Nathalie Ruiz, Head of Equity Sales, Continent & Global Buyside at Euronext, has been named winner of the Excellence in Equities category at the sixth edition of the 2025 European Women in Finance Awards, held by Markets Media Group at Claridge’s in London earlier this month. 

The award celebrates standout individuals who have demonstrated exceptional leadership and innovation across Europe’s financial markets. For Nathalie Ruiz, the recognition is not just a personal milestone, but also reflects the strength, growth and momentum of Euronext’s equities business across the continent. Following her win, we had the opportunity to hear from her about the achievements behind it and what continues to drive success in today’s equity markets. 

A year of growth, innovation and client partnerships 

“This recognition is a reflection of the exceptional collective work of our equities team,” Nathalie Ruiz said. “It demonstrates the confidence our clients have in us and the way we’ve positioned ourselves as trusted partners in today’s equity market.” 

Over the past year, Euronext has continued to strengthen its leadership in equities – both in trading and listings – through close integration across its local markets, a deep understanding of client needs, and strong collaboration between sales, product and research teams. 

One milestone was Euronext’s inclusion in the CAC 40^® index, a moment that Nathalie Ruiz described as a reflection of the strength and relevance of its equities business, along with steady client confidence. “It speaks to the trust clients and the market have in us, and how far we’ve come in building a unified, resilient equities offering across all our markets,” she said. 

Meeting the changing market head-on 

The equities market in 2025 looks markedly different from five or ten years ago, and expectations for service, insight and adaptability have risen sharply in return. 

“What sets us apart today,” Nathalie Ruiz explained, “is our ability to actively listen to our clients and rapidly adapt. The sales team works hand-in-hand across departments, especially with our product and quant teams, to turn feedback into tangible, data-backed solutions.” 

This ability to anticipate client needs, rather than simply react to them, has reinforced Euronext’s role as a strategic partner across the buy and sell sides. “Clients no longer want just a venue. They want partners who provide liquidity, insight and long-term value,” she added. 

A huge differentiator 

A core strength of Euronext’s equities offering lies in its in-house quant research team, which is one of the largest of any exchange group in Europe. This team provides clients with actionable data and market intelligence that supports everything from behavioural analysis to execution strategy. 

“Our quant team is a huge differentiator,” said Nathalie Ruiz. “They consistently deliver insight that our clients can use internally, whether it’s for navigating volatility or optimising trading decisions. That kind of value is what keeps partnerships strong.” 

This focus on research, innovation and partnership extends across Euronext’s markets, underlining the importance of understanding both where the market is today in addition to where it is heading.  

Leadership grounded in empowerment and purpose 

With over 15 years of experience in equities and two decades in financial services, Nathalie Ruiz brings both deep market knowledge and a collaborative leadership style. For her, leadership is about empowering others, driving innovation and staying grounded in client needs. 

“I’ve worked with incredibly talented people throughout my career — in investment banks, with retail brokers, and now at Euronext. This award is a recognition of all the teams I work with at Euronext and the work we’ve done together,” she said. “True leadership is about creating the conditions for your team to succeed, thinking creatively with clients to focus on their needs, and always keeping an eye on the bigger picture: how can we help shape the future of equity markets for the benefit of the entire financial ecosystem?” 

As Euronext continues to lead as Europe’s leading market infrastructure, Nathalie Ruiz’s recognition is a testament to its ambition in equities — one built on data, insight, client partnership and innovation. 

Europe is undergoing profound technological and geopolitical transformation. 
To remain competitive, it needs deeper, more integrated capital markets — and Euronext Securities is helping make that vision a reality.

In this video, Pierre Davoust, Head of Euronext Securities, shares our vision for a truly unified European post-trade landscape, our progress toward integration, and how we’re delivering added value to our clients.

Europe’s post-trade infrastructure is vital to the functioning of capital markets, but persistent fragmentation and inefficiencies continue to drive up costs for investors and limit the competitiveness of EU companies. Euronext Securities is moving decisively with a pan-European strategy that brings competitive choice, technological innovation and long-term scalability to the core of post-trade services. A recent economic report by Oxera Consulting LLP sponsored by Euronext has demonstrated why this approach is adapted to the current fragmented post-trade markets. The report sheds light on the challenges facing the EU’s post-trade infrastructure and the growing opportunity to drive down costs, boost efficiency and improve market resilience through smarter, interoperable infrastructure.  

