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Euronext TCFD report 2022

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Read here Euronext’s climate reporting is based on the four key elements of the TCFD recommendations: Governance, Strategy, Risk management, and Metrics and Targets.

The Task Force on Climate-related Financial Disclosures (TCFD) established by the Financial Stability Board (FSB) developed voluntary recommendations on climate-related information that companies and organisations should disclose to help investors, lenders, and others make sound financial decisions.
TheTCFD Recommendations provide a framework for companies to respond to the increasing demand for transparency on climaterelated risks and opportunities from investors.

Download here the full report.

TCFD-Report-2022.pdf

Lottomatica Group lists on Euronext Milan

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Technoprobe S.p.A. transfers to Euronext Milan

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Norse Atlantic transfers to Euronext Expand Oslo

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Stainless Tankers ASA lists on Euronext Growth Oslo

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Ecomembrane S.p.A. lists on Euronext Growth Milan

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R11676 - Data Technology Senior Associate

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Submitted by Ariel on Wed, 26/04/2023 - 16:31
  • Perform pro-active maintenance and common administration tasks across all database systems used within the company.
  • Designing and implementing databases procedures and reports in the Fixed Income context in accordance to end users needs and requests
  • Analyse requests and develop new data structures and procedures.
  • Structure and plan DBA activities providing technical support to the team.
  • Suggest technical solutions, specify implementation details, formalize and document the solution agreed.
  • Ensure that agreed deadlines related to relevant projects

Commodities Newsletter - Spring 2023

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In 2023, we are re-starting the publication, each quarter, of the Euronext Commodities newsletter. It will contain information about new Euronext projects and changes, as well as news about the progress of the clearing migration and some interesting data.

On the market, the first quarter of 2023 was marked by the uncertainties around the renewal of the Black Sea Grains Corridor, the harsh competitiveness of Russian wheat, and the droughts in Argentina depleting corn and soybean production.

Since the beginning of the year, prices on Euronext MATIF contracts are following a bearish trend and went back to below €250/ton for wheat (EBM) and corn (EMA), and €450/ton for rapeseed (ECO), back to 2021 levels. Despite a calm activity in January and February, Q1-2023 remained +70% higher than Q1 five years ago. This is due to the March performance, which is our highest volume month since November 2021, led by Rapeseed Futures (+80% m/m) and Wheat Options (+150% m/m).

The Euronext Commodities team

Euronext MATIF contracts ADV and OI per month

Euronext MATIF contracts ADV and OI per month - Q1 2023

 

 

Source: Euronext Group

One year of conflict between Ukraine and Russia

February marked the one-year anniversary of the beginning of the conflict between Ukraine and Russia. Indeed, on 24 February 2022, the war exploded on Ukrainian soil, triggering a series of unpredictable events on the global commodities markets, especially on grains. As a reminder, Ukraine represents 12% of global wheat exports, 20% of global corn exports and 50% of global sunflower seeds exports (a substitute for rapeseed). The country had to stop its grains exports from the Black Sea, which led to an imbalance between global supply and demand. Euronext MATIF contracts reached historic record-high prices, €450€/ton for wheat, €420/ton for corn and €1,094/ton for rapeseed.

Since August 2022, and the opening of the Black Sea Grain Corridor, flows from the Black Sea have been able to get back to an acceptable rhythm. Ukrainian grain and oilseed exports are now back to their 5-year average, which has reduced pressure on prices. Even if prices on Euronext MATIF contracts are now back to the level of 2021, some uncertainties remain at each renewal of the Black Sea Grain Corridor contract. The Corridor was extended on 18 March for at least 60 days.

Corn and Durum Wheat programme

The average daily traded volumes of our Corn Futures have increased by 62% between 2018 and 2022. This results from growth in volumes, liquidity and open interest over the last five years thanks to the strong interest of market participants and also to changes that came into effect at the end of 2019, including the introduction of Ghent (Belgium) and Dunkirk (France) as new delivery points. 

