7 -15.6
     
Total money stream over the interval 120.3 77.3
Cash and money equivalents – Beginning of interval 629.5 369.8
Non money alternate positive factors/(losses) on money and money equivalents 9.4 -28.3
Cash and money equivalents – End of interval 759.2 418.8

The figures on this doc haven’t been audited or reviewed by our exterior auditor.

Volumes for the first quarter of 2021
Cash markets exercise

  Q1 2021 Q1 2020  
       
Nb buying and selling days 63 64  
       
NUMBER OF TRANSACTIONS (buy and sells) (reported trades included)      
  Q1 2021 Q1 2020 Change %
Total Cash Market * 199,243,550 220,112,932 -9.5%
ADV Cash Market * 3,162,596 3,439,265 -8.0%
       
TRANSACTION VALUE ( € million – Single counted)      
(€m) Q1 2021 Q1 2020 Change %
Total Cash Market * 627,021 803,514 -22.0%
ADV Cash Market * 9,953 12,555 -20.7%
* (shares, warrants, trackers, bonds…)      
       
LISTINGSR      
  Mar-21 Mar-20 Change %
Number of Issuers on Equities      
EURONEXT ** 1,515 1,460 +3.8%
SMEs 1,177 1,108 +6.2%
Number of Listed Securities      
Bonds 48,772 46,933 +3.9%
ETFs 1,454 1,252 +16.1%
Funds 4,357 4,684 -7.0%
**(Euronext, Euronext Growth and Euronext Access)      
       
Capital raised on Equities on Primary and Secondary Market      
EURONEXT (Euronext, Euronext Growth)      
(€m) Q1 2021 Q1 2020 Change %
Nb New Listings ** 37 9  
Money Raised New Listings incl over allotment 6,377 257 2382.8%
of which Money Raised New Listings 6,377 248 2472.5%
Follow-ons on Equities 13,995 11,075 26.4%
Bonds 356,306 303,091 17.6%
Total Money Raised * 376,678 314,423 19.8%
       
of which SMEs      
(€m) Q1 2021 Q1 2020 Change %
Nb New Listings ** 33 8  
Money Raised New Listings incl over allotment 2,722 257 960.0%
of which Money Raised New Listings 2,722 248 998.3%
Follow-ons on Equities 4,567 1,205 279.1%
Bonds 910 375 142.6%
Total Money Raised * 8,200 1,837 346.4%

* consists of New Listings together with over-allotment, follow-ons on Equities, company bonds on Euronext Listed Issuers.
R: 2020 figures restated

Derivatives markets exercise

  Q1 2021 Q1 2020  
Nb buying and selling days 63 64  
Volume (in tons)      
  Q1 2021 Q1 2020 Change %
Equity 37,448,916 49,094,790 -23.7%
       
Index 12,495,741 21,747,758 -42.5%
Futures 7,681,013 15,095,373 -49.1%
Options 4,814,728 6,652,385 -27.6%
Individual Equity 24,953,175 27,347,032 -8.8%
Futures 3,917,702 5,566,394 -29.6%
Options 21,035,473 21,780,638 -3.4%
       
Commodity 5,265,652 4,928,127 6.8%
Futures 4,765,552 4,548,128 4.8%
Options 500,100 379,999 31.6%
       
Other 0 611,290  
Futures 0 611,290  
Options 0 0  
       
Total Euronext 42,714,568 54,634,207 -21.8%
Total Futures 16,364,267 25,821,185 -36.6%
Total Options 26,350,301 28,813,022 -8.5%
ADV (in tons)      
  Q1 2021 Q1 2020 Change %
Equity 594,427 767,106 -22.5%
       
Index 198,345 339,809 -41.6%
Futures 121,921 235,865 -48.3%
Options 76,424 103,944 -26.5%
Individual Equity 396,082 427,297 -7.3%
Futures 62,186 86,975 -28.5%
Options 333,896 340,322 -1.9%
       
Commodity 83,582 77,002 8.5%
Futures 75,644 71,065 6.4%
Options 7,938 5,937 33.7%
       
Other 0 9,551  
Futures 0 9,551  
Options 0 0  
       
Total Euronext 678,009 853,659 -20.6%
Total Futures 259,750 403,456 -35.6%
Total Options 418,259 450,203 -7.1%
Open InterestR      
  Mar-21 Mar-20 Change % YOY
Equity 17,814,613 19,426,494 -8.3%
       
Index 1,237,182 1,577,915 -21.6%
Futures 616,406 698,639 -11.8%
Options 620,776 879,276 -29.4%
       
Individual Equity 16,577,431 17,667,942 -6.2%
Futures 1,652,069 3,275,934 -49.6%
Options 14,925,362 14,392,008 3.7%
       
Commodity 974,336 766,668 27.1%
Futures 707,098 522,620 35.3%
Options 267,238 244,048 9.5%
       
Other 0 215,837  
Futures 0 215,837  
Options 0 0  
       
Total Euronext 18,788,949 20,228,362 -7.1%
Total Futures 2,975,573 4,713,030 -36.9%
Total Options 15,813,376 15,515,332 1.9%

R: 2020 figures restated

Spot FX Trading

  Q1 2021 Q1 2020  
Nb buying and selling days 63 64  
       
Spot FX VOLUME (in USD hundreds of thousands, single counted)  
  Q1 2021 Q1 2020 Change %
Total Spot FX Market 1,350,733 1,655,579 -18.4%
ADV Spot FX Market 21,440 25,868 -17.1%

Power Trading

  Q1 2021 Q1 2020  
Nb buying and selling days 90 91  
       
Power VOLUME (in TWh)  
  Q1 2021 Q1 2019 Change %
ADV Day-ahead Power Market 2.94 2.90 +1.2%
ADV Intraday Power Market 0.06 0.08 -22.0%

*END*


1 London Stock Exchange Group Holdings Italia S.p.A
2Including further quantity reflecting the money generated since 30 June 2020
3 Percentages examine Q1 2021 to Q1 2020 figures
4 As outlined in appendix
5 By aggregated market capitalization, as of 31 December 2020 (Euronext Group: c. €4.5 trillion; the Borsa Italiana Group: c€0.6 trillion)
6 By aggregated capital raised
7 By common each day traded worth on money markets. Source: Federation of European Securities Exchange
8 Over 2020
9 Please check with the Euronext 2020 Universal Registration Document for additional data on the Reference Shareholders Agreement (Section 6.4.1 – Reference Shareholders)
Unless said in any other case, variations check with Q1 2021 figures in comparison with Q1 2020 figures
10 Including further quantity reflecting the money generated since 30 June 2020
11 Documentation out there at https://www.euronext.com/en/offering-information
12 Like-for-like income are at fixed FX charge and exclude in Q1 2020 VP Securities, Nord Pool, Ticker and 3Sens
13 Volume-related companies embrace Cash, Derivatives, Spot FX buying and selling, Power buying and selling, Clearing, and IPOs
14 Definition in Appendix
15 Purchase worth allocation
16 Definition in Appendix
17 Cash buying and selling market share consists of Euronext Dublin from Q1’2021
18 Enterprise worth excluding professional rata share of normalized money
19 Unaudited financials, might be topic to vary

 

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