Euronext Publishes First Quarter 2017 Results

AMSTERDAM & BRUSSELS & LISBON, Portugal & LONDON & PARIS--()--Regulatory News:

Today Euronext (Paris:ENX) (Amsterdam:ENX) (Brussels:ENX) announced its results for the first quarter 2017.

  • Resilient quarter despite lighter trading volumes:
    • Stable revenue: +0.1%, to €126.6 million (Q1 2016: €126.5 million). Strong listing business (+33%) and efficient yield management mitigated lower trading volumes (average trading volumes decreased by -15.9% vs Q1 2016 for cash products and by -8% for derivatives).
    • Increase in operational expenses, excluding depreciation and amortization, driven by IT projects and business initiatives related to “Agility for Growth”: +2.6%, to €56.1 million (Q1 2016: €54.7 million).
  • Slight decrease in EBITDA, at €70.5 million (Q1 2016: €71.8 million), representing an EBITDA margin of 55.7% (Q1 2016: 56.8%)
  • Growth initiatives related to the “Agility for Growth” strategic plan generated €1 million of revenue and €1.8 million of costs in Q1 2017
  • Introduction of a floor in the current dividend policy to deliver a minimum shareholder remuneration

“Once again, Euronext proved the resilience of its business model with stable revenue and a strong EBITDA in the first quarter of 2017, despite trading reduced volumes year over year. The deployment of our strategic plan is gathering pace, and I am extremely proud to announce two developments that show our commitment to deliver value to shareholders and clients. Firstly, through the long-term agreement negotiated with ICE Clear Netherlands, Euronext secured similar financial benefits to those of the current agreement with LCH Clearnet SA, while significantly improving the client value proposition for the clearing of its derivatives products. Second, the introduction of a floor in our dividend policy will provide shareholders with a minimum return and reduce any possible dividend volatility,” said Stéphane Boujnah, Chairman and CEO of the Managing Board of Euronext NV.

Financial performance

The first quarter of 2017 saw a continuation of the 2016 year end environment. Benign volatility translated into reduced trading volumes, both on the cash and derivatives markets, while listing activity improved strongly. As a result, revenue for Q1 2017 increased by +0.1%, to €126.6 million (Q1 2016: €126.5 million). As a reminder, the first quarter of 2016 showed strong trading volumes across cash and derivatives.

Operational expenses excluding Depreciation & Amortization increased by +2.6% to €56.1 million (Q1 2016: €54.7 million) due to costs incurred from the deployment of our “Agility for Growth” strategic plan, ongoing IT projects (development of our new trading platform, Optiq®), and new business initiatives. The Belfast technology centre closed at the end of March 2017, and 125 people now work in our new IT hub in Porto.

The onboarding of costs linked to the execution of these growth initiatives, is accelerating both organically and as a result of the full consolidation of Company Webcast. The impact on the cost base of the Group was €1.8 million in Q1 2017, with the growth initiatives generating €1 million of revenue in this quarter.

Figures for the first quarter 2017 are not fully comparable to Q1 2016, as they include, for the first time, the full consolidation of the financial statements of Company Webcast, the webcast company in which we acquired a 51% stake in February 2017. This company contributed for € 0.8 million of revenues and € 0.7 million of costs this quarter.

The EBITDA remained resilient this quarter, at €70.5 million, representing a margin of 55.7% (Q1 2016: €71.8 million or 56.8%).

As of the end of Q1 2017, €16.6 million of cost savings have been achieved since Q2 2016.

Depreciation and Amortization increased by +1.2% in Q1 2017, to €3.8 million (Q1 2016: €3.7 million), resulting from the start of Interbolsa Target 2 Securities project depreciation in Q3 2016.

Operating profit before exceptional items was €66.7 million, a -2% decrease compared to Q1 2016 (€68.0 million).

