The fourth edition of the Euronext Tech Leaders Forum brought together over 300 participants from across Europe and beyond, uniting tech entrepreneurs, investors and financial experts to explore the future of Tech in Europe. Part of Euronext’s flagship Tech initiative, Euronext Tech Leaders, this year’s forum in Paris provided a platform for strategic discussions on pivotal topics shaping the growth and sustainability of European Tech, including AI, quantum computing, space innovation and capital markets evolution. The event offered insights into the accelerating pace of technological innovation and its impact on capital markets, while showcasing the strength of Europe’s entrepreneurial spirit and its leading role in global innovation. 

Accelerating growth through capital markets and investment 

The forum began with a session on Tech acceleration on capital markets, featuring Frederick Velten-Jameson, Executive Director of Morgan Stanley, Global Capital Markets, Marie Best, CFO of Mirakl, and Rudi de Winter, CEO of X-Fab. Moderated by Sarah White from the Financial Times, the discussion explored how capital markets have evolved to support Tech companies at various stages of growth. From the IPO boom of 2020 and 2021 to the current normalisation of the market, panellists highlighted how Tech companies are now staying private longer and are more mature when they do enter the public market. Speakers also discussed how AI has become a ‘game-changer’, helping companies rethink operations and scale in ways that were previously impossible.  

In the Capital allocation in global Tech fireside chat, Alexandre Stott and Sharon Bell of Goldman Sachs provided valuable insights into the broader equity market trends. Despite ongoing global challenges, both speakers noted that European Tech has shown resilience, with Tech outpacing global market earnings throughout the last decade. The discussion highlighted that European companies still have significant growth potential, but the gap in valuations between European and US companies persists. Their conversation emphasised the importance of creating deeper, more integrated capital markets in Europe, where local investors are incentivised to channel more of their capital into high-growth European Tech, noting the potential for European policymakers to further support investment through initiatives such as the Savings and Investments Union. 

Emerging technologies and market disruption 

During the Quantum computing: opportunities and use cases session, experts such as Jean-Yves Quentel, Group CFO of Pasqal, Dr. Philippe Cordier, Chief AI Scientist at Capgemini Invent, and Olivier Tonneau, Founder and Partner at Quantonation discussed the transformative power of quantum computing. Moderated by Hugues Desportes, Managing Director, Head of ECM FraBeLux at Barclays Corporate & Investment Bank, panellists shared optimistic predictions for the next decade, particularly around breakthroughs in chemistry, material science and machine learning. The discussion noted that Europe is well-positioned to lead the quantum revolution, but it will require a concerted effort to scale these innovations and attract the necessary investments. 

As generative AI continues to rise in prevalence, the session Gen AI & software explored its disruptive effects on the software and Tech sectors. Francesca Chieti, Chief M&A and Corporate Development Officer of Jakala, Thomas Koehrer, Co-head of EMEA TMT Investment Banking at Bank of America, and Tobias Unger, Group CFO of 74Software, discussed how AI-driven transformation is reshaping business models, particularly with the shift away from traditional per-seat pricing to flexible, data-driven models. The discussion highlighted that this marks a pivotal moment for Tech companies, where those who integrate generative AI into their operations can gain significant competitive advantage in the market. 

Space innovation as Europe’s next frontier for growth 

European space IPOs were also a topic of discussion at the Tech Leaders Forum, with Antoine Lebourgeois and Florent Roulet from Stifel and Julien Merceron, CFO of Exotrail, discussing the growing momentum in the space sector. Following a series of successful IPOs in recent years, the space industry is now seen as a critical part of Europe’s long-term tech strategy. The session highlighted how the increasing focus on defence and satellite technologies is driving growth, with many companies looking to list and gain access to capital markets to fund their ambitious projects. 

Redefining defence and security through AI 

The session War 3.0: when AI and robotics redefine the battlefield drew attention to the intersection of technology and defence. Daniel Weisslinger, Global Co-Head of TMT Industry Group at Société Générale and Emmanuel Sprauel, Vice President Land Segment of Thales, discussed how AI, robotics and quantum computing are reshaping modern warfare, particularly in areas such as drone technology and autonomous systems. The workshop emphasised the growing importance of these technologies in military and security applications, with significant implications for innovation and investment in Defence Tech. 

