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Bursele paneuropene

Capitole
”Exemple” de burse paneuropene – Care sunt bursele paneuropene?

Motivația creării unor burse paneuropene

Avantaje – dezavantaje – SWOT

Exemple de M&A (consolidări și achiziții) – incluzând și altele

Timeline M&A

 Formarea celor două burse paneuropene

 Scurt istoric al burselor europene

 Forma lor actuală

Bibliografie
1. Bollen, B., A history of Euronext, the leading pan-European euro exchange,
https://capital.com/a-history-of-euronext-the-leading-pan-european-euro-exchange

2. Federal Reserve Bank of New York (2002), The Consolidation of European Stock Exchanges,
Current Issues in Economics and Finance, vol. 8 (6), pp. 1-6

3. Pankratyeva, A., 3 facts you need to know about the European stock market,
https://capital.com/european-stock-market

4. Euronext, https://en.wikipedia.org/wiki/Euronext

5. Nasdaq Nordic, https://en.wikipedia.org/wiki/Nasdaq_Nordic

6. List of European Stock Exchanges,


https://en.wikipedia.org/wiki/List_of_European_stock_exchanges

7. Stock Exchanges in Europe, http://www.world-stock-exchanges.net/europe.html

8. https://sseinitiative.org/

9. https://www.euronext.com

10. http://www.nasdaqomxnordic.com/about_us/legalstructure

Authors for FRB NY - McAndrews, J., Stefanadis, C.


Idei
Finanțarea prin sistemul burselor de valori mobiliare este specifică spațiului anglo-saxon, finanțarea
prin intermediul instituțiilor de credit fiind de o mai mare amploare în spațiul european (apanajul
Europei, metodă/opțiune tradițională).
Definiție: O bursă paneuropeană este o piață financiară, pe care se întâlnesc cumpărătorii și
vânzătorii pentru a comercializa valori mobiliare, care transcende limitele granițelor naționale pentru a
se extinde la nivelul continentului european.

Consolidarea burselor naționale europene este o reacție la armonizarea și liberalizarea financiară de


după anii ‘90.

Avantaje

◦ Platforme de Tranzacționare Standardizate/Unice/Compatibile/Partajate

◦ Lichiditate crescută a pieței

◦ Fragmentare redusă a pieței

Bariere

◦ Cerere de diferențiere a produselor

◦ Diferențe legislative și de reglementare

◦ Costurile informației și favorizarea țării de origine

◦ Fragmentarea sistemului de compensare și decontare

1998 - Apărută în 1998 - Stockholmsbörsen (Stockholm Stock Exchange) (1863) și Copenhagen Stock
Exchange (1625) semnează un acord de cooperarepentru formarea unei piețe financiare nordice
comune: NOREX

EASDAQ

Also found in: Acronyms.

European Association of Securities Dealers Automated Quotation (EASDAQ)

European equivalent of Nasdaq.

Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

EASDAQ

A defunct European electronic securities exchange headquartered in Brussels. Founded originally as a


European equivalent to NASDAQ, it was purchased by the American exchange in 2001 and became
NASDAQ Europe. In 2003, it shut down operations as a result of the burst of the dot-com bubble.

https://financial-dictionary.thefreedictionary.com/EASDAQ

https://www.jstor.org/stable/4177363?seq=1

Aquis Exchange PLC


https://www.aquis.eu/company

Equiduct

https://www.equiduct.com/en/

Banks Plan Rival Stock Market; Deutsche Börse Drops Euronext

https://www.dw.com/en/banks-plan-rival-stock-market-deutsche-b%C3%B6rse-drops-euronext/a-
2239212

A Pan European Exchange

https://www.cfo-india.in/cmsarticle/finance/a-pan-european-exchange/

Eurex - DAX

Euronext
Fondată în 1602 // 2000

Bruxelles, Paris, Dublin, Amsterdam, Lisabona, Oslo

Euronext este o bursă paneuropeană este compusă din cinci piețe localizate în Belgia, Franța, Irlanda,
Olanda și Portugalia.

Citate
”With the growing appeal of cross-border trading in Europe, efforts are under way to establish
consolidated exchanges that offer trading in stocks from many European countries. An analysis of
these evolving pan-European exchanges suggests that consolidation could reduce the costs and
complications of cross-border trading through such enhancements as a standardization of
trading platforms. Yet regulatory, legal, and economic barriers to the creation of these exchanges
may delay any benefits of consolidation.”

FRB NY – Abstract, p. 1

To date, several mergers and strategic alliances have been undertaken to create consolidated, pan-
European stock exchanges.2

In January 1998, Stockholmsbörsen and the Copenhagen Stock Exchange signed a cooperation
agreement to form NOREX, a common Nordic equity market.

In 2000, the Iceland Stock Exchange and the Oslo Exchange joined NOREX.

SUEDIA – DANEMARCA + ISLANDA – NORVEGIA

o singură comandă, o platformă de tranzacționare comună

In another consolidation, the Paris Bourse, the Amsterdam Exchange, and the Brussels Exchange in
March 2000 formed Euronext, an integrated European stock exchange.

FRANȚA – OLANDA – BELGIA

platformă unică, preț unic


In addition to established market centers, electronic startups are attempting to evolve into pan-
European exchanges. For example, Virt-X—a joint venture of Tradepoint (a London-based electronic
market) and the Swiss Stock Exchange—offers trading in all fully listed U.K. common stocks and in
continental European blue-chip stocks.

ANGLIA – ELVEȚIA

Advantages

 Compatible/Shared Trading Platforms

 Heightened Market Liquidity

 Reduced Market Fragmentation p. 3

FRB NY – p. 2

Barriers to Consolidation

Product Differentiation p. 3

Legal and Regulatory Differences p. 3

Information Costs and Home-Country Bias p. 3

Fragmentation of Clearing and Settlement Systems p. 3

A Comparison with U.S. Consolidations

FRB NY – p. 4

3 facts you need to know about the European stock market


Alexandra Pankratyeva 12:12, 22 February 2019

What are the major European indices?


 The Financial Times Stock Exchange 100 Index

 The Euro Stoxx 50

The Stoxx Europe 50 is the popular market index of the largest blue-chip companies from 18 countries
in the eurozone. Introduced in February 1998, the EU 50 represents the leading European businesses,
covering almost 50% of European stock market capitalisation.

Geographically, the index comprises stocks from the United Kingdom, Switzerland, Sweden, Norway,
Finland, Spain, Portugal, Luxembourg, Netherlands, Italy, Germany, France, Denmark, Austria,
Belgium, Czech Republic, Ireland and Greece.

 CAC 40

The Cotation Assistée en Continu, better known as the CAC 40, is a benchmark index of the French
stock market performance. The index represents the 40 businesses with the highest market
capitalisation on the Euronext Paris stock exchange.

The CAC 40 is one of the largest European stock markets and one of the most important national
indices of the Euronext pan-European stock exchange group.

 DAX 30

The Deutscher Akrienindex, or simply the DAX 30, is seen as a gauge of the health of the German
economy. The index tracks the performance of the 30 biggest companies traded on the Frankfurt Stock
Exchange (FSE). The DAX 30 constituent businesses represent almost 75% of the total market
capitalization of the FSE.

For a long time, the German economy has held a leading position in the European Union, estimated as
the fifth largest economy globally. That is why so many traders choose the DAX 30 to invest in the
European stock market.

What is the DAX and why is it popular?

https://www.youtube.com/watch?v=FgPcitOKmAE

 Swiss SMI 20
The Switzerland 20, often referred to as the Swiss Market Index (SMI).

What are the largest stock exchanges in Europe?

https://capital.com/european-stock-market

Word Search
Stock Exchange
Wikipedia

https://en.wikipedia.org/wiki/Stock_exchange

European Stock Exchanges


 Euronext

Euronext is one of the key stock exchanges in Europe. It is located in several major European cities,
including London, Paris, Brussels, Amsterdam and Lisbon. With over 1,200 issuers and a market
capitalisation of $4,3 trillion, Euronext is the largest European stock exchange.

Founded in 2000, as a result of the merger of the Brussels and Amsterdam Stock Exchanges and Paris
Bourse, Euronext further merged with the NYSE Group to form the NYSE Euronext.

 London Stock Exchange (LSE)

London Stock Exchange (LSE) is one of the world’s most popular stock exchanges and the second
largest stock exchange in Europe. It is located in the City of London and has a market capitalisation of
$4.2 trillion.

Founded in 1801, the London Stock Exchange is one of the oldest exchanges in the European stock
market history, with its routes going back to 300 years. The London Stock Exchange group was
established in 2007 as a result of the merger of the LSE with the Milan Stock Exchange. The LSE
operates several markets for listing, meaning that companies of different sizes may list there.
International companies are also allowed to list their shares in London.

