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Euronext Paris

Euronext is the principal securities exchange in , operating as a regulated trading venue within the pan-European group and facilitating the listing and trading of equities, exchange-traded funds (ETFs), indices, and other financial instruments for companies seeking liquidity and growth financing. Established in 1724 as the Paris Bourse, it evolved into its modern form on September 22, 2000, through the merger of the historic Paris exchange with those of and , creating as the first cross-border European stock exchange infrastructure. Over the subsequent decades, expanded through acquisitions, including the Stock Exchange in 2002, the London International Financial Futures and Options Exchange (LIFFE) in 2002, and later integrations like in 2021, solidifying Euronext Paris's role as a cornerstone of this interconnected network. Today, it remains regulated by the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR), ensuring compliance with European financial standards. As of October 2025, Euronext Paris hosts more than 800 listed companies, including prominent French tech unicorns and growth firms across various sectors, while attracting over 5,300 institutional investors to its liquidity pool. The market's benchmark is the index, which comprises the 40 largest French companies by free-float and serves as a key indicator of the French economy's performance; an ESG-focused variant, the , was introduced in 2021 to emphasize sustainable investing. Trading occurs on the Optiq® platform with continuous matching from 9:00 a.m. to 5:30 p.m. CET, generating an average daily trading volume of €11.0 billion in cash equities for the Euronext group as of Q3 2025, contributing to Euronext's overall group of €6.5 trillion as of September 2025. The exchange also supports specialized services like the Plan d'Épargne en Actions (PEA) for retail investors and le Service de Règlement Différé (SRD) for deferred settlement trading, enhancing accessibility for both domestic and international participants.

History

Origins and Early Development

The Paris stock exchange, known as the Bourse de Paris, traces its origins to the early amid the financial experiments of Scottish economist John Law. Between 1717 and 1720, Law's , which held a on trade with , sparked intense speculative trading in its shares, primarily conducted informally in the narrow Rue Quincampoix in central . This chaotic open-air market, often marked by frenzied crowds and fraud, highlighted the need for a regulated venue following the scheme's collapse in 1720, which devalued the company's stock and eroded public confidence in financial instruments. To restore order, King issued a royal decree (arrêt du conseil) on September 24, 1724, formally establishing the Bourse de Paris as an official marketplace for trading government securities and shares. Initially housed in temporary locations such as the Hôtel de Nevers and the near the , the exchange operated under a guild-like structure of appointed brokers (agents de change) who held monopolistic rights. By the late 18th century, amid the , it relocated several times, including to the deconsecrated church of the Petits Pères and back to the , reflecting the instability of the period. In 1808, Napoleon Bonaparte initiated construction of a permanent home at the Palais Brongniart, designed by architect Alexandre-Théodore Brongniart on the site of a former , to centralize and dignify trading activities; the neoclassical building opened in 1826 and served as the exchange's headquarters until 2015. During the , physical trading evolved into an open-outcry system where brokers gathered around a central pit in the Salle des Pas-Perdus to execute continuous auctions, standardizing orders and clauses for securities like rentes (government bonds) and shares. Regulatory frameworks advanced under Napoleonic law, with the 1807 Code de commerce providing the first comprehensive rules for exchange operations, including broker licensing and , while a ban on forward contracts persisted until legalization in 1885, spurring innovations in securities law. Subsequent reforms, such as the 1890 decree on trading procedures and the 1898 transparency measures, reduced risks and costs, enabling the Bourse to handle growing volumes—reaching multiples of France's GDP by the early —through enhanced broker oversight and official price listings. A notable early incident underscoring the exchange's vulnerabilities occurred on March 5, 1886, when anarchist Charles Gallo hurled a bottle of into the trading floor from the gallery and fired three shots, injuring several brokers while shouting "Vive l'anarchie!" Motivated by anti-capitalist , Gallo's attack, for which he was convicted and sentenced to penal servitude in , amplified fears of anarchist violence in and prompted immediate reinforcements in policing around public financial institutions, including stricter access controls at the Bourse. This event, part of a broader wave of attacks, contributed to evolving security protocols that emphasized to protect the physical trading environment into the early 20th century.