An economic analysis of EU CSD services 

The report, titled The Design and Functioning of CSD Services in the EU, explores the structure of Central Securities Depository (CSD) services across the EU. It responds to a growing policy focus driven by the Draghi and Letta reports (2024) and the European Commission’s recent work on the need for further consolidation or integration of market infrastructures. The analysis assesses whether Europe’s current framework can deliver more competitive and efficient outcomes for issuers and investors. 

Fragmentation and missed opportunities 

The EU is home to over 30 CSDs, mostly defined by national boundaries. This fragmentation has long been seen as a source of inefficiency and complexity, particularly for cross-border trading and settlement. However, the report challenges the idea that the only path to improvement is full consolidation into a single EU-wide CSD. Instead, it argues that effective competition can be equally powerful if the right conditions are in place. 

Competition is an effective way to address fragmentation, provided all CSDs use T2S 

The report explains that economies of scale, scope and network effects are key drivers of efficiency in the Central Securities Depository (CSD) market. TARGET2-Securities (T2S), along with regulations such as CSDR and MiFID, has established the technical and legal foundations necessary to support competition. Importantly, the report emphasises that competition does not lead to fragmentation. As long as CSDs remain connected through platforms like T2S, network effects are maintained, and users can continue to access services seamlessly. 

What’s needed now 

While the foundations for competition exist, the report notes that effective issuer and settlement competition has yet to emerge. The lack of competitive pressure has contributed to persistently high costs, limited service innovation and slower market integration. The analysis concludes that the market is now at a critical juncture, and with the right strategic interventions, competitive dynamics could deliver meaningful benefits for all market participants. 

Turning analysis into action: Euronext’s strategic response 

Euronext Securities’ strategy is a credible and ambitious response to the challenges of Europe’s post-trade. It provides the benefits of both choice and consolidation to clients. 

The strategy is anchored in three priorities: 

• Offer market participants (trading firms, custodians, settlement agents, etc.) a single point of entry to European markets: Starting September 2026, clients will become able to consolidate settlement and custody for the Belgian, Dutch and French markets in Euronext Securities, alongside Italy, Denmark, Norway and Portugal. 

• Offer issuers the best access to Euronext, Europe’s single liquidity pool: By joining Euronext Securities, issuers can support the liquidity of their shares, broaden their investor base or simplify their journey on capital markets. Euronext offers a credible alternative for the first time, which it has already proven by migrating its own share issuance to Euronext Securities. 

• Deliver technology and service innovation: Euronext is rolling out a new, future-proof, harmonised CSD platform across all CSDs it operates, delivering a better, integrated client experience and value-added services to clients. 

Together, these steps are designed to enable true pan-European post-trade integration, delivering lower costs, greater operational efficiency and more competitive services. In doing so, the expansion project also contributes to strengthening the EU’s financial sovereignty and strategic autonomy by supporting a more resilient, interconnected and autonomous capital markets infrastructure.  

Choice against fragmentation 

Euronext is offering clients a choice that did not exist before: starting September 2026, for the first time in decades, clients will be able to manage multiple European markets (France, Belgium, the Netherlands, Italy) in one single CSD.  

Euronext is building an open model: Clients can use Euronext Securities’ offering even if they trade or clear on other trading and clearing venues. Conversely, Euronext trading members will have the possibility to settle at another CSD than Euronext Securities – provided the applicable regulatory framework (CSDR and MiFID) is respected. 

Euronext’s proposal fosters market integration, thanks to the use of Target2-Securities: T2S has been designed to allow settlement across multiple CSDs with no friction or extra cost. Hence, offering a choice of CSD (provided T2S is used), like Euronext offers, does not break the liquidity pool. It rather offers clients willing to do so the ability to consolidate European markets in one CSD. 

Leading the market towards integration 

As Pierre Davoust, Head of Euronext Securities, explains: “Europe’s post-trade should be completely integrated. Capital market participants should be able to manage their operations as if Europe was a single domestic market.” 

To advance this vision, Euronext is investing in modern, value-added services, from tailored data solutions to tax processing, with the launch of its European offering in September 2026. The hub will enable participants to manage post-trade activity across Belgium, France, Italy and the Netherlands from a single securities account, simplifying operations and enhancing scale. 

Shaping the future of capital markets 

The Oxera report highlights a clear opportunity: with the right strategic action, Europe can foster meaningful competition in post-trade services. Euronext Securities is acting on that opportunity by building on regulatory progress, infrastructure scalability and operational expertise to help reshape the European post-trade environment. As the EU continues its journey toward more integrated capital markets, Euronext Securities is helping ensure it does so with purpose, scale and resilience. 