 Deutsche Borse

The Deutsche Borse Group is the primary marketplace in Germany that operates the Frankfurt Stock
Exchange. It provides companies with the access to global capital markets and delivers transactional
services.

Founded in 1993, the Deutsche Borse has locations in Germany, Switzerland, Spain, Luxembourg and
Czech Republic. It has listed more than 750 companies and enjoys a market capitalisation of $2.1
trillion.

 Six Swiss Exchange

The SIX Swiss Exchange is the key stock exchange in Switzerland. Located in Zurich, the SIX was the
world’s first to implement an automated trading system. The SIX Swiss Exchange is owned jointly by
an extended network of 55 banks, having equal voting rights in decision making and management of
the exchange.

The SIX Swiss Exchange is the fourth largest stock exchange in Europe, with a market capitalisation
of $1.6 trillion.

 NASDAQ Nordic

A subsidiary of the American NASDAQ, NASDAQ Nordic is a marketplace for trading securities in
Nordic and Baltic countries. It has two divisions: OMX Exchange, which operates stock exchanges in
Nordic and Baltic countries; and OMX Technology, which develops technological systems, used by
the OMX Exchange.

Headquartered in Stockholm, Sweden, NASDAQ Nordic employs more than 2,000 specialists.
Completing the list of the top 5 largest European stock exchanges, it has a market capitalization of
$1.5 trillion.

https://capital.com/european-stock-market

Stock Exchanges in Europe


 Eurex (derivatives exchange, jointly operated by Deutsche Börse AG and SWX Swiss
Exchange)

 European Energy Exchange (EEX)

 ICE Futures Europe

 NASDAQ OMX Europe

 Newex (trading segment for central and eastern European securities on the Regulated
Unofficial Market of Frankfurt Stock Exchange)
 NYSE Euronext (pan-European stock exchange with subsidiaries in Belgium, France,
Netherlands, Luxembourg, Portugal and the UK; include the New York Stock Exchange,
Euronext, Liffe, and NYSE Arca Options)

 OMX Nordic Exchange (part of NASDAQ OMX Group, serves as a central gateway to the
Nordic and Baltic financial markets)

Albania Bursa e Tiranes (Tirana Stock Exchange)

Armenia Armenian Stock Exchange (Armex)

Austria Wiener Börse (Vienna Stock Exchange)

Belarus Belarusian Currency and Stock Exchange

Belgium Euronext Brussels

Bosnia and Herzegovina Banja Luka Stock Exchange

Sarajevo Stock Exchange (SASE)

Bulgaria Bulgarian Stock Exchange (BSE)

Sofia Commodity Exchange (SCE)

Croatia Zagrebacka Burza (Zagreb Stock Exchange)

Cyprus Cyprus Stock Exchange (CSE)

Czech Republic Prague Stock Exchange

RM-SYSTEM (Czech Securities Exchange)

Denmark OMX Copenhagen

Estonia Tallinn Stock Exchange (division of OMX Nordic Exchange)

Finland OMX Helsinki

France Euronext Paris

Georgia Georgian Stock Exchange (GSE)

Germany Börsen AG

(consolidates Hamburg and Hannover Stock Exchanges)

Börse Berlin Equiduct Trading (owner Berlin Stock Exchange)


Börse Düsseldorf (Düsseldorf Exchange)
Börse München (Munich Exchange)
Boerse Stuttgart (Stuttgart Exchange)
Bremer Baumwollbörse (Bremen Cotton Exchange)
Deutsche Börse (incorporates Frankfurt Stock Exchange)
European Energy Exchange (EEX)
Hamburger Börse (Hamburg Exchange)
RMX Risk Management Exchange

Greece Athens Exchange (ATHEX)

Hellenic Exchanges Group (HELEX - EXAE)

(consolidates Athens Exchange, Athens Derivatives Exchange and Thessaloniki Stock Exchange)

Hungary Budapest Stock Exchange (BSE)

Iceland Iceland Stock Exchange (ICEX, owner OMX Nordic Exchange)

Ireland Irish Stock Exchange

Italy Borsa Italiana

(Italian Stock Exchange, acquired by the London Stock Exchange)

Latvia Riga Stock Exchange (division of OMX Nordic Exchange)

Lithuania Vilnius Stock Exchange (division of OMX Nordic Exchange)

Luxembourg Luxembourg Stock Exchange

Macedonia Macedonian Stock Exchange

Malta Malta Stock Exchange

Moldova Moldova Stock Exchange

The Netherlands Euronext Amsterdam

jaarverslag.info (annual reports of all Dutch listed companies)

Norway Oslo Stock Exchange

Poland MTS-CeTO

Warsaw Commodity Exchange (WGT)


Warsaw Stock Exchange (WSE)

Portugal Euronext Lisbon

Romania Bucharest Stock Exchange

Bursa Moldovei Iasi (Iasi Romanian Commodities Exchange)


Sibex (Sibiu Monetary-Financial and Commodities Exchange)
Bursa Romana de Marfuri (Romanian Commodities Exchange)

Russia Moscow Interbank Currency Exchange (MICEX)

Moscow Stock Exchange


Russian Trading System Stock Exchange (RTS)
Samara Currency Interbank Exchange
St. Petersburg Currency Exchange (SPCEX)
St. Petersburg Stock Exchange
Siberian Interbank Currency Exchange
Ural Regional Currency Exchange

Serbia Belgrade Stock Exchange

Produktna Berze Novi Sad (Novi Sad Commodity Exchange)

Slovak Republic Burza Cenných Papierov v Bratislave

(Bratislava Stock Exchange)

Slovenia Ljubljanska Borza (Ljubljana Stock Exchange)

Spain Bolsas y Mercados Espanoles (BME)

(consolidates Madrid Stock Exchange, Barcelona Stock Exchange, Bilbao Stock Exchange, Valencia
Stock Exchange, MEFF AIAF SENAF Holding de Mercados Financieros, BME Consulting (operates
in Latin America), and MAB (organised trading system))

Sweden OMX Stockholm (division of OMX Nordic Exchange)

Switzerland Swiss Exchange (SWX)

Turkey Ankara Ticaret Borsasi (Ankara Commodity Exchange)

Istanbul Ticaret Borsasi (Istanbul Commodity Exchange)


Istanbul Gold Exchange
Istanbul Stock Exchange (ISE)
Izmir Mercantile Exchange (IME)
Polatli Grain Exchange

Ukraine PFTS Stock Exchange

Ukrainian Agrarian Mercantile Exchange


Ukrainian Stock Exchange

United Kingdom Baltic Exchange

(source of maritime market information for the trading and settlement of physical and derivative
contracts)

Euronext - Liffe
(formerly London International Financial Futures and Options Exchange)
LCH.Clearnet
London Metal Exchange
London Stock Exchange
PLUS (equity stock exchange)

http://www.world-stock-exchanges.net/europe.html

List of European stock exchanges


Major SE:
 Euronext, which is a Pan-European stock exchange composed of five market places in
Belgium, France, Ireland, the Netherlands, and Portugal.
 London Stock Exchange Group, which is a global stock exchange composed of the London
Stock Exchange.
 Deutsche Börse, which operates Europe's third largest stock exchange, the Frankfurt Stock
Exchange/Xetra.
 SIX Swiss Exchange, which operates Switzerland's major stock exchange.
 Nasdaq Nordic, which is composed of Scandinavian, Baltic, and Caucasian stock exchanges;
including Sweden, Denmark, Finland, Iceland, Estonia, Latvia, Lithuania, and Armenia with
activity in Norway and the Faroe Islands.

Stock Listing Operating


Country City Founded Technology
exchange s MIC

Brussels, Paris, Dublin, 1602


Euronext 1300 OPTIQ
Amsterdam, Lisbon, Oslo (2000)
Pan-
European Copenhagen, Stockholm, Helsinki,
Nasdaq 1620
Reykjavík, Tallinn, Riga, Vilnius, Genium
Nordic (2003)
Yerevan

Consolidation

The following timeline outlines the consolidation through mergers and acquisitions among bourses in
the European Union, which has taken place since the 1990s in response to financial harmonisation and
liberalisation. Current, independent (parent) exchange companies are shown in colour.