Modernization and Key Mergers

The modernization of the Paris Bourse began in the mid-1980s with the introduction of systems to replace traditional methods. In 1986, the exchange launched the Cotation Assistée en Continu (CAC) system, a computerized platform that enabled continuous assisted trading and progressively extended to more , allowing for all-day electronic order matching. By 1989, the system achieved full of quotations, marking the Paris Bourse as one of the first major exchanges to entirely to screen-based trading. This shift enhanced efficiency and accessibility, setting the stage for further technological advancements, including the adoption of the Nouveau Système de Cotation (NSC) platform in , which provided improved trading capabilities and real-time market data integration. A pivotal step in the Bourse's evolution occurred on September 22, 2000, when it merged with the Stock Exchange and the to form N.V., creating the first pan-European integrated exchange. This merger centralized trading operations across the three markets, leveraging the NSC platform for unified cash market integration by 2003, and expanded the group's reach to over 1,300 listed companies while fostering cross-border liquidity. Following the formation of , the group pursued further growth through acquisitions, including the Stock Exchange in 2002 and the London International Financial Futures and Options Exchange (LIFFE) later that year, broadening its geographic and product scope. Subsequent corporate integrations further globalized the entity. In April 2007, Euronext merged with NYSE Group in a $14 billion deal, forming and establishing the world's largest transatlantic exchange operator, which combined and U.S. markets for enhanced international trading volumes. Following Intercontinental Exchange's () acquisition of in November 2013, Euronext was spun off through an in June 2014, regaining its independence as Euronext N.V. and refocusing on operations with a exceeding €3 trillion at the time. In June 2015, Euronext Paris relocated its headquarters to the building in , Europe's largest business district, symbolizing its commitment to operational efficiency and strategic positioning within a of financial institutions. This move facilitated closer collaboration with major banks and corporations, streamlined internal processes, and reinforced Euronext's role as a key financier of the European economy by centralizing activities in a modern, integrated environment.

Operations

Trading Processes and Hours

Euronext Paris conducts trading sessions from 9:00 a.m. to 5:30 p.m. (CET), Monday through Friday, excluding public holidays. The session is divided into distinct s to facilitate orderly and execution: a pre-opening call for order accumulation starting at 7:15 a.m., followed by the opening uncrossing at 9:00 a.m., continuous trading during the main session, a pre-closing call beginning at 5:25 p.m., and the closing uncrossing from 5:30 p.m. to 5:35 p.m. A post-closing trading-at-last may extend briefly afterward, allowing trades at the closing price for liquid securities. All trading occurs electronically on Euronext's Optiq platform, which handles order matching for cash equities through a single across its markets. In the continuous trading phase, applicable to most liquid stocks such as those in the index, buy and sell orders are matched automatically based on price-time priority, where the best-priced orders execute first, and among equal prices, the earliest entered order prevails. Supported order types include limit orders, which specify a maximum purchase price or minimum sale price, and market orders, which execute immediately at the best available price without a price limit. During auction phases, price formation follows rules designed to maximize executable volume while staying closest to a reference price, typically the previous day's closing price; unmatched orders carry over to the next phase if valid. For derivatives, Euronext Paris integrates futures and options trading via its pan-European markets, historically operated through the MATIF (for futures) and MONEP (for options) platforms, now unified under Optiq with extended hours varying by contract—often from 8:00 a.m. to 6:00 p.m. CET or later for specific products like futures. These markets support similar order matching mechanisms, enabling hedging and on underlying equities, indices, and commodities traded on the exchange.