€3.1 million of exceptional costs were booked in Q1 2017 compared to a positive amount of €0.6 million in Q1 2016. These costs are mainly related to the potential acquisition of LCH.Clearnet SA, while Q1 2016 exceptional items benefited from an adjustment on the provision related to the French restructuring plans.

Net financing expense for Q1 2017 was €1.1 million compared to a net financing income of €0.9 million in Q1 2016 when some foreign exchange gains were recognized. The first quarter of 2017 was impacted by the payment of interests associated with the early repayment of debt and the set-up costs of the implementation of the new revolving credit facility.

The €0.7 million of result from equity investment relates to dividends from the LCH Group while no dividend income was received in Q1 2016.

Income tax for Q1 2017 was €19.3 million, representing an effective tax rate for the quarter of 30.5% (Q1 2016: 31.0% or €21.6 million). This is in line with the lower profit before tax and the normalized tax rate of the Company.

As a result, the net profit for Q1 2017 decreased by 9%, to €43.9 million (Q1 2016: €48.0 million). This represents an EPS of €0.63 (both basic and fully diluted) in Q1 2017 compared to €0.69 (both basic and fully diluted) in Q1 2016. The number of shares used for the basic calculation was 69,549,719 and 69,895,720 for the fully diluted one.

As of 31 March 2017, the Company had cash and cash equivalents of €141.2 million, and no debt, after the final early debt repayment of €70 million this quarter.

Business highlights

  • Listing

Revenue was €18.8 million in Q1 2017, a 33% increase compared to the €14.2 million achieved in Q1 2016, thanks to increases in IPO revenues, annual fees and follow-on revenues.

The first quarter of the year saw the reopening of the IPO market and the return of large capitalisation transactions such as TechnipFMC and Tikehau. This contrasts with Q1 2016 which was impacted by uncertain macro conditions and by soft secondary market activity.

In total, €95 billion in equity and debt were raised on our markets in Q1 2017, compared to €73.7 billion in Q1 2016. Six new listings took place in Q1 2017 - of which 4 SME deals - raising €184 million, compared to one listing for €3 million raised during Q1 2016.

On May 17, Euronext simplified its market names under a common branding. The former Free Market/ Marché Libre/ Easynext market segments are now unified under a single brand name, Euronext Access. Alternext becomes Euronext Growth. This new naming is combined with (1) the creation of Euronext Access+, a compartment dedicated to start-ups and (2) the increase of the Listing Sponsor role. This aims to clarify our service offering and raise the attractiveness of Euronext capital markets towards SMEs across Europe. The creation of a new market model for SMEs was also announced, with the goal of increasing their liquidity and promoting a new block trading service for European SMEs.

  • Trading

Cash trading

Average daily volumes reduced by -15.9% to € 7.0 billion compared to a very strong Q1 2016. However, efficient yield management enabled us to partially offset this impact on our top line, recording revenues of €46.7m in Q1 2017, down by -4.9% compared to €49.1m in Q1 2016. Yield averaged 0.51 bps in Q1 2017, a +6.3% increase compared to 0.48 bps in Q1 2016.

Our market share remained resilient at 61.4% during the quarter, up from 61.0% in Q1 2016, and stood at 61.8% at the end of March. It was notably supported by a new non-member proprietary fee scheme that continued to attract incremental volumes, as well as our Equity Best of Book service which now serves 25 members and helps to retain flow on Euronext markets and promote order flow diversity.

The average daily transaction value on ETFs was €497 million, down by -29% compared to Q1 2016. However, we recorded a strong performance in terms of new listings with 25 new products listed on our markets. This brought the total number of ETFs listed on our market at the end of March to 808. Furthermore, our client alignment continued to yield results through the onboarding of Source, a new ETF issuer.

Derivatives trading

Derivatives trading revenue decreased by -7.8% in Q1 2017, to €10.1 million compared to €11.0 million in Q1 2016. The average daily volume on individual equity derivatives decreased by -3.2% to 245,283 contracts (253,399 contracts in Q1 2016), while declining trading activity in equity index derivatives resulted in average daily volumes down by -10.6% to 219,756 contracts (245,824 contracts in Q1 2016).