Înființare
1585 Frankfurter Wertpapierbörse AG (Frankfurt Stock Exchange)

1602 Amsterdam Exchanges N.V. (Amsterdam Stock Exchange) ^ -

1625 Copenhagen Stock Exchange +++

1698 London Stock Exchange plc ^

1724-1808
1724 Société des Bourses Françaises S.A. (Paris Stock Exchange) ^ -

1769 Bolsa de Valores de Lisboa e Porto (Lisbon Stock Exchange) ^^ -

1771 Wiener Börse AG (Vienna Stock Exchange) + ^ *

1792 New York Stock Exchange, Inc. + -

1799 Irish Stock Exchange &

1801 Bourse de Valeurs Mobilières de Bruxelles S.A. (Brussels Stock Exchange) ^ -


1808 Borsa Italiana S.p.A. (Italian Bourse) ^

1818-1912-1985
1818 Oslo Stock Exchange (rename)

* London Commercial Sale Rooms (--)

1831 Bolsas y Mercados Españoles, Sociedad Holding de Mercados y Sistemas Financieros,


S.A. (Spanish Bourses) ***

1863 Stockholm Stock Exchange **

1864 Budapest Stock Exchange + * -

1912 Helsinki Stock Exchange **

*1954 London Commodity Exchange *** (--)

*1970 Centrale de Livraison de Valeurs Mobilières ** ***

1971 Nasdaq, Inc. ^ *

*1978 London Traded Options Market ** (--)

*1979 London International Financial Futures Exchange ** (--)

*1980 VP Securities A/S &&&

1985 Iceland Stock Exchange ++++

* Verdipapirsentralen (rename)

New Wave (Ex-Communist Countries)


1989 Ljubljana Stock Exchange ^ * / &

1991 Zagreb Stock Exchange + &

1993 Deutsche Börse AG (German Bourse) *** - first rename ^ ^^ ^^^

Burza cenných papírů Praha, a.s. (Prague Stock Exchange) ^ *

SIX Swiss Exchange AG ***

Riga Stock Exchange *****

Vilnius Stock Exchange ++

Statnett Marked AS

London International Financial Futures and Options Exchange ** *** --

1995 Tallinn Stock Exchange ****

Cedel International ** ***


1996 Nord Pool ASA *

1998 Eurex Exchange ^^

STOXX ^^^

Helsinki Exchanges Group Plc ** **** +

OM AB ** +

***

Consolidations 2000-2020 Consolidări/Deconsolidări


2000 Euronext N.V. ^ + -

Intercontinental Exchange, Inc. * --

2001 ***

****

^^

Armenian Stock Exchange +++++

Oslo Børs Holding ASA (rename) ^

2002 European Energy Exchange ^

*****

Nord Pool Spot AS // (rename)

2003 OM HEX AB + ++

Verdipapirsentralen ASA (rename) ^

2004 +

OMX AB ++ ^

2005 +++

2006 ++++

2007 +++++

London Stock Exchange Group plc ^

NYSE Euronext, Inc. + *

2008 ^

^
Oslo Børs VPS Holding ASA ^ &&

2010 Central and Eastern Europe Stock Exchange Group AG * --

2011 ^

2012 ^^

2013 *

Deconsolidări
2014 // Euronext N.V. - &// Intercontinental Exchange, Inc. --

2015 ^^^

Budapest Stock Exchange - // Central and Eastern Europe Stock Exchange Group AG -- +

Ljubljana Stock Exchange /

& Zagreb Stock Exchange

2016 Nord Pool AS (rename) &&&

2018 &

2019 &&

2020 &&&

*** BME ∩ SIX

Vienna Stock Exchange (Wiener Boerse + Prague Stock Exchange)

2021 Borsa Italiana S.p.A. (Italian Bourse) // London Stock Exchange Group plc

& Euronext N.V.

https://en.wikipedia.org/wiki/List_of_European_stock_exchanges

Euronext
La Défense, Greater Paris, France (headquarters)
Location
Amsterdam, Netherlands (registered office)

1602; 418 years ago (as Amsterdam Stock Exchange)


Founded October 27, 2000; 19 years ago (present consortium[1][2]
[3][4])

Key people Stéphane Boujnah[5]


(CEO and Chairman of the Managing Board)

Currency Euro

No. of listings 1,462 issuers (June 2020)[6]

Market cap US$ 4.65 trillion (April 2018)[7]

Pan-European:
Euronext 100
Dutch:
AEX
AMX (Midcap)
AScX (Small Cap)
Belgian:
BEL20
French:
CAC 40
CAC Next 20
CAC Mid 60
CAC Small
Indices SBF 250
Irish:
ISEQ 20
Italian:
FTSE MIB
FTSE Italia All-Share
FTSE Italia Mid Cap
FTSE Italia Small Cap
FTSE AIM Italia
Norwegian:
OSEAX
OBX
Portuguese:
PSI-20

Website Euronext.com

Naamloze vennootschap
Type (NV)

Traded a Euronext: ENX
s CAC Mid 60 Component

ISIN NL0006294274
Euronext N.V. (short for European New Exchange Technology[8]) is the largest stock exchange in
Europe, operating markets in Amsterdam, Brussels, Dublin, Lisbon, London, Milan, Oslo and Paris.[9]
As of June 2020, it had nearly 1,500 listed issuers worth €3.8 trillion in market capitalisation.

Euronext operates regulated equity and derivatives markets and is the largest centre for debt and funds
listings in the world. Its product range includes equities, exchange-traded funds, warrants and
certificates, bonds, derivatives, commodities and indices as well as a foreign exchange trading
platform. Euronext also provides technology and managed services to third parties. In addition to its
main regulated market, it operates Euronext Growth and Euronext Access, providing access to listing
for small and medium-sized enterprises. Euronext provides custody and settlement services through
central securities depositaries (CSD) in Denmark, Norway and Portugal.

Tracing its origins back to the founding of the Amsterdam Stock Exchange in 1602 by the Dutch East
India Company, Euronext was founded in 2000 by the merger of the exchanges in Amsterdam, Paris
and Brussels.[11] Euronext has since grown by developing services and acquiring additional
exchanges and has, after being merged with the New York Stock Exchange (NYSE) from 2007 to
2014 as NYSE Euronext, been spun off to once again being a standalone European exchange. Since its
IPO in 2014,[12] Euronext has expanded its European footprint and diversified its revenue streams by
acquiring FastMatch,[13] a global FX spot market operator, in 2017, the Irish Stock Exchange in 2018,
[14] Oslo Børs VPS, the owner of the Norwegian stock exchange in 2019,[15] and the Milanese bourse
in 2021.

Euronext maintains a single order book, and Optiq is the electronic trading platform it currently uses
and develops. Optic has also been sold and is in use by a number of third party exchanges around the
world.[citation needed]

Indices

Euronext manages various country (national), as well as pan-European regional and sector and strategy
indices.[17]

2000–2001: Founding

Logo used between 2000 and 2007

Euronext was formed on 22 September 2000 following a merger of the Amsterdam Stock Exchange,
[47] Brussels Stock Exchange, and Paris Bourse, in order to take advantage of the European Union's
(EU) single currency and harmonisation of financial markets.[1][2][3][4]

2001–2007: First round of European acquisitions


In December 2001, Euronext acquired the shares of the London International Financial Futures and
Options Exchange (LIFFE), forming Euronext.LIFFE. In 2002 the group merged with the Portuguese
stock exchange Bolsa de Valores de Lisboa e Porto (BVLP), renamed Euronext Lisbon.[3] In 2001,
Euronext became a listed company itself after completing its initial public offering.[48][49]
In 2003, Euronext cash products were integrated onto a single platform (NSC).[50]

In 2004, Euronext derivatives products were integrated onto LIFFE CONNECT.

In 2005, Euronext introduced Alternext as a market segment to help finance small and mid-class
companies in the Eurozone.

2007–2012: Merger with the New York Stock Exchange

Logo of NYSE Euronext from 2007 to 2012, based on NYSE's previous logo
Due to apparent moves by NASDAQ to acquire the London Stock Exchange[52] or Euronext
itself[53], NYSE Group, owner of the New York Stock Exchange (NYSE), offered €8 billion
(US$10.2b) in cash and shares for Euronext on 22 May 2006, outbidding a rival offer for the European
Stock exchange operator from Deutsche Börse, the German stock market.[54]
The merger was completed on 4 April 2007, forming NYSE Euronext.

The new firm, NYSE Euronext, was headquartered in New York City, with European operations and
its trading platform run out of Paris. Then-NYSE CEO John Thain, who was to head NYSE Euronext,
intended to use the combination to form the world's first global stock market, with continuous
trading of stocks and derivatives over a 21-hour time span. In addition, the two exchanges hoped to
add Borsa Italiana (the Milan stock exchange) into the grouping.