How Europe is shaping the future of Tech 

Another insightful discussion at the Tech Leaders Forum, New Tech frontiers, explored how Europe is positioning itself as a leader in next-generation technologies. Brigitte de Vet-Veithen, CEO of Materialise, and Francesca Failoni, Co-Founder and Co-CEO of ALPS, shared their perspectives on how Europe can scale, sustain and foster innovative technologies. The session, moderated by Eirik Høiby Ausland, Head of Listing Nordics at Euronext, discussed topics such as 3D printing, data centres and AI applications in security and defence, all critical areas where Europe is making a strong impact. The panellists agreed that while Europe has a wealth of founders and innovators, it needs to stay ahead in areas such as AI integration and efficiency optimisation to compete on a global scale. With strong backing from investors and a regulatory environment conducive to innovation, Europe has immense potential to lead in the coming decades.  

Navigating growth and investor relations 

In addition to the main sessions, the Private Company Track workshops provided a tailored experience for corporate leaders looking to scale their businesses. Two key workshops were held to address issues central to private companies in their growth journey. The CFO Club with La Mission French Tech and the CLIFF (French IR Association), focused on the role of financial communication and investor relations in the scaling of high-growth Tech companies from the experience of Pauline Bireaud, Head of IR at Pluxee, and the Investors feedback on Tech IPOs workshop with Benjamin Mennesson, Head of Financial Communication at OVHcloud Solutions provided an opportunity for private companies to gain insights into IPO trends, investor expectations and preparation for entering public markets.  

Europe’s role in the global tech economy 

In his keynote speech, Yoram Wijngaarde, CEO of Dealroom.co, discussed Europe’s role as the most entrepreneurial continent. He noted that while Europe produces world-class talent and has a thriving start-up culture, it still faces challenges when scaling companies and retaining value within the continent. He noted that 17 of the 25 most entrepreneurial countries (68%) are European, and European VC-backed companies have generated US$3.9 trillion in value since 1990, with category leaders like Adyen vs. Stripe, Revolut vs. PayPal, and Spotify vs. Netflix demonstrating Europe’s potential to rival US Tech giants. However, Europe remains reliant on overseas capital at the breakout and scaleup stages, leading to a leakage of value abroad. A key takeaway was that if Europe can better support its high-growth companies with more access to capital, it could lead the world in technological innovation in the coming decades.  

The future of European Tech 

The 2025 Euronext Tech Leaders Forum provided an in-depth exploration of the opportunities and challenges facing the Tech sector in Europe. Discussions at the forum highlighted the vital role of capital markets in supporting high-growth companies and the transformative potential of emerging technologies such as AI, quantum computing and space innovation. 

Euronext remains committed to fostering the growth of innovative companies and ensuring that Europe stays at the forefront of global technological leadership, with this year’s forum reaffirming Euronext’s support of Europe’s growing Tech sector.  

For more information about the Euronext Tech Leaders Forum 2025, including details about the Euronext Tech Leaders Awards and the 2025 Tech Pulse Report, please refer to the press release and the 2025 edition of the Euronext Tech Pulse Report.  

At the beginning of November, Euronext Securities announced the appointment of Olga Jordão as Chief Executive Officer of Euronext Securities Milan. Olga will continue to serve as CEO of Euronext Securities Porto, Head of Business Operations for Euronext Securities, and Programme Executive for Euronext Securities’ common corporate action initiative, reflecting her deep commitment to operational excellence and client service across multiple markets. 

A proven leader with a European vision 

Olga brings a wealth of experience and a client-focused approach to her new role in Milan. Since joining Euronext Securities, she has played a pivotal part in shaping the organisation’s strategy, driving transformation, and fostering collaboration across teams and geographies. As CEO of Euronext Securities Porto, Olga has overseen significant growth and innovation, and as Head of Business Operations, she has championed efficiency and high standards across the CSD network. 

Reflecting on her new appointment, Olga says: 

I am truly honoured to take on the role of CEO of Euronext Securities Milan at such a pivotal moment for Euronext Securities and the European post-trade market as a whole. I am committed to building on the strong foundations that Alessio established over the past years, and to further strengthen our close collaboration with trusted clients and stakeholders across Europe, while continuing in my roles as CEO of Euronext Securities Porto and Head of Business Operations.

Continuity and focus on the European Offering 

A key priority for Olga is to ensure the continuity and further development of Euronext Securities’ European Offering. This integrated approach will soon enable clients to access harmonised, cross-border post-trade services across multiple markets, leveraging on the strengths of Milan, Porto and the wider Euronext Securities group. Olga’s leadership will ensure that the European Offering remains at the heart of Euronext Securities’ strategy, delivering consistent value, innovation and operational excellence for clients, regardless of their market or location. 

