This analysis focuses on the behaviour of Italian Stock Options traded on-screen on Euronext Derivatives Milan before and after the migration to Optiq®.

Market Quality Analysis on the Italian Stock Options Market

Executive Summary

• Euronext achieved several key milestones in 2024 that allowed the Group to expand its presence along the entire trading value chain. Among those, the migration of Borsa Italiana’s derivatives markets onto Euronext trading platform (25 March 2024), and the expansion of Euronext Clearing to all Euronext financial derivatives markets (9 September 2024), thus finalising the integration of the Borsa Italiana into the Group and offering a comprehensive suite of solutions from pre-listing to post-trade.
• Overall, the trading migration had a very positive impact on the on-screen market quality of the Italian Stock Options market, in particular:
  - When considering all maturities of the top contracts by volumes, Euronext shows tighter spreads vs. competitors since August 2024.
  - For front-month maturities only on all contracts, Euronext’s spreads are consistently better than those of main competitors.
• Since the trading migration, Market Makers are benefitting from an incentive-based Market Making fee programme, allowing them to provide more consistent liquidity.

To find out more about the performance, download the Market Quality Analysis on the Italian Stock Options Market.

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January 2025

Volumes & quarter highlights

Q3 2024 maintained the positive momentum seen throughout the year, delivering another quarter of robust activity across the Euronext commodities franchise.

Two contracts stood out for their exceptional performance this quarter: Euronext Corn Options posted a significant 52.72% increase in volume compared to the previous quarter, reflecting growing market interest and increased trading activity. Additionally, Euronext Rapeseed Futures experienced a remarkable 43.7% rise compared to Q3 2023, showcasing the strength of this contract amid changing market dynamics.

Our flagship Milling Wheat Futures contract continued to demonstrate strong liquidity, with an average of 79,000 lots traded daily, equivalent to nearly 4 million tons of wheat changing hands. This highlights the contract’s role as a key benchmark in the agricultural markets.

Overall, total volumes in Q3 2024 outperformed the same quarter last year by an impressive 15%, underscoring the sustained demand and engagement in the commodity markets. However, volumes were down 8.5% compared to the record-breaking Q2 2024.

These results underline our commitment to expanding our product offering and strengthening liquidity in key agricultural markets.

Successful migration to Euronext Clearing

The migration of Euronext clearing business from LCH SA to Euronext Clearing has been successfully completed in July for commodities, and in September for financial derivatives.

This integration strengthens Euronext's ability to offer end-to-end solutions across the entire trading value chain, from listing, trading to clearing, settlement and custody. It also paves the way for further innovation and growth, empowering clients to optimise their trading strategies and operational efficiencies.

For more information, visit the Euronext Clearing webpage

Euronext Commodity Spread contracts now available for trading

To provide more tools and better opportunities for managing price risk in the global wheat market, we launched the first spread contracts in the European agricultural commodity derivatives market.

Inter-market and inter-commodity spread contracts are now available for trading.

This new set of hedging tools enables to trade a single cash-settled futures contract on Euronext while managing price differentials between Euronext-listed and CME Group-listed wheat futures.

For more information, visit the Commodity Spread Contracts webpage

Swim smoothly through price variations with the Euronext Salmon Futures

Last July, we launched the Euronext Salmon Futures contract, powered by Fish Pool.

Based on the weekly SISALMONI spot index from Sitagri Index Services, a BMR-compliant Price Reporting Agency (PRA), the Euronext Salmon Future  (ESF) is a cash-settled contract that provides a true reference price for the salmon industry.

Cleared by Euronext Clearing and listed on Euronext Paris, the Euronext Salmon Future is a Euro-denominated contract that helps salmon farmers, exporters, importers, processors, fish smokers, hotels, restaurants, catering and supermarkets to manage their price risk and hedge their positions in the value chain of salmon.

For more information, visit the Salmon Futures webpage

Euronext at the European Commodities Exchange

Euronext is proud to be silver sponsor of the 64th European Commodities Exchange in Paris on 5 & 6 December 2024.

Meet us and the Euronext Clearing team, booth #B16 in Le Grand Palais to find out about our latest news and initiatives in the agritcultural commodities and clearing landscapes.
 

Brokers connected to the Euronext MATIF markets

Access the list of brokers connected to the Euronext MATIF markets, including the Request-for-Cross participants for the options market.

Check out the list of Euronext's Commodity Brokers

Find out more

See all our contract on the Euronext Live Markets website.

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