In 2008 and 2009 Deutsche Börse made two unsuccessful attempts to merge with NYSE
Euronext. Both attempts did not enter into advanced steps of merger.[60][61] In 2011, Deutsche
Börse and NYSE Euronext confirmed that they were in advanced merger talks. Such a merger would
create the largest exchange in history.[62] The deal was approved by shareholders of NYSE Euronext
on July 7, 2011,[56] and Deutsche Börse on July 15, 2011[63] and won the antitrust approved by the
US regulators on December 22, 2011.[64] On February 1, 2012, the deal was blocked by European
Commission on the grounds that the new company would have resulted in a quasi-monopoly in
the area of European financial derivatives traded globally on exchanges.[65][66] Deutsche Börse
unsuccessfully appealed this decision.[67][68]

In 2012, Euronext announced the creation of Euronext London to offer listing facilities in the UK. As
such, Euronext received in June, 2014 Recognized Investment Exchange (RIE) status from Britain's
Financial Conduct Authority.[69]

2012–2014: Acquisition by Intercontinental Exchange


On 20 December 2012, the boards of directors of both Intercontinental Exchange (ICE) and the NYSE
Euronext approved an $8 billion acquisition of NYSE Euronext.

[...] on November 13, 2013 the acquisition was completed.[84][85]

In May 2013, Euronext established Enternext as a subsidiary to help small and medium-size
enterprises (SMEs) listed on Euronext outline and apply a strategy most suited to support their growth.
[75][76]
2014–2017: Re-emergence

Shareholders as of 17 June 2019. The reference shareholders are the Belgian Federal Holding and
Investment Company (4.50%), the French Deposits and Consignments Fund (8.00%), BNP Paribas
Fortis (2.22%), ABN AMRO (0.55%) and Euroclear (8.00%).[86]

Part of ICE's deal to acquire NYSE Euronext was a spin-off for Euronext, which was considered a
positive element for European stakeholders.[84] After a complex series of operations, this occurred on
20 June 2014, through an initial public offering (IPO).[87] The former Euronext.LIFFE was retained
by ICE and renamed ICE Futures Europe. In order to stabilise Euronext, a consortium of eleven
investors decided to invest in the company as "reference shareholders". These investors owned 33.36%
of Euronext's capital and have a 3 years lockup period: Euroclear, BNP Paribas, BNP Paribas Fortis,
Société Générale, Caisse des Dépôts, BPI France, ABN Amro, ASR, Banco Espirito Santo, Banco BPI
and Belgian holding public company Belgian Federal Holding and Investment Company [fr]
(SFPI/FPIM).[88] They have 3 board seats.

In June 2014, EnterNext launched two initiatives to boost SME equity research and support the
technology sector. EnterNext partnered with Morningstar to increase equity research focusing on
mid-size companies, especially in the telecommunications, media and technology (TMT) sector.

On 22 September 2014, Euronext announced a partnership with DEGIRO[89] regarding the


distribution of retail services of Euronext.

2017–present: Second round of European acquisitions


On 14 August 2017, Euronext announced the completion of its acquisition of FastMatch, a currency
trading platform.[92]

On 27 March 2018, Euronext announced the completion of its acquisition of the Irish Stock Exchange.
[93]

On 18 June 2019, Euronext announced the completion of its acquisition of the Oslo Stock Exchange.
[94]

On 5 December 2019, Euronext announced that it would acquire 66% of the European power exchange
Nord Pool.[95][96] The acquisition was completed on 15 January 2020.[97]

On 23 April 2020, Euronext announced that it would acquire ca. 70% of the Danish Central Securities
Depository, VP Securities.[98] The acquisition was completed on 4 August 2020.[99]
On 18 September 2020, the London Stock Exchange Group (LSEG) entered into exclusive talks to sell
the Italian Bourse (formally 100% of London Stock Exchange Group Holdings Italia S.p.A.), situated
in Milan, to Euronext.[46] As part of the deal, CDP Equity, 100% owned by Cassa Depositi e Prestiti,
and Intesa Sanpaolo would become Euronext shareholders.[100] LSEG is selling Italian Bourse as part
of regulatory remedies to see through its $27 billion purchase of data provider Refinitiv.[101] A €4.3
bn deal was announced on 2 September, albeit contingent on the European Commission formally
stating in mid-December that it will only permit LSEG's acquisition of Refinitiv if the Italian Bourse is
sold. Euronext's acquisition is expected to be completed in the first half of 2021.[102]

https://en.wikipedia.org/wiki/Euronext

A history of Euronext, the leading pan-European euro exchange


Brian Bollen 19:01, 12 June 2017

Euronext describes itself as the leading pan-European exchange in the eurozone. It had nearly
1,300 listed issuers worth some €3.5 trillion in market capitalisation at end March 2017. It has a blue
chip franchise consisting of 25 issuers in the EURO STOXX 50 benchmark.

In its current form it is very much a modern construct. It brings together the exchanges of
Amsterdam, Brussels, Lisbon and Paris, giving it a shared history that dates back some 400 years
(further details below).

Euronext’s markets are regulated within the meaning of the EU's Markets in Financial Instruments
Directive (MiFID). Launched in 2010, Euronext London is a regulated market aimed at attracting
issuers to list in the UK regulatory environment.

Diverse and international – products


Introducing Alternext
The trading of corporate shares originated in Amsterdam in 1607 to finance the transport of
goods from the Far East by the Dutch East India Company. Its shares were the world's first
immediately deliverable shares. The first futures and options followed promptly.

Belgium birthplace of the bourse


Belgium was the birthplace of the concept of the bourse. In the 13th century merchants gathered in the
house of the van den Bürse family in Bruges to do business. The first purpose-built stock exchange
building was constructed in Antwerp in the 1500s.

Lisbon Stock Exchange


LIFFE contracts migrate
All LIFFE contracts migrated to ICE Futures Europe (which is in effect the LIFFE business operating
under a new name) in a phased approach that was launched in September 2014.
Euronext says
Euronext re-emerges
The Euronext official corporate brochure states that it has gone back to its roots as a pan-European
securities and derivatives exchange. “Our roots are deep: for four centuries, the exchanges that now
comprise Euronext have been at the heart of European capital markets.”

Founded: 2000; Euronext NV formed by merging the stock exchanges of Paris, Brussels and
Amsterdam

Best known indices


Market capitalisation at end-March 2017: c€3.5 trillion

Number of companies listed (total): nearly 1,300

Biggest companies listed as of 31 May 2017: AB Inbev, Total, LVMH, Sanofi, L'Oréal.

Key Moments
1500s First purpose-built stock exchange building was constructed in Antwerp in the 1500s.

1607 The trading of corporate shares originated in Amsterdam to finance the transport of goods from
the Far East by the Dutch East India Company.

1769 Lisbon Stock Exchange set up on Lisbon's Praça do Comercio.

1801 Belgium's first national stock exchange established in Brussels by government of Napoleon
Bonaparte.

1999

 Lisbon and Porto Stock Exchanges merge

 Paris Equities Market (SBF), the Nouveau Marché (SNM) and the French financial derivatives
exchanges MATIF and MONEP merge to create the exchange that will become Euronext Paris

2000 Euronext NV formed by merger of the stock exchanges of Paris, Brussels and Amsterdam.

2002

 Euronext buys LIFFE

 Euronext buys Portuguese stock exchange

2005 Alternext created.

2007 Euronext merges with New York Stock Exchange to create NYSE Euronext.

2010 Euronext London created.

2013 Intercontinental Exchange buys NYSE Euronext.

2014

 Euronext re-emerges from ICE via initial public offering planning to go back to the future
 LIFFE contracts migrate to ICE Futures Europe (LIFFE by a new name)

2017 Acquisition by Euronext NV of 100% of the issued share capital of Banque Centrale de
Compensation SA, trading as LCH.Clearnet SA, approved.

Primary source: https://www.euronext.com

Related stories
 Animals to equity: stock market histories of the world

 Major milestones on way to modern stock markets

Top ten stock exchanges of the world


1. New York Stock Exchange (NYSE)

2. NASDAQ (originally the National Association of Securities Dealers Automated Quotation


exchange)

3. London Stock Exchange (LSE)

4. Tokyo Stock Exchange (TSE)

5. Shanghai Stock Exchange (SSE)

6. Hong Kong Stock Exchange (SEHK)

7. Euronext

8. Shenzhen Stock Exchange (SZSE)

9. Toronto Stock Exchange (TMX)

10.Frankfurt Stock Exchange (FWB)

https://capital.com/a-history-of-euronext-the-leading-pan-european-euro-exchange

European roots. Global ambition.

