(Tiper Stock Exchange) – Euronext, the leading pan-European market infrastructuretoday announces the successful migration of its stock and ETF markets Italian Stock ExchangeEuronext Group, on Optiq, Euronext’s innovative trading platform.
The migration was completed on schedule on March 27, 2023, twenty-two months after Borsa Italiana joined Euronext and nine months after the transfer of Euronext’s Core Data Center from the UK to Italy. Migration is one milestone in the Borsa Italiana integration process and will bring substantial and immediate revenue synergies, contributing to the achievement of the annual run-rate synergy targets of €115 million for 2024.
The integration of the capital markets of Italy, the third largest European economy, into the largest European liquidity pool of Euronext will bring important benefits to the ecosystem of European financial markets, supporting the financing of the real economy.
With this milestone, Euronext confirms its position as the leading trading venue in Europe. Euronext’s innovative Optiq technology platform handles 25% of European equity trading1, with thousands of active institutional and individual investors. The Optiq platform is the single access point for domestic and international institutional investors, as well as individual investors, to trade all the securities of Euronext’s seven markets in Europe, providing participants with the best conditions of best execution and market quality . Euronext is the leading listing venue in Europe, with currently around 1,930 issuers listed on the stock exchanges in Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris, and an aggregate market capitalization of over €6.3 trillion as of end-December 2022. 3,044 Exchange Traded Products (ETPs)2, from over 40 issuers, are listed on Euronext’s regulated markets, offering a wide variety of products, deep liquidity and superior market quality.
Issuers on Borsa Italiana’s markets now have continuous access to significantly more investors, a wider network of intermediaries and superior market quality. Borsa Italiana’s market participants will benefit from the unique platform and flexibility of Optiq’s structure to develop new innovative products and services for the Italian market. Technological innovations, expanded functionality and new services have already been implemented in the Optiq platform, leveraging the synergies and joint expertise of Euronext and Borsa Italiana to improve operational efficiency and service levels for issuers and all market participants.
Fabrizio Testa, Chief Executive Officer of Borsa Italiana and Head of Fixed Income Tradinghe said: “By joining Euronext’s largest European liquidity pool, we further strengthen Italy’s capital markets. Access to significantly more investors, a wider network of traders and superior market quality will bring important benefits for issuers, investors and the Italian economyas well as for the whole ecosystem of European financial markets.”
Stéphane Boujnah, CEO and Chairman of the Managing Board of Euronext NVcommented: “Following the successful migration of our Core Data Center to the European Union completed last June 2022, we have now completed the migration of Borsa Italiana stock markets and ETFs, 22 months after the closing of the acquisition of the Borsa Group Italian. This migration immediately contributes to the realization of the annual run-rate synergies of 115 million euros related to the acquisition of Borsa Italiana, expected by the end of 2024. This migration is a milestone in building the Capital Markets Union. In recent years Euronext has created the largest European liquidity pool and leading trading venue in Europe, handling 25% of European equity trading activity and ensuring best execution and superior market quality to all market participants . Euronext confirmed its ambition to be the leading market infrastructure in Europe, promoting the listing and trading of equities to meet the needs of the European economy. We are very proud of this milestone for which Euronext teams have worked closely with our customers and stakeholders.”
The next steps
The first phase of Borsa Italiana’s market migration plan to Optiq concerned stocks and ETFs. The completion of this first phase now paves the way for the migration of the fixed income, warrants and certificates markets in Q4 2023, followed by the derivatives and commodities markets. Furthermore, as part of Euronext’s strategy to expand its presence along the entire value chain, the expansion of Euronext Clearing to all Euronext markets is planned for equities in the fourth quarter of 2023 and for derivatives and commodities in the third quarter of 2024.