Clearing and Settlement

Clearing for equity trades on Euronext Paris is handled by Euronext Clearing, Euronext's in-house multi-asset central counterparty (CCP), following the migration from LCH SA in November 2023; this CCP now serves as the default clearer for cash equities across Euronext's Amsterdam, Brussels, Lisbon, and Paris markets. For derivatives and commodities, clearing is also provided by Euronext Clearing, following the migration of these products from LCH SA in Q3 2024. As a CCP, Euronext Clearing interposes itself between buyers and sellers, becoming the buyer to every seller and the seller to every buyer, thereby guaranteeing trade settlement and mitigating counterparty risk. Settlement of securities transactions on Euronext Paris follows a T+2 cycle, meaning final delivery versus payment (DvP) occurs two business days after the trade date, ensuring simultaneous exchange of securities and cash to minimize settlement risk. This process is facilitated through Euroclear France, the central securities depository (CSD) for French securities, which handles custody, asset servicing, and DvP settlement in central bank money via the TARGET2-Securities (T2S) platform. Euronext maintains integration with Euroclear France for seamless post-trade operations, including collateral management enhancements announced in February 2025 to support repo clearing and liquidity efficiency. Note that from September 2026, Euronext Securities will become the default CSD for equity settlements in Paris, Amsterdam, and Brussels, potentially streamlining further integration. Risk mitigation in clearing involves rigorous margin requirements calculated daily using value-at-risk (VaR) models tailored to asset classes, with intraday margins called as needed to cover potential losses. Euronext Clearing holds €25.1 billion in combined margins and default fund resources (as of 2024), providing a multi-layer waterfall for loss absorption in case of member default. Default management procedures include early warning indicators, position close-out auctions, and hedging strategies to contain losses, ensuring the stability of the post-trade ecosystem. These mechanisms, compliant with EMIR regulations, underscore the CCP's role in fostering secure and efficient transaction finalization on Euronext Paris.

Organizational Structure

Governance and Ownership

Euronext Paris operates as a within the N.V. group, a public () headquartered in . N.V. has been publicly listed since its on May 27, 2014, with shares traded under the ticker symbol ENX across its pan-European exchanges, including , , , , , , and . The company's ownership is distributed among a diverse base, featuring a stable group of reference shareholders holding approximately 24.06% of the shares as of August 2025, alongside a significant free float of 75.44%, treasury shares at 0.38%, and employee holdings at 0.12%. This structure, governed by a Reference Shareholders Agreement extended through 2028, promotes long-term stability while ensuring broad market access and transparency in ownership. Euronext N.V. employs a two-tier model in line with Dutch corporate law, comprising a and a Managing Board, which together oversee strategic direction, risk management, and operational execution across the group, including Euronext Paris. The , consisting of 10 independent members as of May 2025, is responsible for monitoring the Managing Board's performance, approving major decisions, and ensuring ethical standards; it operates through specialized committees such as the for financial oversight and compliance, the and Governance Committee for board composition and strategic alignment, and the for policies. The Managing Board handles day-to-day leadership, with Stéphane Boujnah serving as and Chairman since 2015, guiding the group's overall strategy. For Euronext Paris specifically, Delphine d'Amarzit has been CEO since March 2021, focusing on local market development while reporting to the group Managing Board. As one of seven regulated equity markets under N.V.—alongside those in , , , , , and — Paris benefits from integrated group governance while adhering to national and frameworks. The platform operates in full compliance with the Markets in Financial Instruments Directive II (MiFID II), which designates it as a with unified trading, transparency, and reporting standards across 's ecosystem. In , primary regulatory oversight is provided by the Autorité des Marchés Financiers (AMF), which supervises listing approvals, market integrity, periodic reporting by issuers, and enforcement against violations, such as major shareholding disclosures and trading manipulations. This coordination extends through the College of Regulators, a collaborative body of national authorities ensuring consistent supervision and resilience across borders.