20 Years of Euronext
A journey of ambition, innovation and success.

Let's screen together the journey of Euronext.

Euronext 20th Anniversary | Go Europe, Go Euronext


22 September 2020 marks the 20th anniversary of Euronext’s creation.

Euronext was formed 20 years ago through the merger of the Paris, Amsterdam and Brussels stock
exchanges. In joining forces, the vision of Euronext’s founding fathers was to provide local businesses
and investor communities with unrivalled access to capital and liquidity. Euronext was subsequently
taken public in 2001 and expanded quickly with the acquisition of the Lisbon stock exchange in 2002.
In 2007, Euronext merged with the New York Stock Exchange, before becoming independent again
through an IPO in 2014.
Since this successful IPO, Euronext has significantly accelerated its growth journey, furthering its
geographical reach through the acquisitions of the Irish Stock Exchange in 2018 and of Oslo Børs VPS
in 2019. Importantly, not only has the geographical footprint of Euronext expanded, but Euronext has
also diversified into new asset classes, with the acquisitions of FastMatch -now Euronext FX- in 2017,
and of Nord Pool in 2019. In parallel, Euronext has diversified into post-trade through the acquisitions
of VPS in Oslo and VP in Copenhagen. We have also developed innovative services with the
formation of a rich and growing Corporate Services franchise. Importantly, Euronext teams have also
cemented our technology leadership with the deployment of our state-of-the-art proprietary trading
platform, Optiq.

Twenty years after its foundation, Euronext has become the leading pan-European market
infrastructure, governed by a powerful federal model, and connected by our motto: united in
diversity.

Euronext is building the backbone of the European capital markets union.

Stéphane Boujnah - CEO and Chairman of the Managing Board of Euronext

20 Years of Euronext

Euronext 20 years

https://www.youtube.com/watch?v=3uwRUyBbKIU

https://www.euronext.com/en/20-years-euronext

Our activities

We are the leading listing and trading venue in Europe with €3.8 trillion combined market
capitalisation at the end of June 2020, more than 1,500 listed companies and the largest liquidity pool
in Europe.

We provide advanced market data services and a range of indices and index solutions, including the
AEX, CAC40, BEL 20, ISEQ 20 and PSI 20. Euronext's proprietary trading platform, Optiq®, offers
cutting-edge solutions to both our trading and technology clients. We offer our clients innovative
corporate and investors services. We also operate Euronext FX in the United States and in Singapore
and two spot FX matching engines in Tokyo and London.

https://www.euronext.com/en/investor-relations
Market Cap € 6.580B

https://live.euronext.com/en/product/equities/NL0006294274-XPAR

The Combined Group will be:

The #1 listing venue in Europe with more than 1,800 companies listed and €4.4 trillion aggregate
market capitalization of listed companies11;

The #1 venue for secondary markets in Europe, with c.€11.7 billion worth of equities traded on a
daily basis12; and

The #1 venue in equity financing, with more than €42 billion raised in 2019 from investors to
finance companies across Europe.

https://live.euronext.com/en/product/equities/NL0006294274-XPAR#CompanyPressRelease-2978924

https://www.euronext.com/en/investor-relations/capital-and-shareholding

Euronext
Euronext Euronext
Name Euronext Paris Euronext Brussels Lisbon (Bolsa
Amsterdam Dublin
de Lisboa)

Country France Netherlands Belgium Portugal Ireland

Number of listed
846 125 130 57 51
companies

Domestic market 3,482,969 million 942,595 million 351,600 million 66,400 million 171,428 million
capitalization US$ US$ US$ US$ US$
SSE Partner
Yes
Exchange

Yes
Has annual
 Chapter 2 of the Euronext 2018 Registration Document, found No
sustainability report
here.

Yes

 The European directive on non-financial information reporting (NFRD) has been


implemented into the French legal environment.
Yes

 The European directive on non-financial information reporting (NFRD) has been


implemented into the Dutch legal environment.
Yes
ESG reporting
required as a listing  The European directive on non-financial information reporting (NFRD) has been
rule implemented into the Belgian legal environment.
Yes

 The European directive on non-financial information reporting (NFRD) has been


implemented into the Portuguese legal environment.
Yes

 The European directive on non-financial information reporting (NFRD) has been


implemented into the Irish legal environment.

 Moreover,
 The Grenelle II Act of 2010 makes CSR reporting mandatory as part of
annual reporting for all large companies doing business in France.
 Euronext Paris supports and implements ESMA’s and National
Competent Authorities stringent rules with regards to governance
among its community of listed companies.

 Moreover, Euronext Amsterdam supports and implements ESMA’s and National


Competent Authorities stringent rules with regards to governance among its
community of listed companies

 Moreover, Euronext Brussels supports and implements ESMA’s and National


Competent Authorities stringent rules with regards to governance among its
community of listed companies

 Moreover, Euronext Lisbon supports and implements ESMA’s and National


Competent Authorities stringent rules with regards to governance among its
community of listed companies.

 Moreover, Euronext Dublin supports and implements ESMA’s and National


Competent Authorities stringent rules with regards to governance among its
community of listed companies.

Has written Yes


guidance on ESG
reporting  Guidelines to Issuers for ESG Reporting

Offers ESG related


No
training

Yes
Market covered by
sustainability-  See the list of indices on the Euronext website here. ESG/ISR No
related index indices fall under the tab “theme indices”. This list is
automatically updated.

Yes

EURONEXT GREEN Bonds


In November 2019, Euronext announced the launch of its Euronext Green Bonds
Offering across its six regulated markets in Amsterdam, Brussels, Dublin, Lisbon, Oslo
and Paris.

Has sustainability The Euronext Green Bonds Offering is operated out of Euronext Dublin and is designed
bond listing to encourage and promote more sustainable investment in Europe. Under the initiative,
segment information on green bonds from all of Euronext’s markets are displayed in one area on
the Euronext website, aimed at facilitating investor access to sustainable investment
opportunities.

As of January 2020, 250 green bond issues were listed on Euronext’s markets from 110
issuers, including sovereigns, local governments, government-based entities, financial
corporates, development banks and asset backed security issuers.

Has SME listing


Yes
platform

Enterprise
Securities
Market, since
2005 (Irish
SME community
Stock Exchange
now known as
Euronext
Dublin)
On the
Euronext
platform:

Euronext Grow

Euronext Access
Euronext Access+

Enternext Enternext
Netherlands. Portugal

Euronext
Dublin
Euronext supports climate friendly innovations by financing Cleantech facilitates the
SME’s benefitting from major Euronext initiatives: listing of
sustainable
 TechShare: 27 Cleantech have followed the program on how to products
Additional leverage capital markets. through
information  Tech40 Index: 10% of this increasingly important index is made existing
up of Cleantech SME’s. markets for
 Morningstar: the program fully covers the scope of Cleantech equities, bonds
SME issuers (55). and
investment
funds.

Organizational Listed
model of stock Listed company for profit; demutualized in 2000. company for
exchange profit.

De Nederlandsche Belgian National Central Bank of


Regulatory bodies ACPR.
Bank. Bank (BNB) Ireland (CBI).

The
The Netherlands Belgian Financial Portuguese
Autorité des
Authority for the Services and Securities
Marchés
Financial Markets Markets Market
Financiers (AMF).
(AFM). Authority (FSMA) Commission
(CMVM).
The
The Ministry of The Dutch The Irish
Belgian Ministry Portuguese
Economics and Ministry of Ministry of
of Finance Ministry of
Finance. Finance. Finance.
Finance.
European Union (ESMA).

Regulatory model Government (Statutory) Model

The Markets in Financial Instruments Directive (MiFID) classifies Euronext’s European


cash markets as a regulated market. As such, the real-time monitoring performed by
Euronext’s cash market operations and technical support is formally enforced, and our
trading rules and procedures are approved by our four regulators. This regulatory and
organizational system gives Euronext the power to efficiently manage crisis situations
and extraordinary circumstances. Some of the markets organized by Euronext are
exchange regulated, which means they are subject to a body of rules laid down by the
market operator, Euronext. They are not regulated markets as defined by the Markets in
Financial Instruments Directive (MiFID). These structured, exchange regulated markets
offer simplified access to financial markets and streamlined listing requirements for
companies from every sector of the economy, while ensuring compliance with rules on
investor disclosure and the control of financial information. (Source).

