Euronext’s volume-related revenue for fixed income, currency and commodities (FICC) increased 48% in the third quarter, two years after the pan-European financial market infrastructure set an ambition to expand this franchise.

Stéphane Boujnah, chief executive and chairman of the managing board of Euronext, said on the third quarter results on 6 November 2026 that the group shared its ambition to expand the FICC trading and clearing franchise across the continent at its investor day in November 2024.

“Two years later, thanks to this expansion, we are well positioned to capture the trends on a wide range of diversified asset classes,” he added. “We have transformed our fixed income trading and clearing franchise into a pan-European offering.”

FICC markets revenue grew to €121.3m, which Euronext said was driven by “very strong” performance in fixed income and dynamic power and agricultural commodities trading and clearing activity.

“Our continuous innovation and geographical expansion has made the difference and is going to continue making the difference,” said Boujnah.

Euronext now clears all major European government bond markets and supranationals, and accepts collateral in euros, dollars, sterling, and Norwegian kroner.

“We are the only continental European CCP connected to all three leading triparty agents,” added Boujnah. “Combined with the efficiencies brought by our risk framework, this provides a highly competitive clearing proposition for market participants.”

In October this year Euronext completed the third and final migration wave of the repo expansion program. Boujnah said most of the building of this “critical” initiative is behind the group and the focus is on commercial development. He added that more than 20 existing members have already extended their activity to European debt markets, several major international banks are onboarding, and its sponsored access model opens the door to the buy side.

Euronext will continue to extend the MTS model internationally, and innovate in the dealer-to-client space with new product launches. MTS is Euronext’s regulated electronic trading platform and market data provider for European fixed-income, rates, money markets, and credit markets.

MTS Cash trading reached record average daily volume of €88.1bn, up 80.4% from a year ago. Strong performance was supported by a favourable market environment, growing non-Italian volumes and expansion in dealer-to-client, according to Euronext.

Giorgio Modica, chief financial officer at Euronext, said on the call that the bulk of the MTS business is linked to trading Italian government bonds, but the growth of the non-Italian business is as strong as in Italy, and even stronger at times.

The FICC performance was also driven by record activity in Euronext Nord Pool Power Futures and intraday power trading as the group continues to expand the power offering across Europe. Euronext said the “good” performance of commodities trading and clearing was also supported by strong activity in agricultural commodities, powered by volatility and a supportive market environment, as well as the expansion in trading options and extended trading hours.

Nord Pool launched day-ahead power trading services in Slovenia, marking its entry into the 17th European market and expanding its presence in central and southeastern Europe.

Euronext Securities

On 21 September 2026, Euronext launched its pan-European central securities depository which Boujnah described as a “game changer” for European capital markets as it connects trading, clearing and post-trade activities through a common infrastructure.  For the first time, market participants can choose between their domestic infrastructure or consolidating their activity within a single European framework. This reduces fragmentation and aims to improve the competitiveness of European capital markets.

“What began as a strong conviction is now a reality,” added Boujnah. “The first clients are actively using our innovative model, benefitting from greater efficiency, increased choice and a single European framework.”

Euronext Securities is now the designated default CSD for equities and ETPs on Euronext Amsterdam, Brussels and Paris, building on a network already serving Athens, Copenhagen, Milan, Oslo and Porto.

The first ever Belgian issuer moved to Euronext Securities in October 2026, and Euronext will support more Belgian issuers thanks to a new partnership with KBC Securities Services.

Pierre Davoust, head Euronext Securities, said on the call that the new CSD has around 16 issuers listed in Paris, Brussels, and Amsterdam , including four who recently joined. Eurocommercial Properties, a Dutch company that owns a portfolio o shopping centres, said on 5 November 2026 that it plans to migrate its shares to Euronext Securities.

“The first issuers have moved to Euronext Securities and there is a healthy pipeline who are willing to follow,” added Davoust. “The first trading members are live on the model and we have a pipeline of clients actively onboarding into the new settlement model.”

New CEO

Euronext intends to nominate David Knibbe as chief executive and chairman of the managing board to replace Boujnah in May 2027, when his contract comes to an end.

Knibbe will join from NN Group N.V., the Dutch provider of retirement services, pensions, insurance, banking and investments to approximately 18 million customers, where he has been chief executive since 2019.

Euronext said Knibbe brings extensive experience in leading a highly regulated business, delivering operational transformations and substantial shareholder value creation, positioning him well to continue to scale the group through the next phase of strategic growth and further advance the integration of European capital markets.

Knibbe’s appointment is subject to the approval by the relevant National Competent Authorities (NCAs), the Dutch Minister of Finance and will be submitted for approval by Euronextʼs shareholders at the annual general meeting on 20 May 2027.

Financials

Boujnah said Euronext delivered the strongest quarterly performance since it went public, achieving record revenue and earnings.

“This outstanding quarter extends our track record of double-digit growth to ten consecutive quarters, which is not luck but performance,” he added. “This excellent performance reflects the transformation of Euronext into a truly diversified market infrastructure.”

Third quarter revenue and income rose 24.9% from a year ago to €547.4m with non-volume-related revenue and income representing more than half, 55%, of total group revenue. Euronext said this resulted from solid organic growth in non-volume related businesses, a dynamic trading environment across asset classes, and the positive contribution of the consolidation of Euronext Athens.

Boujnah said the integration of Euronext Athens continues to deliver tangible results. In October the third shipping company listed on Euronext Athens, which reinforces the group’s position as a global hub for the maritime sector, according to Boujnah.

The momentum of the Greek market is further strengthened by the reclassification of Greece to develop market status,” Boujnah added. “This led to exceptionally high trading volumes this quarter, and is set to continue.”

In June 2027 the Greek equity market will be connected to Euronext’s single liquidity pool and technology platform. Boujnah said this will be a significant accelerator of volumes in Athens and Euronext is also actively working on developing primary markets in Greece. He added: “There are a significant number of Greek shipping companies that have listed everywhere on the planet except in Greece.”

Cash equity trading and clearing revenue was €110.8m in the third quarter, up 34.3% compared to the same period last year. Euronext said this was  driven by continued market volatility, the strong performance of Euronext Athens and dynamic growth in ETFs.