For more insights, read the original report, The Design and Functioning of CSD Services in the EU.

On 24 September 2025, Euronext celebrated the launch of the first-ever Mini Cash-Settled Futures on main European Government Bonds with bell and gong ceremonies across its Milan, Paris, Amsterdam and London offices.

Euronext's leaders Fabrizio Testa, Delphine d'Amarzit, Anthony Attia, Simon Gallagher, Janina Marks and René van Vlerken took the stage with clients, partners and teams to highlight this significant innovation in European financial derivatives, that kicked off with positive momentum.

Charlotte Alliot, Head of Financial Derivatives - EQD & FID at Euronext animated an insightful panel discussion, live from Palazzo Mezzanotte, with our guest speakers Andrea Busi, CEO of Directa, Alessandro Forconi, Head of Advanced Trading in Fideuram - Intesa Sanpaolo Private Banking, Gianni Marziali, Head of ETD Brokerage at Banca Akros and Matteo Rolle, Head of Sella Financial Markets at Banca Sella.

 Listed on Euronext Derivatives Milan, Euronext's Mini Bond Futures provide unparalleled accessibility and flexibility to hedge and gain exposure to government bonds. This initiative represents a major step forward in the fixed income space, meeting evolving market demand and delivering added value to investors.

Thank you to all our clients and partners for joining the celebrations and for their trust and support in building this new initiative.

Throwback to the bell and gong ceremonies

Interview of Charlotte Alliot, Euronext

Interview of Andrea Busi, Directa

Interview of Gianni Marziali, Banca Akros

Interview of Alessandro Forconi, Fideuram - Intesa Sanpaolo Private Banking

As part of World Investor Week, Euronext is proud to continue our Next Generation series designed to prepare young and first-time investors with the tools they need to build financial confidence. We believe that financial empowerment begins with a solid understanding of the fundamentals. 

This article is the third in a three-part series in celebration of World Investor Week designed specifically for first-time investors, with the aim of making investing more accessible, understandable and empowering for those just beginning their investment journey.  

One of the most important yet often overlooked fundamentals in investing is the stock market index. Whether you are just beginning your investment journey or simply curious about how markets function, grasping what an index is and why it matters can offer a clearer view of how economies evolve and investments grow. 

What is a stock market index? 

A stock market index is essentially a benchmark to measure how a specific group of financial assets, usually company shares, are performing at a given time. But indices cover more than just stocks – they can track bonds, commodities or even newer asset classes like cryptocurrencies. An index is comparable to a snapshot of the health and trends of a particular market segment. 

Indices serve several key purposes: 

• Tracking the overall health of a market or economy 

• Serving as the foundation for investment products such as ETFs (exchange-traded funds) 

• Acting as performance benchmarks for portfolios and investment strategies. 

The CAC 40^®: France’s economic heartbeat 

In France, the CAC 40^® stands out as the most recognised index and a symbol of national economic strength and resilience. Managed by Euronext, the CAC 40^® was created in 1987 with a base value of 1,000 points. Since then, it has reflected the changing tides of both the French and global economy from the tech boom of the early 2000s to today’s focus on luxury, innovation, energy, finance, health and defence sectors. 

In May 2024, the CAC 40^® reached a record high of 8,295 points, highlighting France’s evolving economic landscape. Companies like L’Oréal, LVMH, TotalEnergies and Michelin have been pillars of the index since its inception, demonstrating enduring market leadership. 

The AEX®: a broader view of the Dutch market 

In September 2025, the AEX^®, Euronext’s flagship index for the Dutch market, expanded from 25 to 30 companies for the first time since its creation in 1983. This change followed a thorough market consultation and reflects Euronext’s efforts to better represent the diversity and scale of the Dutch economy. By increasing the number of constituents and updating its methodology, the AEX ^® now offers investors broader exposure to leading Dutch-listed companies and improved index diversification. Alongside the CAC 40^®, the AEX^® remains one of Euronext’s most important benchmark indices, helping channel investment into national and international leaders based in Amsterdam. Euronext’s other national benchmarks include the MIB for Italy, PSI for Portugal, BEL 20 for Belgium, the OBX for Norway, and the ISEQ for Dublin. 