To further support this contract in developing liquidity to the next level, we introduced an innovative fee scheme on 1 February 2023.

This trading fee scheme is based on the volume traded for each contract by a Euronext member over the billing month:

Number of lots per month per member Trading  fee per lot
0 - 14,999 €0.28
15,000 - 19,999 €0.13
From 20,000 €0.06

This fee scheme also applies for Durum Wheat Futures.

Moreover, we are launching a consultation about the Corn Futures contract (EMA). This will take place during May and June. If you are interested in taking part in the discussion, please contact us at commodities@euronext.com

Euronext Clearing migration

The Euronext teams are working actively on the set-up of a fully-integrated clearing house, Euronext Clearing. This integration will transform the trading landscape in Europe and strongly support the development of the Euronext MATIF franchise. We will provide further information such as detailed timelines and milestones, as well as go-live dates, in the coming weeks.

The Commodities team at events

Paris Grain Conference

In January, we were pleased to once again be silver sponsor of the Paris Grain Conference, an unmissable event where the French industry meets.

Euronext Annual Conference

Strengthening Europe’s leadership in the wheat market in times of global instability

On 7 March, the Euronext Annual Conference took place in Paris. During this event, we organised a roundtable on "Strengthening Europe’s leadership in the wheat market in times of global instability" with Jean-François Lépy, CEO of Soufflet Négoce by Invivo, Dominique Chargé, CEO of La Coopération de France, and Jean-Baptiste Clavel, Business Development Specialist at Crédit Agricole. The discussion was moderated by Anne-Laure Paumier, Director of International Affairs at Intercéréales. We would like to thank again the speakers and all those who attended the event.

Watch the replay of the full conference

The MATIF: meeting between the agricultural and the financial sectors

To coincide with the Euronext Annual Conference, CACEIS organised a workshop around "The MATIF: meeting between the agricultural and the financial sectors" with Jean-François Lépy from Soufflet Négoce by Invivo, Maxime Ecotière from Twenty First Capital, Cédric Renault from CACEIS and Elad Hertshten from Futures First. Nick Kennedy, Head of Commodities at Euronext was moderator.

Access the replay

Agro Paris Bourse

In mid-March, we took part in the traditional Agro Paris Bourse event, combined this year with the Intercéréales day. Thank you to those two important partners in the European grain industry, helping dialogue and exchange of information between leading players.

Find out more

See all our MATIF Commodities contracts on the Euronext Live Markets website.

Contact our team:  commodities@euronext.com

 

Equity Trading - January 2023

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2022 was marked by superior and resilient market quality, even in times of volatility as demonstrated by our quantitative research studies, record trading days, and our core data centre migration to Italy, a major milestone for Euronext and the European trading landscape. We were also delighted to welcome a new member to our Cash and Derivatives team, Samantha Page, as Head of Market Structure, who is voicing Euronext’s views on MIFIR review debates.

Simon Gallagher, Head of Cash and Derivatives, Euronext Group

Highlights of 2022

  • Equity volumes: Euronext is the largest exchange in Europe by Average Daily Value (ADV) traded for lit equities, with €10.5bn ADV in 2022 – representing over 25% of European lit continuous & auction trading.
  • Market quality resiliency: During geopolitical turmoil in Q1 2022, Euronext maintained presence at EBBO of 66% on average – while presence at EBBO for MTFs was below 20%. Also back in 2020-2021, Euronext was more resilient than MTFs as we displayed 41% lower impact on spread and 2x higher Liquidity at Touch when volatility hit.
  • Markouts analysis: Euronext published a quantitative research paper on passive posting across lit venues, demonstrating that Markouts at +1 second after passive trades are only +2.1 bps for Euronext – versus average Markouts of +2.6 bps for Aquis, +3.0 bps for Turquoise, and +3.1 bps for Cboe. 
  • Market Structure and Regulation: Samantha Page, appointed Head of Market Structure at Euronext, recently expressed her thoughts on the European Council's MiFIR Review-related press release of 20 December 2022.

