The first Eurozone climate-oriented index part of the SBT Family.

The SBT family includes several indices validated by the SBTi. The Science Based Targets initiative (SBTi) helps companies to set ambitious corporate climate action. It aims to lead the way to a zero-carbon economy, boost innovation and drive sustainable growth by setting science-based emissions reduction targets.

Key principles of the Eurozone SBT 1.5 Index

Companies facing an ESG controversy rating of category High or Severe, or that are not compliant with the UNGC principles, as assessed by Sustainalytics, are not eligible for the index.

Exclusion of companies based on temperature assessment is also applicated.

From the Index Universe, the Companies with any of the following characteristics are not eligible: Tobacco Products Production and related products/services, Tobacco Products Retail, Controversial Weapons, Shale Energy Extraction, Oil Sands Extraction, Arctic Oil & Gas Exploration Extraction, Thermal Coal Extraction, Thermal Coal Power Generation, Small Arms Civilian customers.

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This index offers opportunities for a large range of investment vehicles such as ETFs, funds and structured products.

Learn more about the Euronext Eurozone SBT 1.5 Index:

Eurozone SBT 1.5 Live Quotes

 Eurozone SBT 1.5 Index Rules   |   Eurozone SBT 1.5 Factsheet

 Eurozone SBT 1.5 ESG Report   |   Eurozone SBT 1.5 Index Brochure   |   View the EU/EZ SBT 1.5 Indices Press Release

Euronext offers other SBT and ESG Blue-Chip indices:

Discover the CAC SBT 1.5 Index   |   Discover the Euronext Europe SBT 1.5 Index

Discover more Euronext ESG Blue-chip Indices

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Contact us at index-team@euronext.com for any queries.

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Pages: 16

Publication date: 13 March 2023

Authors: Paul Besson, Head of Quantitative Research, Théo Compérot, Quant Research Analyst and Anatole Casimir, Quant Research Analyst

In this note we compare the relative performance of aggressive executions on Italian stocks, by comparing Lit trades on Borsa Italiana with trades on Equiduct MTF. To conduct this assessment we compare gross executions with the Primary Best Bid Offer prices. Our analysis is based on public market data from independent data provider BMLL, and is fully reproducible.



We first evidence that, when considering all trades from Equiduct APEX, retail gross trade prices on Italian stocks are worse than those on the Primary Market of Euronext Milan by -1.60 bps (see Table 4, p9).



Likewise we also show that, through Euronext’s Best of Book retail programme, Best of Book gross trade prices improve Primary Market quotes by +0.96 bps (see Table 5, p10).

Comparing retail executions on Primary Markets and on Equiduct (APEX)

On the Legacy Euronext Markets, retail traders can trade via the Best of Book model (later referred to as BoB), which enables aggressive orders from retail brokers to interact with specific retail quotes provided by designated market makers that supplement the all-to-all liquidity of the Euronext orderbook.

Another alternative for retail providers is to use the Equiduct APEX model (later referred to as EQDT), which allows aggressive retail traders to trade at the consolidated volume weighted at the best limits as computed by Equiduct (VBBO).



In order to compare the outcomes of these two models, we compute for each trade its Primary improvement versus the Primary Best Bid Offer. Thus we compare the Primary improvements offered by Equiduct and by Euronext Best of Book.



On Italian stocks, since orders are not specifically identified as retail orders on Euronext Milan, we compare Equiduct APEX retail trades with standard Lit aggressive trades on Milan market (later referred to as XMIL, its MIC code). We then compare the Gross and Net Primary improvements of these trades.

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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.

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

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:

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.

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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