Limited Exchange Self-Regulatory Organization (SRO) Model (Ireland + the above)

About the stock Location of the listed holding: Paris, France


exchange
 As a market operator, Euronext Paris, which is the market of reference for the
Euronext shares, manages the Euronext regulated markets in France. In
accordance with Article L.421-10 of the French Monetary and Financial Code,
Euronext Paris adopts rules for each of these markets to ensure fair and orderly
trading and efficient order execution. The requirements for market access and
admission of financial instruments to trading are also covered by these rules,
which are approved by the Autorité des Marchés Financiers (“AMF”) and
published on the market operator’s website. Euronext Paris markets are subject
to the provisions of Article L.421-4 et seq. of the French Monetary and Financial
Code, which authorises the French Minister of Economy to confer and revoke
regulated market status upon proposal of the AMF, which has to consult with
the Autorité de Contrôle Prudentiel et de Résolution (“ACPR”).

Location of the listed holding: Amsterdam, Netherlands.

 Both Euronext and Euronext Amsterdam have an exchange licence from the
Dutch authorities to operate regulated markets. This means that they are
subject to the regulation and supervision of the Dutch Minister of Finance and
the Autoriteit Financiële Markten (“AFM”). Since the creation of Euronext in
2000, the Dutch regulators have taken the view that the direct parent company
of Euronext Amsterdam, as controlling shareholder, has to be seen as co-market
operator and, accordingly, also requires an exchange licence. Pursuant to
section 5:26 paragraph 1 of the Dutch Financial Supervision Act it is prohibited
in the Netherlands to operate or to manage a regulated market without a
licence granted by the Dutch Minister of Finance. The Dutch Minister of Finance
may, at any time, amend or revoke the licence if necessary to ensure the proper
functioning of the markets or the protection of investors. The licence may also
be revoked for non-compliance with applicable rules.

Location of the listed holding: Brussels, Belgium

 Euronext Brussels is governed by the Belgian Law of 21 November 2017 on


the market infrastructures for financial instruments and transposing
Directive 2014/65/EU. Accordingly to the Law, Euronext Brussels is
responsible for matters such as the organisation of the markets and the
admission, suspension and exclusion of members and has been appointed
by law as the “competent authority” for listing matters within the meaning
of EU Directive 2001/34/EC dated 28 May 2001. Euronext Brussels is
subject to the supervision of the Financial Services and Markets Authority
(FSMA), an independent public authority which strives to ensure the honest
and equitable treatment of financial consumers and the integrity of the
financial markets.
100% ownership by Euronext NV

Location of the listed holding: Portugal, Lisbon.

 As a market operator, Euronext Lisbon is governed by Portuguese Decree of Law


No. 357-C/2007 of 31 October 2007 which, along with the Portuguese Securities
Code and regulations of the Comissão do Mercado de Valores Mobiliários
(“CMVM”), governs the regime applicable to regulated markets and MTFs,
market operators and other companies with related activities in Portugal. The
creation of regulated market operators requires the prior authorisation in the
form of a decree-law from the Portuguese Minister of Finance, following
consultation with the CMVM. The CMVM is an independent public authority
that supervises and regulates markets and market participants, public offerings
and collective investment undertakings. Its objectives are to ensure investor
protection and an efficient and regular functioning of markets, monitor
information, prevent risk and prevent and suppress illegal actions. The entities
subject to the supervision of the CMVM should co-operate with the CMVM as
requested. The CMVM carries out “on-site” supervision of the entities subject to
its supervision and makes public infringements and fines imposed in accordance
with applicable law.

Location: Dublin, Ireland

 The Irish Stock Exchange Plc trading as Euronext Dublin (‘Euronext Dublin’) is
authorized by the Central Bank of Ireland (‘CBI’) as a market operator pursuant
to Article 56 (2) of the European Union (Markets in Financial Instruments)
Regulation 2017 (S.I. 375/2017). As a market operator, Euronext Dublin
operates one regulated market and three multi-lateral trading facilities and
adopts rules for each of these markets to ensure fair and orderly trading and
efficient order execution. In addition, Euronext Dublin has been appointed as
the competent authority for listing by the department of Business, Enterprise
and Innovation pursuant to the European Communities (Admission to Listing
and Miscellaneous Provisions) Regulations 2007, as amended. The CBI is
responsible for the regulation and supervision of regulated markets and market
operators authorised in Ireland. Euronext Dublin is required to meet various
legislative and regulatory requirements and failure to comply with these
requirements could subject it to enforcement action by the CBI including
significant penalties and/ or revocation of its authorisation as a market
operator. https://www.euronext.com/en/markets/dublin

 Euronext is the leading pan-European exchange in the Eurozone, spanning


Belgium, France, Ireland, Norway, the Netherlands, Portugal, the UK and Ireland.
Created in 2000, it unites markets which date back to the start of the 17th
century. It is the primary exchange in the Euro zone with nearly 1,500 listed
issuers worth more than €4.5 trillion in market capitalization as of end May
2019, an unmatched blue chip franchise consisting of 20+ issuers in the
Morningstar® Eurozone 50 Index℠ and a strong diverse domestic and
international client base

Euronext Paris
https://sseinitiative.org/stock-exchange/euronext-paris/

Euronext Amsterdam
https://sseinitiative.org/stock-exchange/euronext-amsterdam/

Euronext Brussels
https://sseinitiative.org/stock-exchange/euronext-brussels/

Euronext Lisbon
https://sseinitiative.org/stock-exchange/euronext-lisbon/

Euronext Dublin
https://sseinitiative.org/stock-exchange/euronext-dublin/

Oslo Børs
Name Oslo Børs

Country Norway

Number of listed
227
companies

Domestic market
308,197 million US$
capitalization

SSE Partner Exchange Yes

Yes
Has annual sustainability
report  Corporate Social Responsibility report online.
 Also has Corporate Governance section on website.

ESG reporting required


No
as a listing rule

Yes

Has written guidance on  Guidance on the reporting of corporate responsibility, first published in
ESG reporting September 2016 in collaboration with the Norwegian Forum for
Responsible and Sustainable Investment (Norsif). The guidance was
updated in June 2018.

Offers ESG related Yes


training
 ESG training is included in the following courses offered by Oslo Børs:
 1. the mandatory training for board members in listed companies
 2. the courses in continuing obligations for companies and advisers
 3. the mandatory course for management and board members of
companies that have applied for listing on the exchange’s markets.
 Oslo Børs also organizes and hosts seminars specifically focusing on green
bonds.

Market covered by
sustainability-related No
index

Has sustainability bond Yes


listing segment  Oslo Børs launched a separate list for green bonds in January 2015.

Yes
Has SME listing platform  Oslo Axess, since 2007.
 Merkur Market, since 2016.

Additional information

Organizational model of
 Demutualised for profit; demutualized in 2001.
stock exchange

Regulatory bodies  The Financial Supervisory Authority of Norway .

Limited Exchange Self-Regulatory Organization (SRO) Model

 The Oslo Børs exchange operates under statutory law and supervision by
Regulatory model the Financial Supervisory Authority of Norway, which is the primary
regulatory body for security exchanges in Norway. The exchange possesses
basic self-regulatory authority abilities.

Location: Oslo, Norway.

 Oslo Børs VPS Holding ASA owns Oslo Børs ASA, Verdipapirsentralen ASA
About the stock and Oslo Market Solutions AS. The Oslo Børs VPS group offers coordinated
exchange and attractive marketplaces for listing and trade in securities, registration of
ownership and settlement of securities in Norway, market data and on-line
solutions. Oslo Børs VPS Holding is the result of a merger between Oslo
Børs Holding and VPS Holding that took place in November 2007. (Source).

https://sseinitiative.org/stock-exchange/oslo-bors/

Borsa Italiana
Name Borsa Italiana

Country Italy

Number of listed
426
companies

Domestic market
734,408 million US$
capitalization

SSE Partner Exchange Yes

Has annual Yes


sustainability report

No

 Listing rules are set by the regulator not the LSE. In the UK the changes to the
ESG reporting required Companies Act 2006 (Strategic Report and Directors Report) regulations
as a listing rule came into effect on 1 October 2013. The regulation entail extra reporting on
greenhouse gas emissions, human rights and diversity within the front half of
the annual report. (Source).

Yes
Has written guidance
on ESG reporting  Guide to ESG Reporting, published February 2017 by the London Stock
Exchange Group. (Source).

Yes

Offers ESG related  Through FTSE, who is wholly owned by LSEG, detailed ESG ratings and data
training are provided to the investment community globally. These are presented at
a variety of investor conferences globally and FTSE works with asset owners,
asset managers and banks to develop tailor custom ESG services. (Source).

Market covered by
sustainability-related No
index

Yes

Has sustainability bond  Green and social bonds.


listing segment  LSEG has a range of dedicated green bond segments, launched in June 2015.
 There are currently 42 green bonds listed on LSE.
 A green bond factsheet from April 2017 found here.

