Update on the integration of Euronext Dublin
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UPDATE ON THE INTEGRATION OF EURONEXT DUBLIN
Amsterdam, Brussels, Dublin, Lisbon, London and Paris - 2 October 2018 - Euronext today announced an update on the integration of Euronext Dublin, of which Euronext completed the acquisition on 27 March 2018.
- Migration to Optiq® for Euronext Dublin in February 2019
The migration of Euronext Dublin`s Cash Market to Euronext`s trading platform Optiq® is now planned in February 2019, subject to regulatory approval.
The migration to Optiq®, Euronext`s proprietary trading platform, will allow Euronext Dublin trading members and investors to benefit from access to trading across all cash equity asset classes available on Euronext`s pan-European exchanges. Euronext and Deutsche Börse will work together actively to ensure a smooth transition.
- Upgraded cost synergies targets
As a result of the first successful integration steps, Euronext has identified additional cost-saving opportunities, and now expects to deliver EUR8 million (vs EUR6 million announced at the time of acquisition) in pre-tax run-rate cost synergies. As part of the integration, total costs of EUR14 million (vs EUR9 million announced at the time of acquisition) will be incurred in the first years of integration.
- Signing of a termination agreement with Deutsche Börse for the migration of Euronext Dublin
Euronext has signed an agreement for the early termination of the trading services contract provided by Deutsche Börse AG to the Irish Stock Exchange (now operating as Euronext Dublin), initially due on December 2021. This agreement will contribute to approximately 50% of the announced EUR8 million in cost synergies. Furthermore, Euronext will recognise a EUR4 million impact from this settlement as an exceptional P&L expense in Q3 2018.
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Euronext is the leading pan-European exchange in the Eurozone, covering Belgium, France, Ireland, The Netherlands, Portugal and the UK. With 1,300 listed issuers worth EUR3.9 trillion in market capitalisation as of end September 2018, Euronext is an unmatched blue chip franchise that has 24 issuers in the Morningstar® Eurozone 50 IndexSM and a strong diverse domestic and international client base. Euronext operates regulated and transparent equity and derivatives markets and is the largest centre for debt and funds listings in the world. Its total product offering includes Equities, Exchange Traded Funds, Warrants & Certificates, Bonds, Derivatives, Commodities and Indices. Euronext also leverages its expertise in running markets by providing technology and managed services to third parties. In addition to its main regulated market, Euronext also operates Euronext GrowthTM and Euronext AccessTM, simplifying access to listing for SMEs.
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