Market Segments

Euronext Paris organizes its listings into distinct market segments tailored to companies at different stages of development, each with specific eligibility criteria designed to balance accessibility with investor protection and market integrity. The primary segments include the for established large-cap firms, for high-potential small and medium-sized enterprises (SMEs), and for early-stage or smaller unlisted companies seeking initial visibility and financing. These segments collectively host over 800 companies as of 2025, spanning diverse sectors such as , , and consumer goods, with significant representation from international issuers. The Euronext Regulated Market, formerly known as the Premier Marché, serves as the flagship segment for mature companies aiming to attract institutional and global investors through high liquidity and stringent oversight. Eligibility requires a minimum free float of 25% of or at least 5% with a of €5 million, alongside three years of audited prepared under (IFRS) for consolidated accounts. Companies must also meet reporting obligations, including annual and half-yearly financial reports, and obtain an Prospectus for public offerings. Within this segment, specialized compartments categorize listings by : Compartment A for blue-chip firms exceeding €1 billion, Compartment B for those between €150 million and €1 billion, and Compartment C for smaller listings under €150 million, facilitating targeted investor access and supporting initial public offerings (IPOs) as well as orderly delistings. Euronext Growth, the successor to Alternext, targets innovative SMEs pursuing expansion through dedicated funding, offering a with lighter regulatory burdens than the to encourage growth-oriented listings. Key eligibility criteria include a minimum free float valued at €2.5 million and two years of audited financial history, with ongoing limited to annual and half-yearly statements under simplified standards. This segment emphasizes accessibility for emerging firms, providing support for IPOs while maintaining transparency to build investor confidence in diverse sectors like and biotech. Euronext Access caters to very small or unlisted firms, including start-ups, seeking reputational benefits and modest capital raising without the full rigors of a regulated . It features no minimum free float requirement and only two years of financial history, with unaudited annual statements sufficing for reporting, though a variant called Euronext Access+ introduces a €1 million free float threshold and audited accounts for the prior year to bridge toward more advanced segments. These provisions enable straightforward entry for international and tech-focused issuers, with mechanisms for seamless transitions, IPO facilitation, and delistings as companies scale.

Indices and Benchmarks

Major Indices

The serves as the flagship benchmark index for Euronext Paris, tracking the performance of the 40 largest companies listed on the exchange by free-float adjusted and , as measured by average daily trading turnover. It provides a broad representation of the equity market and acts as a primary indicator of economic health in , influencing investor sentiment and serving as the basis for numerous financial products including futures, options, and exchange-traded funds. Launched on December 31, 1987, with a base value of 1,000 points, the index replaced earlier benchmarks and has since become a cornerstone for assessing the performance of major corporations across sectors like , , and . Complementing the , the broader CAC family of indices covers various market capitalizations and themes to offer a comprehensive view of the . The includes the 20 companies immediately following the in rankings, focusing on established mid-cap firms with significant growth potential. The CAC Mid 60 encompasses the next 60 mid-sized companies eligible after the CAC Large 60 (which combines the and ), providing exposure to a diverse set of medium-capitalization stocks. For smaller enterprises, the CAC Small index tracks liquid small-cap companies outside the SBF 120 universe, emphasizing those meeting minimum free-float velocity thresholds to ensure tradability. Additionally, the ESG represents a sector-specific variant, selecting at least 35 companies from the investable universe based on strong (ESG) performance while excluding those involved in controversial activities like or fossil fuels. All major CAC indices follow consistent composition rules to maintain relevance and . Selection prioritizes free-float adjusted combined with liquidity criteria, such as average daily turnover and free-float velocity (requiring at least 20% annual or 30% quarterly trading of free-float shares for inclusion in smaller indices). Weighting is applied on a free-float basis, with individual constituent caps at 15% for standard indices and 10% for the CAC 40 ESG to prevent over-concentration. Reviews occur quarterly in March, June, , and December, with a full annual reassessment in to adjust for changes in market conditions, using buffer zones to minimize turnover among borderline candidates. This methodology ensures the indices reflect dynamic market leadership while upholding stability for investors.