Has SME listing


No
platform

Additional information

Organizational model
Listed company for profit; demutualized in UK in 2000
of stock exchange

Regulatory bodies  Commissione Nazionale per le Societa e la Borsa (CONSOB) .

Regulatory model Government (Statutory) Model

 The Financial Conduct Authority (FCA) is responsible for regulating the


financial services markets, exchanges and firms. They have full listing
authority in the UK, and have full power to monitor the markets. The FCA
looks after conduct, competition and actions that occur on the London Stock
Exchange. This would thus be considered a Government (Statutory) Model.
According to the Commissione Nazionale per le Societa e la Borsa (CONSOB),
they have been given full authority to regulate the operation of Italian
markets. CONSOB was created out of Italian legislature in 1998. According to
the Borsa Italia website they oversee transaction activities, rules and
procedures for admission and listing, and supervise company disclosure.
Thus, in this respect, it may be considered Limited Exchange SRO Model.

Location: London, United Kingdom

About the stock  London Stock Exchange is one of the world’s oldest stock exchanges and can
exchange trace its history back more than 300 years. London Stock Exchange Group
was created in October 2007 when London Stock Exchange merged with
Milan Stock Exchange, Borsa Italiana. (Source).

https://sseinitiative.org/stock-exchange/borsa-italiana/

Nasdaq Nordic
"OMX" redirects here. For other uses, see OMX (disambiguation).

Type Subsidiary

Industry Financial services

Founded 2003

Headquarters Stockholm, Sweden

Key people Hans-Ole Jochumsen

Products Stock exchanges

SEK 4.305 billion (2007)


Revenue
[1]

Number of 1,638 (2007)[1]


employees
Parent Nasdaq, Inc.

www.nasdaqomxnordic.co
Website
m

Nasdaq Nordic is the common name for the subsidiaries of Nasdaq, Inc. that provide financial
services and operate marketplaces for securities in the Nordic, Baltic, and Caucasian regions of
Europe.[2

Historically, the operations have been known by the company name OMX AB (Aktiebolaget
Optionsmäklarna/Helsinki Stock Exchange), which was created in 2003 upon a merger between OM
AB and HEX plc. In 2015, the legal entity OMX AB was renamed Nasdaq AB, but it also operates
under the alias Nasdaq OMX AB.[3][4] The operations have been part of Nasdaq, Inc. (formerly known
as Nasdaq OMX Group) since February 2008.[5]

Nasdaq Nordic has two divisions: OMX Exchanges, which operates eight stock exchanges mainly in
the Nordic, Baltic countries and Caucasus regions of Europe, as well as OMX Technology, which
develops and markets systems for financial transactions used by OMX Exchanges, as well as by other
stock exchanges.[citation needed]

History
Origins
OM AB (Optionsmäklarna) was a futures exchange founded by Olof Stenhammar in the 1980s to
introduce trading in standardized option contracts in Sweden. OM acquired the Stockholm Stock
Exchange in 1998[6] and unsuccessfully attempted acquisition of the London Stock Exchange in 2001.
[7] During the dot-com bubble in the early 21st century, OM, together with investment bank Morgan
Stanley Dean Witter, launched a virtual European stock exchange called Jiway. The project was not
successful[8] and was cancelled on 14 October 2002.[9]

Acquisition of other exchanges


On 3 September 2003, the Helsinki Stock Exchange (HEX) merged with OM, and the joint company
became OM HEX.[10] On 31 August 2004, the brand name of the company was changed to OMX.
[11] OMX then acquired the Copenhagen Stock Exchange in January 2005[6] for €164 million.[12]
On 19 September 2006, the Iceland Stock Exchange owner Eignarhaldsfelagid Verdbrefathing (EV)
announced it would be acquired by OMX in a deal valuing the company at 250 million SEK.[13] The
transaction was completed by the end of the year.[6]

The company took a 10% stake in Oslo Børs Holding ASA, the owner of the Oslo Stock Exchange in
October 2006. As of September 2016, Nasdaq is not a major shareholder in the Oslo Stock Exchange
holding company, which following a merger is currently called Oslo Børs VPS Holding ASA. Nasdaq
has, however, publicly stated its interest in eventually acquiring the Oslo Stock Exchange.[14][15][16]

In November 2007, OMX acquired the Armenian Stock Exchange and Central Depository.[17]

Expansion of offerings
In December 2005, OMX started First North, an alternative exchange for smaller companies, in
Denmark. The First North exchange expanded to Stockholm in June 2006, Iceland in January 2007 and
Helsinki in April 2007.[18] The Markets Technology division of Computershare was acquired in 2006.
The acquisition greatly expanded its product offerings and made its client list the largest of all trading
system technology providers.

On 2 October 2006, the group launched a virtual Nordic Stock Exchange after merging the individual
lists of shares traded at its three wholly owned Nordic exchanges into a combined Nordic List.[19]
Companies listed on the Iceland Stock Exchange have also since been merged into the list. OMX also
launched a pan-regional benchmark index known as the OMX Nordic 40 on the same date; however,
the individual exchanges have also retained their own national benchmark indices.

NASDAQ takeover
Former logo used from 1971 to 2014, with Nasdaq logo added in 2007.

On 25 May 2007, NASDAQ agreed to buy OMX for US$3.7 billion.[20] In August, however, Borse
Dubai offered US$4 billion, prompting speculation of a bidding war.[21] On 20 September 2007,
Borse Dubai agreed to stop competing to buy OMX in return for a 20% stake and 5 percent of votes in
NASDAQ as well as NASDAQ's then 28% stake in the London Stock Exchange.[22] In a complex
transaction, Borse Dubai acquired 97.2% of OMX's outstanding shares before selling them on to
NASDAQ.[23] The newly merged company was renamed the NASDAQ OMX Group upon
completion of the deal on 27 February 2008.

Exchanges
Locations
The following exchanges, with official market names within parentheses, are operated by Nasdaq
Nordic:[24]

 Copenhagen Stock Exchange (Nasdaq Copenhagen)

 Stockholm Stock Exchange (Nasdaq Stockholm)

 Helsinki Stock Exchange (Nasdaq Helsinki)

 Iceland Stock Exchange (Nasdaq Iceland)

 Tallinn Stock Exchange (Nasdaq Baltic)

 Riga Stock Exchange (Nasdaq Baltic)

 Vilnius Stock Exchange (Nasdaq Baltic)

 Armenian Stock Exchange (completed November 2007, renamed Nasdaq OMX Armenia in
2009)[25][26][27]

Divisions
The company's stock market activities are categorized into three divisions:

 Nordic Market (Copenhagen, Stockholm, Helsinki, Iceland)

 Baltic Market (Tallinn, Riga, Vilnius)

 First North (alternative exchange)

https://en.wikipedia.org/wiki/Nasdaq_Nordic

http://www.nasdaqomxnordic.com/about_us/legalstructure
Nasdaq
Nasdaq Nasdaq Nasdaq Nasdaq Nasdaq
Name Stockhol Nasdaq Riga
Helsinki Copenhagen Iceland Tallinn Vilnius
m

Country Sweden Finland Denmark Iceland Estonia Latvia Lithuania

Number of
listed 319 151 149 20 17 24 27
companies

Domestic 850,000
275,000 445,888 7,864 million 3,103 million 1,489 million 4,515 million
market million
million US$ million US$ US$ US$ US$ US$
capitalization US$

SSE Partner
Yes
Exchange

Yes

Sustainab
ility
Section Yes
on
Website. Sustainability Section on
Website.
Has annual Corporate
sustainability Governan Yes Sustainability Report 2017.
report ce section
in 2017
Annual R Corporate Governance
eport. section in 2017 Annual
Report.
2017
Sustainab
ility
Report.
ESG reporting
required as a No
listing rule

Has written Yes


guidance on  ESG Reporting Guide released in March 2017 across Nasdaq’s Nordic and Baltic
ESG reporting Exchanges.

Offers ESG Yes


related training  Nasdaq Nordic and Baltic exchanges run a pilot program on ESG reporting.

Market covered Yes No


by
Nasdaq offers 70 sustainability-
related indexes (not all actively
traded), including:

OMX GES Ethical indexes:

 OMX GES Ethical Nordic Index


 OMX GES Ethical Norway
Index
 OMX GES Ethical Sweden
Index
 OMX GES Ethical Denmark
Index
 OMX GES Ethical Finland
sustainability- Index
related index  OMX GES OMXS30 Ethical
Index
 OMX GES Sustainability
Nordic and OMX GES
Sustainability Sweden:
 OMX GES
Sustainability Nordic
Index
 OMX GES
Sustainability Sweden
Index
 OMX GES
Sustainability Sweden
Ethical Index.