*Excluding Oslo Børs cash markets

Equity volumes, trading peaks and most active stocks

Euronext Group is the largest exchange in Europe by Average Daily Value traded on lit equities (continuous & auctions), with €10.5bn ADV in 2022.

Euronext Equity trading ADV (€bn) per marketplace

Data source: Euronext and IRESS Market Data, December 2022 (shares only)

Top 10 most active trading days in Europe

The first half of 2022 recorded high volumes due to geopolitical turmoil, while H2 was characterised by exceptional trading days driven mainly by option expiries, macroeconomic news and significant rebalancing of stock indices:

Date Pan-EU value traded on
Euronext stock universe (€bn)		 Euronext
market share (%)
24 February 2022 €35.71 67.2%
7 March 2022 €34.24 65.6%
18 March 2022 €34.11 81.7%
16 December 2022 €31.40 79.7%
17 June 2022 €31.09 80.3%

Top 10 most traded stocks December 2022 (Euronext markets)

ISIN Name Marketplace Euronext value traded
(€bn) in Dec-2022
NL0010273215 ASML HOLDING Amsterdam €8.14
FR0000120271 TOTALENERGIES Paris €8.08
GB00BP6MXD84 SHELL PLC Amsterdam €6.35
FR0000121014 LVMH Paris €5.18
IT0005239360 UNICREDIT Milan €3.40
FR0000120578 SANOFI Paris €3.31
IT0000072618 INTESA SANPAOLO Milan €3.18
NL0011821202 ING GROEP N.V. Amsterdam €3.01
IT0003132476 ENI Milan €2.96
FR0000131104 BNP PARIBAS Paris €2.86

Data source: Euronext Group and IRESS Market Data. Market share figures refer to lit continuous and auctions share of trading compared to the main European MTFs.

Don’t forget:

Euronext, like other regulated exchanges, offers pools of liquidity for a wide variety of Small & Medium Enterprises.

As an example, approximately 60% of mid & small cap companies listed on Euronext (with market cap < €250m) cannot be traded on European MTFs.

Successful Core Data Centre migration

In June 2022, Euronext successfully completed the migration of its Core Data Centre and related Colocation services from Basildon, UK, to the Aruba Global Cloud Data Centre IT3 in Bergamo, Italy, a state-of-the-art data centre facility powered by green energy.

The data centre move was completed in just 14 months, with a smooth migration process for market participants and no significant shifts in the liquidity landscape or the trading behaviour of direct members. 

EBBO Regain time: How long does it take for MTFs to reach the EBBO set on Euronext (or vice versa)?

Core Data Centre migration

Data source: big xyt, ‘EBBO Regain’ dashboard for Euronext and Cboe Europe

Despite 10-20x increase in latency “distance” from London-based MTFs, average spreads for blue chips on Euronext were consistently lower compared to alternative venues even after our Data Centre migration, and Liquidity at Touch was above €22k on Euronext.

Market quality resiliency during volatile periods

Since March 2020 when the Covid pandemic hit, and again in 2022-Q1 with the Ukraine-Russia crisis, levels of volatility were exceptionally high. Although the nature of the two periods was different, equity markets proved to be more resilient to distortions in 2022 compared to the first Covid wave in 2020.

The percentage of time that venues set the best prices has been rather stable even when the crisis started: Euronext EBBO Setting leading at 66% while the main European MTFs were all below 20%.

Euronext EBBO Setting

 

  Euronext Aquis Cboe Turquoise
Average EBBO
Setting Post-Crisis		 66% 19% 12% 4%

Data source: BMLL Technologies
Data for CAC 40® constituents from 3 January to 31 March 2022

In May 2022, we published a market quality analysis showing that – despite the global geopolitical turmoil – Euronext maintained stronger metrics than MTFs in terms of average spreads, EBBO Presence and EBBO Setting.

And before that, in December 2021, our first market quality study had proved that during Covid pandemic waves, the impact on spreads had been 41% smaller on Euronext compared to MTFs, and the Liquidity at Touch was 2x larger.

