Euronext delays migration of Dublin entity to new trading platform

Euronext Dublin will now migrate to the exchange group’s new trading platform Optiq in February rather than November as initially planned.

Pan-European exchange operator Euronext has informed its client that the technology migration of its recently acquired Dublin entity has been delayed.

The exchange said a notice on its website that the migration of Euronext Dublin trading onto its newly developed trading platform Optiq will now take place on 4 February next year, rather than 12 November this year as initially planned.

In response to the delay, Euronext updated plans to include two ‘dress rehearsals’ ahead of the migration in February on 15 December and 19 January 2019, with various testing also due to take place on 13 December.

Euronext’s new cash markets trading platform for equities, structured products, exchange-traded funds (ETFs) and fixed income, known as Optiq, went live earlier this year in July, providing clients access to trading across all assets on Euronext’s exchanges.

Upon completion of its acquisition of the Irish Stock Exchange in March and its subsequent rebrand to Euronext Dublin, Euronext made plans to move trading activity to the newly launched Optiq platform.

Euronext also chose EuroCCP as the sole central clearing counterparty (CCP) for Euronext Dublin once the migration of the Dublin business to Optiq is completed. EuroCCP will clear shares, equity certificates and ETFs on several markets for Euronext Dublin.

Subject to regulatory approval, EuroCCP said in a statement that it will now act as Euronext Dublin’s sole CCP from 4 February next year, the day the technology migration is now planned to be completed.

Euronext’s second quarter earnings results revealed a 14.6% increase on revenues year-on-year to €157.3 million, driven by new business lines, diversification from its Euronext Dublin unit and the launch of Optiq earlier in the year.

“Optiq provides our clients with cutting-edge performance in terms of latency as well as time to market and flexibility while allowing for optimised hardware footprint,” said chief executive of Euronext, Stéphane Boujnah, at the time. “Our new proprietary trading platform enhances our agility and independence, strengthens the value proposition of our federal model, and fosters innovation.”