Commodities products recorded significantly lower average daily volumes in Q1 2017, down -17.0% to 52,634 contracts (63,398 contracts in Q1 2016). The worst wheat crop in over 40 years continued to drive down French non EU exports, strongly impacting trading activity.

  • Market data & indices

In Q1 2017, market data and indices revenue decreased by -2%, to €25.7 million (Q1 2016: €26.2 million). The reduction in the number of professional users viewing data on traditional trading screens was offset by a continuing increase in the use of Euronext’s data in automated trading applications.

  • Post-trade

Clearing

Clearing revenue decreased by -9%, from €13.0 million in Q1 2016 to €11.8 million in Q1 2017, reflecting lighter derivatives trading activity and a change in the business mix. Commodity product volumes decreased more than financial derivatives over the period, although they contribute comparatively more to clearing revenue.

Settlement & Custody

Revenue from Interbolsa in Portugal increased by +2%, from €4.8 million in Q1 2016 to €4.9 million this quarter.

  • Market solutions & other

Revenue from market solutions increased by +4% in Q1 2017, to €8.4 million (Q1 2016: €8.1 million). The business benefited from the launch of MiFID II projects in the last quarter of 2016.

Euronext has long been committed to developing and selling its own core technology as a means of industry benchmarking as well as revenue generation. In March 2017, this commitment was renewed with the selection of Atos as our sales and delivery partner for the new Optiq® platform. The partnership enables Euronext to extend its sales reach and scale its delivery capabilities ahead of the commercial availability of Optiq® in 2018.

Non-IFRS financial measures

For comparative purposes, the company provides unaudited non-IFRS measures including:

  • Operational expenses excluding depreciation and amortization;
  • EBITDA, EBITDA margin.

We define the non-IFRS measures as follows:

  • Operational expenses excluding depreciation and amortization as the total of salary and employee benefits, and other operational expenses;
  • EBITDA as the operating profit before exceptional items and depreciation and amortization;
  • EBITDA margin as the operating profit before exceptional items and depreciation and amortization, divided by revenue.

Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS measures and should be read only in conjunction with the consolidated financial statements.

Adjustment to the current dividend policy

Euronext established its current dividend policy at the time of its IPO in mid-2014. A dividend equal to 50% of reported net earnings enables the Company to distribute a significant portion of the income generated on a yearly basis to its shareholders, while maintaining financial and strategic flexibility.

Euronext has decided to complement this policy, for the remainder of the 'Agility for Growth' plan (i.e. until the Annual General Meeting in 2020), with a minimum shareholder remuneration. Starting with the dividend that will be submitted for the approval of the shareholders at the AGM in 2018, Euronext will distribute the highest of 50% of the reported EPS and a floor at €1.42 per share.

Corporate Highlights

  • Securing clearing solutions for cash and derivatives markets post 2018

On 3 January 2017, Euronext announced that it had been granted exclusivity to acquire 100% of the share capital and voting rights of LCH.Clearnet SA, contingent on the closing of the merger between Deutsche Börse AG and LSE Group. Despite the subsequent prohibition of the merger between Deutsche Börse AG and LSE Group by the EU Commission, Euronext has reaffirmed to both LSE and LCH Group its willingness to proceed with the acquisition of LCH.Clearnet SA for €510m, and Euronext continues to remain a willing buyer of LCH.Clearnet SA.

In the absence of obtaining an agreement to complete this acquisition, Euronext was obliged to ensure that its clients obtain the best, most cost effective and competitive clearing solutions beyond 31st December 2018, the date at which the current clearing services agreement with LCH.Clearnet SA will expire.