A reflection of the economy 

Indices  are living benchmarks. Their composition is regularly reviewed and adjusted to mirror the changing economy and the emergence of new sectors. Today’s indices are built on transparent, rules-based methodologies, giving investors clarity on what they are investing in and why. 

Euronext manages more than 1,800 indices delivering market coverage across blue-chip national indices, fixed income, ESG, crypto, and thematic sectors such as AI, healthcare, space, cybersecurity, and more, catering to the growing demand from investors seeking tailored exposure to various markets and strategies. 

How indices are created 

Creating and maintaining an index is a complex process involving financial engineers, analysts and data specialists. These teams set clear rules, calculate index values and ensure accurate, timely data dissemination, influencing billions in investment decisions worldwide. 

Indices can be broad or focused on specific themes such as clean energy, artificial intelligence, or sustainable investing. Many are developed in collaboration with banks, asset managers and other institutions to support investment products like ETFs and structured financial instruments. 

Investing with purpose 

Environmental, social and governance (ESG) factors have reshaped index design. Euronext pioneered low-carbon indices in 2008 and now offers ESG-focused versions of major indices like the CAC 40 ESG^®, AEX ESG^®, MIB ESG^® and BEL ESG^®. These enable investors to align their portfolios with personal values and global sustainability goals. 

Additionally, thematic indices tracking sectors such as healthcare, fintech or companies supporting job creation in France provide investors with targeted exposure to emerging opportunities. 

Why indices matter for new investors 

For those new to investing, indices offer insights into the market’s broad trends. Many investment products, including ETFs, are built on indices, and provide a cost-effective and diversified path to participate in economic growth, reducing risks associated with single stock exposure. 

Euronext joins the CAC 40^®: a milestone in our journey 

As of 22 September 2025, Euronext, itself a listed company, has proudly joined the CAC 40^®, marking a significant milestone in our transformation as a company from a national exchange operator to a leading, integrated European capital markets group. This inclusion recognises more than a decade of strategic growth and diversification, reinforcing our commitment to innovation, scale and supporting Europe’s financial future. 

Discover more about Euronext’s inclusion and our journey in the Euronext CAC 40^® introduction brochure. 

Learn more 

To learn more about how indices work and to access practical resources tailored for first-time investors visit the Euronext Education Centre. 

As World Investor Week continues, we explore one of the most accessible tools for first-time investors: exchange-traded funds (ETFs). 

This article is the second in a three-part series in celebration of World Investor Week designed specifically for first-time investors, with the aim of making investing more accessible, understandable and empowering for those just beginning their investment journey.   

As more individuals look for straightforward, transparent and cost-effective ways to grow their savings, exchange-traded funds (ETFs) have become a key entry point to capital markets. Combining simplicity, diversification and affordability, ETFs are helping to broaden market participation. 

What is an ETF? 

An ETF is an investment fund that is traded on an exchange, much like a stock. Unlike individual shares, however, ETFs typically track an index or a basket of assets, such as equities, bonds, commodities or sustainable investment themes. 

By purchasing a single unit of an ETF, investors gain exposure to a diversified portfolio, helping to spread risk and reduce reliance on the performance of any single company or asset. 

For example, an ETF tracking the CAC 40^® allows investors to access France’s 40 largest listed companies with a single investment, offering a powerful tool for those looking to participate in broader market trends. 

Transparent, rules-based and accessible 

ETFs are typically designed to replicate the performance of a benchmark index. This approach, known as index-tracking or passive investing, follows a clear, transparent methodology and places the ETF manager’s focus on accurately tracking the index’s returns. The growth of passive investing through ETFs has reshaped global capital markets, bringing greater efficiency, liquidity and lower costs to investors worldwide. 

ETFs aligned with investor values 

Beyond traditional indices, today’s ETFs increasingly reflect thematic strategies and environmental, social and governance (ESG) criteria, empowering investors to align their portfolios with their personal values and global trends. 

Whether focused on climate transition, digital innovation, healthcare breakthroughs or emerging markets, thematic and ESG ETFs allow investors to support causes and sectors they care about without sacrificing diversification or efficiency. 

A gateway to financial empowerment 

ETFs represent a critical entry point to capital markets, offering: 

• Simplicity in execution 

• Instant diversification 

• Transparent cost structures 

• Access to global and thematic opportunities 

Whether you are just beginning your investment journey, saving for long-term goals or exploring new strategies, ETFs can provide a flexible and powerful way to participate in European capital markets. 