Lower Markouts for passive posting at Euronext

In June 2022, Euronext’s Quantitative Research team performed an analysis of Markouts across lit trading venues, in order to compare elementary market impact following passive trades.

The research paper by Paul Besson and his team – based on third party and replicable data – displayed that Markouts at 1 second after the trade are only +2.1 bps for Euronext, versus Markouts of +2.6 bps for Aquis, +3.0 bps for Turquoise, +3.1 bps for Cboe.

Lower Markouts for passive posting at Euronext

Data source: IRESS Market Data

Research paper “Better passive posting across Lit venues based on quantitative analysis of Markouts”: analysis based on 116 stocks across top 5 indices in Belgium, France, the Netherlands – from February to June 2022.

Market Structure and Regulatory update

Samantha Page - Euronext Head of Market Structure

Samantha Page, appointed in October 2022 as Euronext Head of Market Structure, highlighted in a LinkedIn article this month the need for more in-depth discussion around market structure as the MiFIR Review debate continues, notably following the Council’s press release on 20 December. 

Read the full article

While the Commission’s stated aim is “improving transparency and availability of market data, improving the level-playing field between execution venues and ensuring that EU market infrastructures can remain competitive at international level”, the Council text does not, unfortunately, deliver on this in many of the key areas.

  • The proposal of a single volume cap at 10% and the removal of the negotiated trade waiver (NTW) from the cap will result in more trading under reference price waiver (RPW): not an improvement in transparency. 
  • The Council text no longer includes the Commission proposal to limit the use of the RPW by any size threshold, which instead would have prevented small retail trades being executed in the dark. 

The Council mandate seems to remove the minimum quoting obligations for Systematic Internalisers, creating more flexibility for SIs by allowing midpoint matching: it prevents investors from participating in potential price improvements.

“In our view, the cumulative effect from these changes will reduce transparency and encourage more bilateral trading, impairing the price formation process and damaging market quality, by fragmenting liquidity, increasing operational risk and increasing market search costs, all to the detriment of end investors. Surely this was not - and should not be - the intended outcome of the review of MiFIR?"

What's ahead in 2023...

Borsa Italiana Cash and Derivatives markets will join the Euronext single order book powered by Euronext’s Optiq® trading platform: Phase 1 Go-Live is on track and scheduled on 27 March 2023.

On the Post-Trade side, from Q4 2023, Euronext will migrate clearing services for all its markets* to its own multi-asset clearing house Euronext Clearing, while its four Central Securities Depositories have been combined into Euronext Securities.

*Excluding Oslo Børs cash markets

Did you know that...

In early 2022, Euronext agreed to be among the founding members of the Sustainable Trading Initiative – initiated by Duncan Higgins in order to foster ESG discussions in the secondary trading space among buy-side, sell-side, trading venues and tech firms.

Euronext Equities team at events in 2023

Check out our latest news on LinkedIn

Click on the links below:

Over 1,900 stocks and 25% of EU lit equity value traded

Market quality: Euronext spreads and liquidity at touch vs MTFs

Market quality: Euronext EBBO prices and setting vs MTFs

What should be addressed in MiFIR Review

For more information

Equities team - Euronext

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This publication is for information purposes only and is not a recommendation to engage in investment activities. This publication is provided "as is" without representation or warranty of any kind. Whilst all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication shall form the basis of any contract. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext's subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. No part of it may be redistributed or reproduced in any form without the prior written permission of Euronext.

Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is located at www.euronext.com/terms-use.

© 2023, Euronext N.V. - All rights reserved. 

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Interview with Teva

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Last March, Teva announced a successful second sustainability-linked bond (SLB) and  third financial instrument linked to ESG goals.

Can you tell us more about this achievement and its significance for Teva?

This announcement demonstrates our continued commitment to linking our ESG strategy with our financial strategy. The bond is tied to targets, including improving access to Teva’s medicines in low- and middle-income countries and reducing greenhouse gas emissions, holding us accountable to addressing two critical challenges facing the world today – access to healthcare and climate change.