Under its “Agility for Growth” strategy, Euronext is deploying significant effort to establish clearing optionality for its clients, including acquiring a 20% stake in EuroCCP. This will enable Euronext to offer user choice in clearing for the equity markets within the Eurozone through the implementation of a preferred CCP model. Euronext revenue and profitability will not be impacted by this clearing arrangement with EuroCCP as no financial benefits were attached to the existing cash clearing agreement with LCH.Clearnet SA.

On 3 April 2017, Euronext announced it had signed a binding heads of terms with ICE Clear Netherlands, a subsidiary of Intercontinental Exchange (NYSE: ICE) for the provision of clearing services for its financial derivatives and commodities markets. The agreement with ICE Clear Netherlands covers the clearing of financial derivatives and commodity derivatives for a period of 10 years. Euronext will contribute a €10m upfront investment in ICE Clear Netherlands. Clearing operations will be run from Amsterdam and a new and innovative solution for asset financing, inventory management and physical delivery for commodities will be built by Euronext and operated from Paris. This agreement provides for a continued income stream for Euronext, with EBITDA levels comparable to the existing agreement with LCH.Clearnet SA.

Overall this represents a long term, open access, sustainable and innovative Eurozone based clearing proposition for Euronext and its customers.

  • New milestones in the delivery of “Agility for Growth”

During the first quarter of 2017, Euronext achieved new milestones in the delivery of its “Agility for Growth” strategic plan:

  • Corporate Services: On 14 February 2017, Euronext announced the acquisition of Company Webcast, a Dutch company, and a market leader in webinars and webcasts. The acquisition of a majority stake (51%) in Company Webcast represents a key milestone in the context of our corporate services offering. The transaction includes an initial cash payment of €3.6 million. The Company serves 260 clients and had revenue of €3.6 million in 2016.
  • Diversified post-trade services: In February 2017, Euronext announced the launch of Euronext Collateral Management Services, a new offering that will provide Risk Analytics, Inventory Management and a Collateral Transformation platform supporting commodities, fixed income and equities. These services will be rolled out in stages throughout 2017, starting with the launch of an Inventory Management solution which is being developed in collaboration with industry stakeholders to meet the needs of commodities market participants, storage facilities and financing banks across Europe with the potential to expand into global markets.
  • Expansion of fixed income offering: In March 2017, Euronext announced the expansion of its Joint Venture with Algomi, a leading fixed income technology provider, and acquired a minority stake in Algomi through a $10 million strategic investment. This strategic investment, following the existing JV agreement, will enable corporate bond traders to access Algomi’s innovative bond information network on a global basis, and exchange risk more efficiently by identifying the most appropriate counterparty. Euronext is working to establish an Automated Trading System (“ATS”) in North America, while discussions are already under way in APAC, thanks to the exclusivity rights granted to Euronext.
  • European indices: In March 2017, Euronext entered into a strategic collaboration with Morningstar, the leading global provider of independent investment research, to launch a new range of Morningstar European indices and associated instruments, traded on Euronext. Later in the year, Euronext will launch options and futures contracts on the two new European indices.
  • Appointment of Paulo Rodrigues da Silva as CEO of Euronext Lisbon and Interbolsa

In February 2017, the Supervisory Board of Euronext N.V. has approved unanimously the appointment of Paulo Rodrigues da Silva as CEO of Euronext Lisbon, CEO of Interbolsa and member of the Managing Board of Euronext N.V.. Paulo Rodrigues da Silva joined Euronext in early March 2017, and all regulatory approvals have been received. His nomination is subject to shareholders approval at the 2017 Annual General Meeting.

  • Update on technology

The development of Optiq®, our new trading platform, is progressing. Customer conformance testing started in mid-April, with the full scope of market data functionality to be live in June 2017 for cash and in July 2017 for derivatives products. These important technical deliveries represent the first milestones in our MiFID II rolling compliance programme, which will continue throughout the remainder of 2017. The migration to Optiq® for the cash trading businesses will be production ready in Q4 2017, with exact timing subject to consultation with clients.