A new era for ETFs in Europe 

ETF adoption continues to accelerate across Europe, supported by regulatory developments, investor preferences and advances in market structure. In September 2025, Euronext launched Euronext ETF Europe, a fully integrated, pan-European ETF marketplace designed to reduce fragmentation and boost growth across the European ETF market. 

Powered by Euronext’s Optiq^® trading platform, the initiative introduces a single European order book for ETFs across Amsterdam, Milan and Paris, streamlining access and improving transparency for both retail and institutional investors. 

By improving market structure and simplifying cross-border access, Euronext ETF Europe aims to serve all segments of the market, from large institutional investors to individuals making their first investment. 

Learn more 

To explore how ETFs and indices work and to access practical resources tailored for first-time investors, visit the Euronext Education Centre. 

Follow along this week for more insights tailored to first-time and young investors.

At Euronext, we believe in the power of the next generation to become the investors of tomorrow. As part of World Investor Week, we are committed to equipping young and first-time investors with the knowledge needed to navigate European capital markets confidently and responsibly. 

This article is the first in a three-part series in celebration of World Investor Week designed specifically for first-time investors, with the aim of making investing more accessible, understandable and empowering for those just beginning their investment journey. Stay tuned throughout the week for more insights for first-time investors.  

Building confidence through education 

Investing may seem complex at first glance, but understanding a few foundational concepts can help demystify the process and foster long-term financial empowerment. With more digital access to financial markets than ever before, now is the time for the next generation to build financial confidence. 

What does it mean to invest in stocks? 

When you invest in a stock, you are purchasing a small share of ownership in a company. This share, commonly called equity, entitles you to a portion of the company’s performance, whether through dividends (periodic payments of profit) or capital gains (selling the stock at a higher price than you paid). 

Stocks are traded on public exchanges like Euronext, which provide a transparent and regulated environment for buying and selling securities. These markets allow businesses to raise the capital they need to innovate and grow while offering individuals the opportunity to participate in that growth. 

A shift in mindset from saving to investing 

Many young people are familiar with the concept of saving money in a bank account. Investing, however, is a longer-term commitment that involves allocating your money into assets, such as stocks, with the potential to grow over time. 

The transition from saving to investing begins with understanding your financial goals. Are you looking to build wealth over the next decade? Save for a home? Plan for retirement? These goals will influence the type of investments and strategies you might explore in the future. 

The value of starting early 

One of the most significant advantages for first-time investors is time. By starting early, even with small amounts, you benefit from the power of compound interest. This means any returns you earn are reinvested, potentially leading to exponential growth over a long investment horizon. 

Additionally, long-term investing can help smooth out the short-term ups and downs (or volatility) of the market. While stock prices may fluctuate day to day, historically, equity markets have shown strong growth over the long run. 

Education before execution 

Before investing, it is important to understand key concepts that support informed decisions. These include: 

• What is a stock? A stock is a unit of ownership in a company. 

• How do stocks work? Their prices are influenced by supply and demand, economic indicators, company performance and global events. 

• What are the risks? All investments carry risk. Stock prices can go down as well as up, especially in the short term. 

• What are investment strategies? Investors may follow different approaches like long-term investing, dividend investing or index investing, depending on their goals. 

Understanding these fundamentals allows individuals to participate in the market thoughtfully, rather than reactively. 

The role of stock exchanges in the economy 

Stock exchanges like Euronext play a vital role in the financial system. They connect businesses with the capital needed to grow, while offering a platform for individuals and institutions to invest in the future of those companies. In doing so, they foster innovation, job creation, and economic development across Europe. 

By investing in listed companies, individuals are not only aiming for personal financial returns but also contributing to the broader European economy. 

Empowering the next generation of investors 

Through taking part in initiatives such as World Investor Week and our ESG commitment to financial literacy, Euronext supports early engagement with capital markets. We recognise the importance of informed participation, particularly as more young Europeans begin their investment journeys through accessible online platforms and mobile trading tools. 

Building for the future 

Strategic first-time investing focuses on building long-term financial resilience rather than chasing quick wins. As Europe continues to strengthen its capital markets, young investors will play a central role in shaping the future of our economy. Euronext is proud to take part in initiatives that support financial inclusion, promote education and drive greater participation in capital markets across generations. 

Stay tuned for more articles in our Next Generation series throughout World Investor Week, as we continue to explore the building blocks of responsible investing. 

Learn more about stock market fundamentals in our Education Centre. 

Follow along this week for more insights tailored to first-time and young investors.