Yes

Nasdaq Stockholm and No


Nasdaq Helsinki
While not every Nasdaq Yes
Has launched a sustainable
office has a sustainability
sustainability bond list in 2015 on the
bond listing segment,  Riga/Tallinn/Vilnius, Nasdaq
bond listing main market and
Nasdaq Stockholm Baltic Market, June 18, 2018 –
segment another, the First North
launched a new list for Nasdaq.
Sustainable Bond List,
sustainable corporate
on the First North
bonds in 2015.
market in the beginning
of 2018.

Yes
Has SME listing
 Nasdaq First North (Nordic Exchanges), No
platform
since 2006.

Additional Nasdaq Sustainabilit Nasdaq Progress Report Sustainabilit Nasdaq Progress Report
information Progress y Section on 2014, United Nations y Section 2014, United Nations
Report
2014,
United
Website. Global Compact. on Website. Global Compact.
Nations
Global
Compact.
The Nasdaq speaks, moderates, sponsors, or otherwise exhibits at key industry events
related to sustainability. (Source).
Nasdaq and CERES’ Investor Network on Climate Risk (INCR) is working with other partners to
create an investor-centric sustainability reporting proposal for public companies and stock
exchanges. (Source).
Nasdaq had a three-part article series in 2013, called Doing Well by Doing Good. (Source).
Nasdaq commemorated Gender Equality International Women’s day in March 2017 with a
celebratio at Nasdaq Marketsite in Times Square.
Nasdaq is a member of the United Nations Global Compact and Chair of the WFE
Sustainability Working Group. (Source).
Board Member, US Global Compact US Network; Advisory Board Member, SASB.

Organizational Listed company for profit; demutualized in:


model of stock  NASDAQ – 2000
exchange  OMX – 1993.

Swedish Latvia –
Finnish Danish Icelandic Estonian
Financial Financial and Lithuania –
Regulatory Financial Financial Financial Financial
Superviso Capital Bank of
bodies Supervisory Supervisory Supervisory Supervisory
ry Market Lithuania.
Authority. Authority. Authority. Authority.
Authority. Commission.

Limited Exchange Self-Regulatory Organization (SRO) Model.

Regulatory practices in regards to this exchange vary slightly from country to country.
Regulatory However, the exchanges operated by Nasdaq in each country appear to have basic regulatory
model oversight. However, the ultimate regulatory authority for each market lies with the
regulatory bodies listed.

* NASDAQ OMX - Finland

HQ Location: New York, New York.

Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange


technology, listing, information and public company services. Through its diverse portfolio of
About the stock solutions, Nasdaq enables customers to plan, optimize and execute their business vision with
exchange confidence, using proven technologies that provide transparency and insight for navigating
today’s global capital markets. As the creator of the world’s first electronic stock market, its
technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world’s
securities transactions. Nasdaq is home to approximately 3,900 total listings with a market
value of approximately $13 trillion. To learn more, click here.

Nasdaq Copenhagen
https://sseinitiative.org/stock-exchange/nasdaq-copenhagen/

Nasdaq Helsinki

https://sseinitiative.org/stock-exchange/nasdaq-helsinki/

Nasdaq Iceland
https://sseinitiative.org/stock-exchange/nasdaq-iceland/

Nasdaq Stockholm
https://sseinitiative.org/stock-exchange/nasdaq-stockholm/

Nasdaq Tallinn
https://sseinitiative.org/stock-exchange/nasdaq-tallinn/

Nasdaq Riga
https://sseinitiative.org/stock-exchange/nasdaq-riga/

Nasdaq Vilnius
https://sseinitiative.org/stock-exchange/nasdaq-vilnius/

Sustainable Stock Exchanges initiative


https://sseinitiative.org/

Stock market
https://en.wikipedia.org/wiki/Stock_market

The Birth of Stock Exchanges


In the 1300s, Venetian moneylenders began to sell debt issues to other lenders and to individual
investors.

In the 1500s, Belgium's exchange dealt exclusively in promissory notes and bonds.

In the 1600s, the emergence of various East India companies that issued stock led to a financial boom,
which was followed by a bust when it was revealed some companies conducted very little actual
business.

Competition from the Nasdaq, which was formed in 1971 to trade securities electronically, has caused
the NYSE to evolve and innovate in order to cement its dominance as the premier global exchange.

https://www.investopedia.com/articles/07/stock-exchange-history.asp
Stock exchange
https://en.wikipedia.org/wiki/Stock_exchange

Surse imagini
https://orientalreview.org/wp-content/uploads/2019/12/Europe-flags.png

https://noortrends.ae/en/tag/european-stocks/page/7/

https://nord.news/2020/09/14/euronext-italian-groups-offered-to-buy-the-guarantee-in-milan/

https://theoneworldnews.com/analysis-comment/euronext-seeks-to-buy-oslo-stock-exchange-owner-
for-711-million/

https://www.marketscreener.com/quote/stock/EURONEXT-N-V-16725768/news/Euronext-N-
quarterly-net-profit-jumps-54-31013755/

https://www.malaymail.com/news/money/2020/08/05/positive-earnings-reports-lift-european-
shares/1891245

https://www.zf.ro/burse-fonduri-mutuale/raspandirea-coronavirusului-trimite-bursele-internationale-
rosu-indicele-pan-european-stoxx-600-scazut-mult-2-timp-sua-dow-jones-industrial-average-scazut-
500-puncte-deschiderea-sedintei-wall-street-18754514

https://www.bangkokpost.com/world/1999535/euronext-to-buy-milan-stock-exchange-for-4-33-bn-
euros

https://africa-energy-portal.org/news/south-africa-standard-bank-raises-200-million-green-bonds-
record

https://www.internationalinvestment.net/news/4009271/austrian-boerse-join-sustainable-stock-
exchange-initiative?__cf_chl_captcha_tk__=75cc0b09762082871e34bb7dbce8b92ec5fec22b-
1603614501-0-
AVzP0hseoSsWBceXPL34ZqOcb53lkulqAw7ue4YqODdUUK6xYjhvfqQ12vwwKFIfZn2SeWmkZh
0omSkMm_pt32uIgnHnVM8BdCxNjuIfQIirjtPQfefdmodgazLdt_WDrwO3wWfEHmN70SJeRBit_w
KSqONWOaY0oPriYnuD1BzP6TYl6UkEGig18DCKJVpONI0iO3U3QbwOiY_MRphqQg4EmFRm
OKgpBzvBtBNCZDOAphvpp8L0X1WQIp-
SMyXV1m3_Dq3anSbgxKNyNWiATY0_8iU1nNdnSDnaa19WFpeN3Sl4JPDDU_pMAAQZE6muM
1xayBHPYtHqVsX1EDTjaYNENCJwLN-znf-
oFHEuJ5s56A7PiHw4wGeo7EXFfnG9DhgTY4vh2bGytHjVHkVZrbEwmjolZOXq3h-
D8un70_Xsf7Kmp9ou5c4wd-34pxuE_FFMRl_SoUiL-
K4xeut3Bk2d3os_GtUwoX0R3hU5QY00jauNsE9uYlcMDsPNonfgU74tLaTLv7aSgNSKZtMe8Rto6s
Wl0iWmom8rz6oaBDz4nC0xgFzwecNSeY5ZNlMkWFh2u8hSJo8TPiNRjUuf9Vo

https://cointelegraph.com/news/major-swiss-stock-exchange-six-lists-xrp-exchange-traded-product

https://www.istockphoto.com/videos/stock-market-and-exchange?phrase=stock%20market%20and
%20exchange&sort=mostpopular

https://en.wikipedia.org/wiki/Europe
https://www.nasdaq.com/solutions/rules-regulations-nordic-member-rules

https://www.nasdaq.com/solutions/nasdaq-first-north-growth-market

https://www.nasdaq.com/articles/green-voices-of-nasdaq-nordic%3A-branching-out-in-the-green-
bonds-market-2019-03-28

https://expertinvestoreurope.com/nasdaq-launches-esg-portal-to-screen-nordic-companies/

https://www.slideshare.net/Italeaf/nasdaq-omx-italeaf-presentation

Bibliografie generală curs


Păun Cristian Finanțarea internațională

https://www.academia.edu/7385827/Suportul_de_curs_FI_Paun_Cristian_FR

Roxana Dumitrașcu Piata financiara europeana

Stancu Ioan – Finanțe, Editura Economică, București, 2007

Pop Cornelia – Tranzacții și piețe financiare internationale, Editura Presa Universitara Clujeana, 2003