Euronext N.V. operates as the principal pan-European exchange group, providing critical market infrastructure across the entire capital markets value chain. The company's business model encompasses listing services, cash equities and derivatives trading, market data provision, and post-trade services including clearing and settlement. Euronext operates regulated exchanges in major European cities such as Paris, Amsterdam, Brussels, Lisbon, Dublin, Oslo, and Milan. Revenue is generated through a diversified mix of volume-driven activities (such as trading fees from equities, fixed income, and derivatives) and non-volume-driven activities (such as listing fees, advanced data solutions, technology services, and custody/settlement fees). In 2023, the company reported nearly €1.5 billion in revenue, with a significant portion derived from non-volume-related activities and its fixed income and power trading franchises. The acquisition of the Borsa Italiana Group in 2021 significantly expanded Euronext's footprint, adding clearing capabilities through Euronext Clearing and enhancing its fixed income trading via the MTS platform. Competitively, Euronext is the largest equity listing venue in Europe and the leading global center for debt and sustainable bond listings, positioning it as a central pillar of the European Capital Markets Union.