Consolidated income statement

Unaudited, in €m (except per share data)   Three months ended
    31 March 2017   31 March 2016
Revenues  
Third party revenue and other income 126.6 126.5
Listing 18.8 14.2
Trading revenue, of which
Cash Trading 46.7 49.1
Derivatives Trading 10.1 11.0
Market Data & indices 25.7 26.2
Post-trade, of which
Clearing 11.8 13.0
Custody and Settlement 4.9 4.8
Market Solutions & other revenue 8.4 8.1
Other income   0.1   0.0
Total Revenues and other income   126.6   126.5
Expenses
Salaries and employee benefits (24.0) (23.6)
Depreciation & Amortisation (3.8) (3.7)
Other Operational Expenses, of which
System & Communication (5.4) (4.8)
Professional Services (11.0) (10.9)
Clearing expense (6.4) (6.3)
Accommodation (2.6) (2.3)
Other Operational Expenses   (6.8)   (6.7)
Total Expenses   (59.9)   (58.4)
EBITDA margin 55.7% 56.8%
Operating profit before Exceptional items 66.7 68.0
Exceptional items   (3.1)   0.6
Operating profit   63.6   68.7
Net financing income / (expense) (1.1) 0.9
Results from equity investments   0.7   -
Profit before income tax   63.2   69.6
Income tax expense   (19.3)   (21.6)
Profit for the period   43.9   48.0
Profit attributable to:
– Owners of the parent 43.9 48.0
– Non-controlling interests   0.1   -
Basic earnings per share (in €)   0.63   0.69
Diluted earnings per share (in €)   0.63   0.69

Consolidated comprehensive income statement

Unaudited, in €m   Three months ended
    31 March 2017   31 March 2016
Profit for the period   43.9   48.0
 
Other comprehensive income        
Items that may be reclassified to profit or loss:
– Exchange differences on translation of foreign operations (0.0) (4.9)
 
Items that will not be reclassified to profit or loss:
– Remeasurements of post-employment benefit obligations - (4.1)
– Income tax impact post-employment benefit obligations   -   0.3
Other comprehensive income for the period, net of tax   (0.0)   (8.8)
Total comprehensive income for the period   43.9   39.2
 
Comprehensive income attributable to:        
– Owners of the parent 43.8 39.2
– Non-controlling interests 0.1 -

Consolidated balance sheet

Unaudited, in €m  

As at 31
March 2017

 

As at 31
December 2016

Category    
Non-current assets
Property, plant and equipment 28.7 27.5
Goodwill and other intangible assets 328.9 321.2
Deferred income tax assets 5.7 5.0
Investments in associates and JV 16.0 16.0
Available-for-sale financial assets 126.6 117.1
Other receivables   7.5   7.1
Total non-current assets   513.4   493.8
 
Current assets
Trade and other receivables 97.0 81.6
Income tax receivable 5.1 7.6
Cash & cash equivalents   141.2   174.5
Total current assets   243.2   263.7
         
Total assets   756.7   757.5
 
Equity
Shareholders' equity 585.4 548.0
Non-controlling interests   0.4   0.0
Total equity   585.9   548.0
 
Non-current liabilities
Borrowings 0.1 69.0
Other long-term financial liabilities 10.0 0.0
Deferred income tax liabilities 0.6 0.6
Post employment benefits 13.5 13.2
Other provisions   6.5   6.5
Total Non-current liabilities   30.7   89.3
 
Current liabilities
Borrowings 0.1 0.1
Income tax payable 29.3 27.2
Trade and other payables 109.4 90.6
Other provisions   1.3   2.3
Total Current liabilities   140.1   120.2
         
Total Equity and liabilities   756.7   757.5

Consolidated statement of cash flows

Unaudited, in €m   Three months ended
    31 March 2017   31 March 2016
Profit before tax   63.2   69.6
 