With SLBs adding up to the equivalent of $7.5 billion, Teva is the second largest SLB issuer, the largest non-utility SLB issuer, and the largest pharma issuer in the world. We are also the largest issuer of SLBs that include social KPIs. This enlarged offering, priced at approximately $2.5 billion (equivalent) notes (included in the aforementioned $7.5 billion), underlines the robustness of our KPIs.

You touched on your social targets which are linked to your SLBs, what exactly are you committing to and why is this important?

The World Health Organization (WHO) estimates that nearly two billion people do not have access to essential medicines, especially vulnerable populations or people living in under-resourced communities. This means they can’t afford or obtain the treatments they need. 

As a pharmaceutical company with an expansive global reach and one of the largest portfolios of generic medicines, we are uniquely positioned to help address this challenge. Increasing access to medicines is fundamental to our mission to improve the lives of patients and is the basis of our business. We provide generic medicines, which are more affordable, as well as innovative medicines, which address unmet health needs.

Our wide portfolio also covers approximately half of the treatments on the WHO’s Essential Medicines List (EML), which includes important medicines that address key healthcare needs across the globe and are critical in satisfying the priority healthcare needs of any population.

Teva’s novel SLB access to medicines targets include a 150% increase in both the number of registrations and products provided through access programs in LMICs, by 2025. We are specifically focused on six therapeutic areas in the Non-Communicable Disease (NCD) space, as this is a field with significant  need that is underprioritised.

These TAs include oncology, cardiovascular, diabetes, mental health, respiratory and pain and palliative care. The targets specifically cover treatments on the World Health Organisation’s Model List of Essential Medicines— for which Teva is a leading provider — driving access to the most efficacious, safe and cost-effective treatments. We have committed to achieving these goals through the successful establishment and execution of at least  four  access to medicine programs in LMICs, and we are well on our way to achieving this target.

As one of the world's largest manufacturers of generic medicines, how is Teva addressing its responsibility to reduce its carbon footprint?

Teva's products reach nearly 200 million patients every day. With our vast global presence, we view our decarbonisation activities as an opportunity to make a significant impact on the environment. Our targets, validated by the Science-Based Targets Initiative (SBTi), include:

  • reducing absolute Scope 1 and 2 GHG emissions by 46% by 2030 (vs. 2019)
  • reducing absolute Scope 3 GHG emissions by 25% by 2030 (vs. 2020).

The health of our planet is inherently linked to the health of those who inhabit it, and health is what we do at Teva.

Our ambitious targets guide us in doing our part to promote a healthier, more sustainable future, and with SBTi’s validation, we have confirmation that they are science-based and aligned with global goals to combat climate change.

How is Teva integrating its environmental targets into its business practices?

Protecting the environment is part of Teva’s environmental, social and governance (ESG) strategy and inherent to the company’s culture. Progress towards these goals is a result of efforts across the Teva business, such as converting some manufacturing sites to 100% renewable electricity, implementing energy efficiency projects, introducing low-carbon truck fleets and electric vehicles, recycling water, and making office catering and canteen services more sustainable.

We will continue to share progress towards our environmental targets and externally verify our performance in the company’s annual ESG Progress Report.

Last year, Teva received the 'Best Sustainable Treasury Solution' award in the Adam Smith 2022 Awards by Treasury. Can you tell us more about this achievement and its importance?

The initiative that earned us the award is the successful execution of a $5 billion Sustainability Linked Bonds (SLB) that I previously mentioned, one of the largest of its kind and the first ever issued by a generic drug company. This transaction also made Teva the first pharmaceutical company in the world to issue bonds tied to targets that include improving access to medicines in low and middle-income countries and reducing greenhouse gas emissions. Among the reasons noted for awarding Teva were the innovation and business strategy demonstrated in the project, alongside the collaboration and determination showcased by our employees.

This award follows the footsteps of two previous Adam Smith awards received in recent years for "Best Foreign Exchange Solution" and "Best AP/AR Solution.”

 

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