Index Calculation and Maintenance

Euronext Paris indices, including the flagship , are calculated on a basis using a free-float weighting methodology. This approach determines each constituent's weight by multiplying the number of shares in free float—shares available for public trading, excluding those held by controlling shareholders or locked-up holdings—by the current share price, adjusted for any capping factors to prevent over-concentration. The aggregate free-float of all constituents is then divided by a that ensures from the index's base value, providing a dynamic reflection of movements throughout the trading day. Updates to index levels occur intra-day every 15 seconds during trading hours, enabling timely dissemination for investors and participants. The maintenance of these indices involves periodic reviews to ensure representativeness and relevance. For the CAC 40, reviews are conducted quarterly in March, June, September, and December, with a comprehensive annual review in September that includes detailed assessments of eligibility and rankings. Constituents are selected and ranked based on free-float market capitalization and average daily trading volume over a specified reference period, typically the prior six months; the top 40 eligible companies form the index, with changes such as additions or removals implemented on the first trading day of the following month. Smaller indices within the Euronext Paris suite, such as sector-specific or mid-cap benchmarks, follow a similar quarterly review cadence, though some may have annual adjustments depending on their rulebooks, focusing on liquidity thresholds and market representation criteria. These processes are overseen by an independent Index Steering Committee to maintain transparency and objectivity. To preserve index continuity amid corporate events, adjustments are applied systematically for actions such as dividends, splits, and mergers. Ordinary dividends are reinvested in total return variants without altering the level, while special dividends prompt a reduction in the affected share's price and a corresponding adjustment on the ex-date. splits or reverse splits lead to proportional changes in the number of , with the recalibrated to avoid artificial shifts. In cases of mergers or acquisitions, constituents may be removed if exceeds 85% post-event or replaced via share-for-share ratios if the successor meets eligibility; free-float factors are updated accordingly to reflect new ownership structures. These adjustments, detailed in 's corporate actions policy, ensure the accurately tracks the underlying without disruptions. Euronext Indices, a dedicated of N.V., handles the calculation, publication, and licensing of these benchmarks. It licenses indices like the for use in contracts, exchange-traded funds (ETFs), and other products, supporting over 15,000 linked financial instruments globally and facilitating for asset managers. This licensing framework ensures with regulatory standards such as the EU Benchmarks Regulation, promoting widespread adoption in portfolio construction and .

Key Statistics

Listings and Market Capitalization

Euronext hosts over 800 listed companies as of 2025, serving as a primary venue for and issuers across various sectors. Euronext markets, including , host more than 700 firms, underscoring the exchange's role as a hub for innovative growth companies, particularly in tech unicorns and digital enterprises. The platform has attracted around 80 international issuers since 2022, enhancing its appeal as a gateway for global capital access within the . The total of companies listed on Euronext Paris stands at approximately €3.5 trillion as of September 2025, reflecting robust economic contributions from key sectors like , , and . The top 25 French domestic shares alone total approximately €2.5 trillion in value, dominated by blue-chip firms such as and , which anchor the exchange's prestige and liquidity. Listings are predominantly concentrated in the main market segment, which caters to large-cap established enterprises, while Euronext Growth has seen notable expansion among small and medium-sized enterprises (SMEs), with simplified requirements fostering innovation-driven listings. In 2025, Euronext recorded over 50 new listings across its markets, with Paris contributing a significant portion, signaling a strong post-pandemic recovery and alignment with the European Union's initiative to deepen cross-border financing.

Trading Volumes and Financial Performance

The Euronext Group, with as its largest market, has demonstrated robust trading activity in recent years, with average daily cash trading volumes reaching €11.0 billion in the third quarter of 2025, marking a 14.8% increase year-over-year. Paris-specific average daily volumes were €4.1 billion in cash equities as of June 2024, reflecting sustained investor interest amid broader economic recovery and surpassing pre-2020 levels where average daily volumes hovered around €7-8 billion in 2019. The financial performance of Euronext Paris operations contributes significantly to the group's overall revenue, with H1 2025 revenue attributable to France (encompassing Paris activities) at approximately €191 million, representing about 21.6% of Euronext's total revenue of €885 million during that period; full-year estimates suggest ~€380 million. Key performance indicators include a revenue capture rate of 0.53 basis points on cash trades in Q3 2025, which supported an 11.5% rise in cash equity trading and clearing revenue to €82.5 million for the group, with Paris as the dominant contributor. Market volatility events from 2022 to 2025, including geopolitical tensions and inflationary pressures, have influenced trading volumes on Euronext Paris, often boosting activity during peaks but leading to moderation in calmer periods. For instance, in Q3 2025, lower volatility contributed to a decline in related derivatives trading, though cash equity volumes remained resilient. Overall, these dynamics have enhanced revenue stability through diversified fee structures, with non-volume-related income comprising around 60% of total revenue in recent quarters.