Adjustments for:
- Depreciation and amortization 3.8 3.7
- Share based payments 1.1 0.3
- Changes in working capital   3.9   (3.8)
Cash flow from operating activities   72.0   69.7
Income tax paid   (14.9)   (15.6)
Net cash flows from operating activities   57.1   54.2
 
Cash flow from investing activities
Acquisitions of subsidiaries, net of cash acquired (4.1) -
Purchase of available-for-sale financial assets (9.6) -
Purchase of property, plant and equipment (2.6) (0.9)
Purchase of intangible assets   (4.7)   (2.7)
Net cash flow from investing activities   (21.0)   (3.6)
 
Cash flow from financing activities
Repayment of borrowings, net of transaction fees (70.0) -
Interest paid (0.2) (0.3)
Interest received 0.1 0.1
Transaction of own shares   0.7   (2.0)
Net cash flow from financing activities   (69.4)   (2.2)
         
Total cash flow over the period   (33.3)   48.4
Cash and cash equivalents - Beginning of period 174.5 158.6
Non Cash exchange gains/(losses) on cash and cash equivalents   (0.0)   (4.2)
Cash and cash equivalents - End of period   141.2   202.8

Cash markets activity

  Q1 2017   Q1 2016  
             
Nb trading days   65   62    
 
NUMBER OF TRANSACTIONS (Buy and sells) (reported trades included)            
    Q1 2017   Q1 2016   Change %
Total Cash Market *   113,730,560   132,129,274   -13.9%
ADV Cash Market *   1,749,701   2,131,117   -17.9%
 
TRANSACTION VALUE ( € million - Single counted)            
(€m)   Q1 2017   Q1 2016   Change %
Total Cash Market *   453,439.6   514,271.7   -11.8%
ADV Cash Market *   6,976.0   8,294.7   -15.9%
* (shares, warrants, trackers, bonds...)
 
LISTINGS
Number of Issuers   Mar-17   Mar-16    
            Change %
EURONEXT **   1,287   1308   -1.6%
SMEs   740   764   -3.1%
**(Euronext, Alternext and Free Market)
 
Capital raised on Equities on Primary and Secondary Market
EURONEXT (Euronext, Alternext)            
(€m)   Q1 2017   Q1 2016   Change %
Nb New Listings **   6   1    
Money Raised New Listings incl over alloment   184   3   7162.9%
of which Money Raised New Listings   182   3   7095.7%
Follow-ons on Equities   11,637   4,552   155.7%
Corporate Bonds   12,374   2,154   474.5%
Financials Bonds   40,286   41,477   -2.9%
Public/SemiPublic Bonds   16,032   13,453   19.2%
Others   14,530   12,110   20.0%
Total Money Raised *   95,042   73,749   28.9%
of which SMEs            
(€m)   Q1 2017   Q1 2016   Change %
Nb New Listings **   4   1    
Money Raised New Listings incl over allotment   184   3   7162.9%
of which Money Raised New Listings   182   3   7095.7%
Follow-ons on Equities   2,581   1,158   122.9%
Corporate Bonds   18   55   -67.0%
Financials Bonds   0   570   -100.0%
Total Money Raised *   2,783   1,785   55.9%
* included New Listings incl over allotment, Follow-ons on Equities, Corporate Bonds on Euronext Listed Issuers
Corporate bonds figures revised as from January 2017 to exclude Euronext listed financials issuers and to regroup them in a broader newly created financial bonds category. Public/Semi-Public bonds category not reported before, created as from January 2017

Derivatives markets activity

  Q1 2017   Q1 2016  
             
Nb trading days   65   62    
 
Volume (in lots)            
    Q1 2017   Q1 2016   Change %
Equity   30,227,578   30,951,830   -2.3%
of which Atomx   147,760   73,217    
             
Index   14,284,159   15,241,107   -6.3%
of which Atomx   33,281   23,217    
Futures   10,920,081   12,024,915   -9.2%
of which Atomx   33,281   23,217    
Options   3,364,078   3,216,192   4.6%
of which Atomx   0   0    
             
