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

Bpifrance has successfully issued its first bond under the European Defence Bond Label on Euronext, raising €1 billion to support companies across the French and European defence sector. This landmark transaction highlights the bank’s role as a catalyst for financing strategic players in the defence ecosystem, particularly SMEs and mid-caps, while offering investors a unique opportunity to access defence-related assets.

Strengthening Europe’s defence ecosystem

The five-year bond, maturing on 25 November 2030, was priced at 2.75% and attracted strong investor interest, with a final order book of over €3.8 billion from 98 investors. This robust demand, spanning banks, asset managers, central banks and official institutions, reflects confidence in Bpifrance’s expertise and commitment to transparency, accountability, and the defence sector’s strategic importance.

Proceeds from the issuance will fund and refinance loans dedicated to SMEs and strategic companies in the Defence Industrial and Technological Base (BITD), specialised groups such as GICAT, GIFAS and GICAN, as well as export financing for European defence projects.

Pioneering a new market framework

This issuance follows the publication of Bpifrance’s European Defence Bond Framework in July 2025, which sets clear eligibility criteria and ensures full traceability of proceeds, excluding controversial weapons. By applying this methodology, investors can engage confidently with a sector critical to European strategic autonomy.

“The European Defence Bond initiative strengthens the strategic autonomy and competitiveness of the defence industry,” said Nicolas Dufourcq, Chief Executive Officer of Bpifrance. “This milestone reinforces our commitment to supporting innovative companies while focusing on SMEs and mid-caps that are vital to the sector’s value chain.”

Leading by example

By issuing the first European Defence Bond from an SSA, Bpifrance demonstrates how capital markets can mobilise private funding to support defence and security initiatives while maintaining full traceability and accountability. The bank’s approach provides a blueprint for future issuances and highlights the potential for the European Defence Bond Label to scale beyond France, attracting interest across the continent.

Euronext is proud to support issuers like Bpifrance that enable strategic projects, strengthen European defence capabilities, and foster long-term growth and innovation.

Want to learn more?

Visit our dedicated webpage to learn more about the European Defence Bond Label and its role in financing Europe’s defence and security priorities.

Visit our EU Defence Bond page

Euronext is proud to announce the successful completion of its voluntary share exchange offer for all outstanding shares of HELLENIC EXCHANGES-ATHEX STOCK EXCHANGE S.A. (“ATHEX”). This milestone marks the beginning of a new chapter for the Greek capital market, anchoring it at the core of Europe’s largest and most vibrant liquidity pool. It also reaffirms Greece’s role as a prominent contributor within integrated European capital markets.  

A major step forward for European market integration 

With this successful outcome, ATHEX becomes the eighth exchange to join Euronext’s federal model in a significant step forward towards reducing market fragmentation and building a more connected, competitive and efficient European market infrastructure. Greece has long been recognised for its spirit of innovation, entrepreneurship and excellence. By integrating ATHEX within Euronext’s single liquidity pool, that spirit now enters a truly pan-European framework. 

This partnership provides Greece with seamless access to a harmonised framework designed to enhance visibility, deepen liquidity and attract a broader universe of international investors. It reinforces Euronext’s long-standing ambition to strengthen cross-border financing, improve market attractiveness and support the development of a more unified Savings and Investments Union. 

New opportunities for Greek issuers and investors 

ATHEX now joins a network of more than 1,700 listed companies representing over €6.5 trillion in combined market capitalisation, one of the most substantial pools of equity financing worldwide. Greek issuers, investors and intermediaries will benefit from increased liquidity, enhanced execution quality and strengthened market connectivity through the migration of Greek securities to Optiq^®, Euronext’s state-of-the-art trading platform. 

Through Euronext’s harmonised listing framework, Athens becomes a strategic gateway for Southeast European companies seeking access to European capital markets. Greek companies will gain expanded opportunities to engage with European and global investors, including through initiatives such as Euronext’s pre-IPO mentoring programme, IPOready, and through simplified access to debt markets, enabling companies of all sizes to diversify and strengthen their financing sources. 

Advancing post-trade harmonisation in Europe 

A central component of ATHEX’s integration is the progressive extension of Euronext’s unified post-trade model. Euronext intends to expand the reach of Euronext Clearing and strengthen the role of Euronext Securities as a central securities depository of choice across Europe. 

ATHEX’s longstanding expertise through ATHEXCSD and ATHEXCLEAR brings deep technical capability and regional insight to Euronext’s efforts to reduce fragmentation and increase efficiency in post-trade processes. Integrating clearing and settlement activities into Euronext’s harmonised architecture will deliver long-term value to issuers and investors alike by providing standardised services, streamlined operations and enhanced cross-border connectivity. 

Strengthening Europe’s financial future 

ATHEX’s arrival comes at a pivotal moment for Europe’s capital markets. This integration elevates the global visibility of Greek markets, supports the financing needs of the Greek economy and contributes to Europe’s long-term strategic autonomy. The establishment of the Euronext Technology Centre in Athens is a testament to Euronext’s substantial and long-term commitment to Greece, strengthening the country’s role as a strategic hub within the Group’s European infrastructure. Teams across the Group will collaborate closely to ensure a seamless transition and drive the innovation, operational excellence and market development that are at the core of Euronext’s mission. 

This new chapter reflects Euronext’s deep commitment to Greece's talent, enterprises and investors, and reinforces our shared ambition to build an integrated market infrastructure capable of supporting Europe’s future growth and competitiveness. 

Welcome to Euronext, ATHEX Group. We look forward to shaping capital markets for future generations together.