Vision and priorities as CEO for Milan and Porto 

Olga’s leadership philosophy centres on partnership, innovation and a relentless pursuit of excellence. Her vision for both Milan and Porto is to build on their unique strengths while deepening integration across the Euronext Securities group. Her key priorities for the coming year include: 

• Enhancing operational efficiency and resilience across both CSDs 

• Driving digital transformation and innovation in post-trade services 

• Strengthening relationships with clients and partners throughout Europe. 

The significance of the common corporate action platform 

As Programme Executive for the CA4U initiative, which will create a common corporate actions platform for the Group, Olga is leading efforts to harmonise and modernise corporate actions processing across Euronext Securities. This initiative is designed to deliver greater automation, transparency and client value, reinforcing Euronext Securities’ commitment to best-in-class service. 

Supporting Euronext Securities’ European strategy 

Olga’s cross-market leadership is instrumental in advancing Euronext Securities’ European strategy. By bridging expertise and best practices between Milan, Porto and the wider group, she ensures that clients benefit from a unified, innovative and resilient post-trade platform. 

A personal message to clients and partners 

Working alongside such talented and dedicated teams across our organisation is a privilege. Together, we will continue to pursue excellence, foster innovation and seize new opportunities to shape the future of the post-trade industry. I look forward to this exciting new chapter and to delivering lasting value for our clients, partners and the wider market.

Olga will relocate to Milan at the beginning of 2026, supported in Porto by Paulo Silva, who will take on the role of General Manager, Euronext Securities Porto. Under her leadership, Euronext Securities looks forward to expanding its capabilities and delivering even greater value to clients and partners across Europe. 

Euronext is delighted to share that we have been recognised at The TRADE Leaders in Trading Awards 2025, held this month in London. The awards, which celebrate the finest achievements in trading talent across asset managers, hedge funds, banks, brokers, exchanges and technology vendors, highlight excellence in the financial industry. At this year’s event, Euronext was honoured with Editor’s Choice Awards in the category of Outstanding European Derivatives Trading Venue. This award is a testament to the strength of our services, the trust our clients place in us and our continued efforts to drive innovation in European financial markets. 

We would like to extend our gratitude to all of our clients, partners and stakeholders for their ongoing support. It is through our close collaboration and shared vision that we continue to reach new heights, and we remain committed to delivering value and excellence in every aspect of our business.  

Outstanding European Derivatives Trading Venue 

Winning Outstanding European Derivatives Trading Venue highlights Euronext’s position as a leading destination for equity derivatives trading in Europe. Our derivatives franchise has seen strong momentum over the past year, including 129 million financial derivatives lots cleared in 2024, up +18% year-on-year, through Euronext Clearing.  

Diversifying into fixed income derivatives 

A defining achievement of 2025 was Euronext’s expansion into fixed-income derivatives, marking a significant milestone under our ‘Innovate for Growth 2027’ strategic plan. In September 2025, we launched the first-ever Cash-Settled Mini Bond Futures on key European government bonds, including: 

• Italy: 10-year BTP and 30-year BTP 

• France: 10-year OAT 

• Germany: 10-year Bund 

• Spain: 10-year Bono 

These new contracts are designed to enhance market accessibility with smaller contract sizes of €25,000 notional value and to provide cost-efficient, transparent exposure to sovereign debt markets. Since launch, we have seen strong interest and growth in these contracts, supported by guaranteed liquidity from dedicated market makers and robust risk management through Euronext Clearing. This successful launch highlights our commitment to diversifying our offerings and growing the pie for European financial markets by introducing new trading opportunities and innovative solutions. 

Strengthening our integrated derivatives markets 

Our comprehensive product suite, coupled with the efficiency of the Optiq^® trading platform, has been instrumental in offering a seamless, liquid and transparent environment for our clients. The integration of Borsa Italiana into our offerings and the expansion of our equity derivatives products have enhanced our competitive edge. Since this integration, we have continued to grow our member base by leveraging cross-membership, with legacy participants from Borsa Italiana becoming members of IDEM and vice versa. This deeper engagement across our markets strengthens liquidity and participation, reinforcing Euronext’s role as a trusted venue for institutional and retail investors alike, offering the liquidity, innovation and operational excellence necessary for success in today’s markets.  

