Euronext welcomes the ongoing work with respect to the transparency framework for derivatives. It is our position that the transparency regime for non-equity is, at points, overly complex and at the same time not properly tailored to the different types of instruments. We suggest more needs to be done to ensure transparency is improved. Trading is generally very fragmented across the EU with a significant amount of trading activity done OTC with extremely limited transparency. We urge policymakers to support initiatives that would shift a significant share of trading to transparent and multilateral trading venues that would benefit the market as a whole and enhance visibility for investors. 

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MiFID Refit – Euronext Position on Non-Equity Transparency

This paper addresses the concept of multilateral trading under MiFID II/MiFIR. We believe that in order to reach supervisory convergence with respect to the regulatory treatment of trading platforms changes to MiFID II / MiFIR are required. This paper sets out our recommendations.

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MiFID Refit - Euronext views on MiFID II/MiFIR and the approach to multilateral trading

Euronext welcomes the opportunity to respond to ESMA’s consultation paper on the MiFID II/MiFIR obligations on market data. In our consultation response we review the draft guidelines in detail and identify some practical implications of the proposed guidelines that could be reassessed. It is our view that there is a need for guidelines in this area to be looked at in close consideration of the broader market data value chain, market data policies and processes in order to be able to achieve the desired end outcome, while keeping the impact on market data providers and users limited. In addition to commenting on the proposed guidelines, Euronext would like to encourage ESMA to allow for sufficient time for implementation of the guidelines once finalised.

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Euronext response to ESMA consultation paper on guidelines on MiFID II/MiFIR obligations on market data

Euronext response to ESMA consultation on market data guidelines – Executive Summary

On the occasion of the Euronext Annual Conference, held in Paris on Tuesday 19 March 2024, Emmanuel Macron, President of the French Republic, shared a message to participants. The event theme was ‘Leading the future of capital markets’.

This 12^th edition of the conference was also the opportunity to celebrate a new milestone for Euronext, as the Group celebrates its 10-year anniversary of listing on its own markets.