To unlock the full potential of the European Union’s €13 trillion in private savings and strengthen its global competitiveness, the European Union must urgently address several fundamental barriers that have led to a fragmented capital market. A successful Savings and Investments Union depends on a single rulebook, single supervision, integrated post-trade systems and enhanced access to liquidity. 

Read the full memo

Euronext welcomes the European Commission's consultation on the integration of capital markets. We see this as a unique opportunity to reframe the debate, challenge outdated assumptions, and propose solutions that reflect the realities of today's market structure.

Despite being home to one of the world’s largest pools of household savings, the European Union continues to suffer from underinvestment in innovation, infrastructure, and strategic industries. Fragmented capital markets, regulatory divergence, and limited cross-border scale continue to act as barriers to growth. The result is a persistent gap between Europe’s economic potential and its actual performance.

Europe stands at a pivotal moment. The global economic landscape is undergoing profound transformation, shaped by technological disruption, geopolitical realignment, and the transition to a green and digital economy. In this context, the European Union must act decisively to secure its long-term competitiveness, strategic autonomy, and prosperity. Europe must now embrace bold, systemic reform — starting with the integration of its capital markets. 

As Europe's leading European capital market infrastructure, Euronext is committed to being part of the solution in the rapid delivery of the Savings and Investments Union. With regulated exchanges in seven European countries and a unique federal model that combines local roots with European scale, Euronext is ideally positioned to support the Commission's goals.

At Euronext, we believe that a more integrated, transparent, and efficient European capital market is imperative:

• A transparent and accessible to all market, where price formation takes place on lit venues operated by European players, ensuring fairness, efficiency, and trust;

• A liquid market, where capital flows seamlessly across borders. Liquidity reduces the cost of capital for issuers, enhances returns for investors, and enables the efficient allocation of resources;

• A market with centralised European supervision for all cross-border financial markets infrastructures across trading, settlement and clearing.

The European capital market needs harmonised rules and reduced post-trade fragmentation. This requires an operationally integrated post-trade system, with the extension of Europe’s common settlement platform, Target2-Securities, across markets and the structural enhancement of the service, price and governance of the platform, allowing CSDs to compete with each other across Europe.

The European capital market needs to promote equity investment through direct participation in equity capital markets and indirect participation, through collective investment vehicles such as ETFs, providing the right long-term source of funding for businesses and innovation. This can be achieved through a combination of more appropriate tax incentives to grant European equity investments the most favourable tax treatment, through the development of long-term savings products in Member states where they don’t exist yet and through the creation of European savings and investment accounts for retail investors across Europe.

The European capital market needs easier access to capital for companies to tap into European and global investments, in a standardised way across European jurisdictions. The Listing Act and its harmonised transposition will be instrumental in improving the attractiveness of European capital markets but more needs to be done. It also means supporting SME listings, improving financial literacy, and ensuring that retail investors are not left behind in the digital transition. Simplification and burden reduction for listed companies is crucial, in order to boost the competitiveness of European capital markets and to ensure companies can remain listed over time.

The proposed Savings and Investments Union (SIU) and the renewed focus on capital markets integration are timely and essential. The European Union has the talent pool, capital, and institutional strength to lead in this new era — but only if it can overcome persistent fragmentation and inefficiencies in its capital markets.

In a significant move to enhance data accessibility and integration, we have announced a strategic collaboration with Snowflake, ​the AI Data Cloud company​. This collaboration will enable Euronext and MTS to offer data products on the Snowflake Marketplace, providing clients with seamless access to our market data. This initiative is set to deliver substantial value to clients by leveraging Snowflake's ​secure, unified platform​. 

Key benefits of the partnership 

1. Market data accessibility: market data will be directly accessible via the Snowflake Marketplace. This integration allows users to access comprehensive market data efficiently, enhancing their ability to make informed decisions. 

2. Seamless data integration: Customers can securely access and integrate data through Snowflake’s connected platform. This feature ensures that data is not only easily accessible but also securely managed, providing a trusted environment for data operations. 

3. Trusted and user-friendly platform: Snowflake’s platform is renowned for its ease of use and secure data management. This partnership ensures that clients can rely on a platform that prioritises data security and accessibility. 

Stakeholders across Euronext, MTS, and Snowflake have shared their perspectives on this exciting collaboration: 

Alessandra Garbuio, Head of Data Services Product Management, Euronext, said: 

“We are delighted to announce our exciting collaboration with Snowflake, bringing Euronext's financial data products to the Snowflake Marketplace. This collaboration allows us to offer our clients seamless access to our market data, empowering our clients to elevate trading strategies and uncover new opportunities. With Euronext's trusted data solutions now available on Snowflake's innovative platform, we invite you to explore the enhanced possibilities and make more informed decisions in the dynamic world of finance. Discover the future of financial insights with us on Snowflake Marketplace.” 

Guido Galassi, Head of Domestic Markets & Data, MTS, said: 

“We are excited to collaborate with Snowflake to enhance the accessibility and usability of MTS data in their cloud computing platform. By delivering our trusted and long-standing MTS Time Series offering through Snowflake, we provide our mutual clients with simple, timely, and seamless access. MTS data is derived from firm, fully executable prices and is a valuable resource for those seeking detailed and reliable market data." 

Martin Frederik, Country Manager for the Benelux at Snowflake stated: 

"Our collaboration with Euronext marks a significant milestone in helping businesses within the European financial services sector advance their data-driven strategies. Our joint customers will be able to access, market and deploy Euronext’s comprehensive market data to optimise their operational efficiency and improve decision-making processes through the Snowflake AI Data Cloud. This is an innovative leap for Euronext and we're proud to be a part of that success.” 

This collaboration with Snowflake underscores the growing importance of data accessibility and integration in the financial services industry. By leveraging Snowflake’s robust data cloud capabilities, we are enhancing our data offerings, providing clients with the tools they need to succeed in a data-driven world. As these collaborations continue to evolve, clients can expect even greater value and opportunities from their data investments. 

Report off-book wholesale trades to the exchange for registration with the Euronext Block Execution Service (BES), a new solution exclusively for trading members.

Available for Euronext Oslo equity and equity index derivatives, BES operates on regular trading days from 9:00 to 17:00 CET, with potential extensions depending on market conditions and personnel resources.

Access the full list of Euronext Oslo derivatives eligible for BES 

The Euronext BES currently supports Large in Scale (LiS) trades and is only accessible to trading members of the Euronext Oslo Børs Derivatives market.

How to request the Euronext Block Execution Service
- Complete the dedicated spread sheet
- Submit the form by email to bes@euronext.com and include the details of any parties involved in the trades
- Contact the Euronext team by phone at +47 22 34 18 50, to ensure a timely execution
- Once all executing members have confirmed their acceptance and submitted the required information, Euronext will execute the trades, provided that they comply with market regulation and the prevailing trading conditions.
 

Reporting Requirements and Member Obligations
All information required by Euronext to fulfil its reporting obligations as a market operator must be provided for each order comprising a wholesale trade, where applicable. This includes data required under EU Delegated Regulation 2017/580.

For the avoidance of doubt, the registration of trades via the Euronext Block Execution Service (BES) does not relieve the trading members of their regulatory obligations - either to their clients or to the competent authorities - in their role as an order-executing investment service provider.

In the event of an error related to an off-order book trade - whether by the executing member(s) or Euronext - it is the responsibility of the member(s) to request a trade cancellation in accordance with Euronext Notice 4-02: Order Withdrawal and Trade Cancellation.


For more information about Euronext Block Execution Service, contact the team
bes@euronext.com