Individual Equity   15,943,419   15,710,723   1.5%
of which Atomx   114,479   50,000    
Futures   34,671   35,534   -2.4%
of which Atomx   8,000   0    
Options   15,908,748   15,675,189   1.5%
of which Atomx   106,479   50,000    
             
Commodity   3,421,189   3,930,666   -13.0%
Futures   3,188,198   3,321,812   -4.0%
Options   232,991   608,854   -61.7%
             
Other   18,399   17,459   5.4%
Futures   0   0    
Options   18,399   17,459   5.4%
             
Total Futures   14,142,950   15,382,261   -8.1%
Total Options   19,524,216   19,517,694   0.0%
             
Total Euronext   33,667,166   34,899,955   -3.5%
ADV (in lots)            
    Q1 2017   Q1 2016   Change %
Equity   465,040   499,223   -6.8%
of which Atomx   2,273   1,181    
             
Index   219,756   245,824   -10.6%
of which Atomx   512   374    
Futures   168,001   193,950   -13.4%
of which Atomx   512   374    
Options   51,755   51,874   -0.2%
of which Atomx   0   0    
             
Individual Equity   245,283   253,399   -3.2%
of which Atomx   1,761   806    
Futures   533   573   -6.9%
of which Atomx   123   0    
Options   244,750   252,826   -3.2%
of which Atomx   1,638   806    
             
Commodity   52,634   63,398   -17.0%
Futures   49,049   53,578   -8.5%
Options   3,584   9,820   -63.5%
             
Other   283   282   0.5%
Futures   0   0    
Options   283   282   0.5%
             
Total Futures   217,584   248,101   -12.3%
Total Options   300,373   314,802   -4.6%
             
Total Euronext   517,956   562,903   -8.0%
Open Interest            
    Mar-17   Mar-16   Change %
Equity   13,906,420   13,010,840   7.0%
             
Index   1,426,710   845,373   68.8%
Futures   582,514   398,797   46.1%
Options   844,196   446,576   89.0%
             
Individual Equity   12,479,710   12,165,467   2.6%
Futures   11,365   60,297   -81.2%
Options   12,468,345   12,105,170   3.0%
             
Commodity   658,042   886,019   -25.7%
Futures   428,437   402,347   6.5%
Options   229,605   483,672   -52.5%
             
Other   1,294   3,305   -60.8%
Futures   0   0    
Options   1,294   3,305   -60.8%
             
Total Futures   1,022,316   861,441   18.7%
Total Options   13,543,440   13,038,723   3.9%
             
Total Euronext   14,565,756   13,900,124   4.8%

Financial calendar

2nd quarter 2017 results       28 July 2017
3rd quarter 2017 results 8 November 2017

About Euronext

Euronext is the leading pan-European exchange in the Eurozone with nearly 1,300 listed issuers worth close to €3.5 trillion in market capitalisation as of end March 2017, an unmatched blue chip franchise consisting of 25 issuers in the EURO STOXX 50® benchmark and a strong diverse domestic and international client base.

Euronext operates regulated and transparent equity and derivatives markets. Its total product offering includes Equities, Exchange Traded Funds, Warrants & Certificates, Bonds, Derivatives, Commodities and Indices. Euronext also leverages its expertise in running markets by providing technology and managed services to third parties. Euronext operates regulated markets, Alternext and the Free Market; in addition it offers EnterNext, which facilitates SMEs’ access to capital markets.

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Contacts

Euronext
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Pauline Bucaille, +33 1 70 48 24 41
pbucaille@euronext.com
or
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Contacts

Euronext
Media
Pauline Bucaille, +33 1 70 48 24 41
pbucaille@euronext.com
or
Analysts & investors
Stephanie Bia, +33 1 70 48 24 17
sbia@euronext.com