Recent Developments

Technological and Regulatory Updates

Euronext has integrated AI-driven tools into its market surveillance operations to enhance monitoring of trading activities, detect potential , and ensure across its platforms. These tools leverage algorithms to analyze vast datasets in , improving the efficiency and accuracy of oversight in high-volume and markets. This adoption aligns with broader European efforts to incorporate for proactive in financial infrastructure. Euronext has continued to upgrade its core trading infrastructure through the Optiq platform, which supports faster execution speeds and scalability for diverse . In March 2024, the Italian derivatives markets, including those relevant to Paris listings, fully migrated to Optiq, enabling sub-millisecond latency and handling increased trading volumes without disruption. Further enhancements in 2025 extended Optiq to new power futures markets, facilitating unified access and reduced operational latency for cross-border transactions. To support emerging digital assets, Euronext expanded its clearing services in March 2025 to include cryptocurrency exchange-traded products (ETPs), allowing tokenized representations of digital assets to be traded and cleared within its regulated ecosystem, with over 150 such ETPs listed by early 2025. On the regulatory front, implemented the EU Digital Operational Resilience Act (DORA), which became fully applicable on January 17, 2025, to strengthen risk management and operational continuity. The exchange established a dedicated governance program involving senior executives and cross-functional teams from risk, IT, and legal departments to align with DORA's requirements for testing, third-party oversight, and incident reporting. This framework particularly bolsters cybersecurity measures by mandating advanced threat intelligence and response protocols to mitigate digital disruptions, integrating seamlessly with 's existing information security controls certified under ISO/IEC 27001:2022. In parallel, Euronext has enhanced reporting in compliance with the Sustainable Finance Disclosure Regulation (SFDR), promoting greater transparency for sustainable investments. The 2025 Trends Report, based on verified data from over 1,550 listed companies, demonstrates rising adoption of SFDR-aligned disclosures, with significant improvements in emissions and reporting rates exceeding 70% for key metrics. To facilitate this, Euronext released an Reporting Guide in September 2025, offering standardized templates and verification tools via its Connect portal to help issuers meet SFDR principal adverse impact (PAI) indicators and investor demands. Euronext has also integrated sustainable finance tools to support ESG integration, launching an ESG Advisory Service in September 2024 for small and medium-sized enterprises (SMEs) to comply with European Sustainability Reporting Standards (ESRS). This service, combined with a new ESG benchmarking tool, enables real-time assessment of sustainability performance against peers, fostering adoption of SFDR-compliant strategies and accelerating the flow of capital toward green initiatives across Paris-listed entities.

Strategic Expansions and Milestones

In 2025, marked its 25th anniversary, reflecting on a quarter-century of shaping markets through and . Since 2021, the has welcomed over 400 new company listings across its markets, including more than 200 firms and 80 issuers, underscoring its expanding role as a gateway for and biotech sectors. This surge highlights 's strategic focus on fostering growth in high-potential industries, with initiatives like the Tech Leaders segment adding dozens of innovative companies annually to promote visibility and liquidity for emerging leaders. Euronext has pursued key acquisitions to bolster its service ecosystem. In March 2025, it announced the acquisition of Admincontrol, a Norwegian SaaS provider specializing in digital governance and secure collaboration tools, from Visma for €398 million; the deal was completed in May 2025, enhancing Euronext's post-trade and compliance offerings for listed companies. Earlier efforts included a voluntary share exchange offer for all shares of Hellenic Exchanges - Athens Stock Exchange (ATHEX), launched in October 2025 following regulatory approval, with the acceptance period running from October 6 to November 17, 2025. On November 10, 2025, a revision to the offer was approved, lowering the acceptance threshold to 50% plus one share, and on November 14, 2025, the Hellenic Capital Market Commission granted further regulatory approvals, aiming to integrate the Greek market into Euronext's pan-European platform and expand its geographic footprint in Southeastern Europe. The exchange has driven growth in international listings, attracting issuers from beyond the to leverage its unified trading infrastructure. This expansion supports broader capital markets integration, as evidenced by Euronext's advocacy for reforms like the European Common Prospectus, launched in April 2025 to streamline IPO processes and reduce cross-border barriers, potentially unlocking €13 trillion in savings for investment across the union. Significant milestones include Euronext N.V.'s inclusion in the CAC 40 index, effective September 22, 2025, replacing Teleperformance and signaling the group's transformation since its 2014 IPO through sustained revenue growth and market consolidation. Complementing this, Euronext launched Euronext ETF Europe in September 2025, the first fully integrated pan-European marketplace for ETFs and ETPs, unifying listing, trading, clearing, and settlement to combat market fragmentation and accelerate product growth across its venues.

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