Milestone achievement for Mini Single Stock Options 

Our Mini Single Stock Options continue to gain strong momentum, with more than 200,000 contracts traded since launch. Introduced in Q2 2025 on French, Dutch and German stocks, Euronext became the first exchange to bring these innovative contracts to market. Designed with a smaller lot size of 10, compared with 100 for standard stock options, mini options make derivatives trading significantly more accessible for retail investors, particularly on high-value stocks. Since their introduction, these contracts have seen rapid adoption, coexisting alongside standard contracts and attracting new investors with steadily growing volumes and open interest. Their gradual uptake reflects rising retail engagement, supported by active market makers ensuring continuous liquidity and contributing to the continued development of the derivatives market. 

Europe’s only comprehensive retail education programme 

Our retail education programme for retail investors has been key to empowering individuals with the knowledge they need to engage in derivatives trading. Developed in collaboration with key market players, this programme is unique in Europe and offers an unparalleled range of resources covering everything from the fundamentals of options and futures trading to advanced strategies, making it easier for retail investors to deepen their understanding and optimise their portfolios using derivatives. It has now been expanded into five languages to facilitate and increase access for retail investors. 

Shaping the future together  

Our recognition at the TRADE Leaders in Trading 2025 Editor’s Choice Awards reflect the strong partnerships we have built with our clients, as well as our dedication to shaping the future of European capital markets. As we move forward, we remain focused on delivering innovative solutions, expanding our product offerings and ensuring the resilience of our services. 

At Euronext, our commitment to the development of an integrated, competitive and transparent European financial market infrastructure remains unwavering. These achievements inspire us to continue pushing boundaries, driving progress and providing our clients with the tools they need to thrive. We are deeply grateful for the trust our clients have placed in us and look forward to continuing this journey together, as we work to achieve even greater success in the years ahead. 

Read on to learn more about Euronext’s financial derivatives.  

Euronext is pleased to release the 2025 edition of the Euronext Tech Pulse Report, offering a comprehensive analysis of performance, access to capital, investor profiles and ESG progress among the 107 Euronext Tech Leaders listed across its markets. Designed as a key resource for investors, policymakers and corporate stakeholders, this year’s report provides a detailed look at how Europe’s most prominent Tech companies are scaling, financing their growth, making an impact and driving sustainable innovation.

Download now

A growing and dynamic community of European Tech leaders

The Euronext Tech Leaders initiative shines a spotlight on high-growth and leading Tech companies across Europe. Together, these companies represent approximately €1 trillion in aggregate market capitalisation, evenly split between large caps and mid caps, and supported by 50 partners across the continent.

They sit within Euronext’s broader Tech ecosystem of around 700 listed Tech companies, with over €1.4 trillion in combined market capitalisation, positioning Euronext as the leading exchange for European Tech companies.

Strong performance momentum

The Euronext Tech Leaders Index increased by 24% since last year, continuing a trend of exceptional performance. Since 2016, the index has significantly outperformed both the Euronext Europe 500 and other leading European Tech indices, reaffirming the segment’s strong growth trajectory and resilience.

Tech listings continue to drive European capital markets

European Tech companies continue to choose Euronext to raise capital. As of November 2025, 38% of all new Euronext listings were Tech companies, reflecting the sustained strength of Europe’s innovation economy.

Since 2021, more than 200 Tech companies have listed on Euronext, raising over €15 billion, with Tech Leaders accounting for over 45% of follow-on offerings.

A uniquely international investor base

Euronext Tech Leaders continue to attract highly international capital. Over 75% of investment flows come from outside the companies’ home countries, with 35% from the United States, 27% from continental Europe, and 19% from the UK. This global reach demonstrates the segment’s strong visibility and appeal among international investors.

Leading Europe’s sustainable transformation

Euronext Tech Leaders also continue to lead on sustainability. Since 2021, they have reduced their carbon and energy intensity and increased their renewable energy share by five percentage points, surpassing the renewable energy usage levels of all Euronext large caps by seven points.

Euronext Tech Leaders companies are also making meaningful progress on diversity and governance, with board gender diversity reaching 44.9%. Meanwhile, the representation of women in management bodies continues to improve, narrowing the gap with other large issuers.

Building a strong, connected and sustainable European Tech sector

The 2025 Tech Pulse Report reinforces the significant role that Euronext Tech Leaders play in European capital markets. With sustained performance, deep international investor engagement and strong ESG leadership, these companies are shaping the future of European Tech.

Learn more about the Euronext Tech Leaders initiative.

Data as of November 2025