What do you feel were the key drivers that made this past year so successful and ultimately resulted in receiving this award?
Last year was truly transformational for Euronext’s derivatives business, driven primarily by strategic diversification, innovation, and execution. A key driver was our successful entry into fixed income derivatives in September, marking a major expansion beyond our traditional equity derivatives franchise. We launched mini futures on European government bonds, including 10-year OATs, BTPs, Bunds, and Bonos, with a €25,000 cash-settled contract size, including the first-ever 30-year BTP futures contract in the market.
This launch was part of Euronext’s broader strategic plan and demonstrated our ability to enter a new asset class, innovate, and generate volumes from day one. The strong uptake by retail brokers and market makers, combined with daily trading since launch, validated both the product design and our market credibility.
In parallel, we continued to innovate within our core equity derivatives business through initiatives such as mini options, and we invested heavily in retail education across Europe. Together, these elements, spanning diversification, innovation, strong client engagement, and execution, were the key drivers behind the success of the year and the recognition we received.
Could you highlight the standout accomplishments and significant milestones achieved over the past year?
One of the most significant milestones was the successful launch of fixed income derivatives, with five government bond contracts trading daily and reaching nearly 15,000 contracts traded within a short period. Entering a completely new asset class and achieving immediate market traction was a major achievement for Euronext.
Another standout accomplishment was the launch of mini options on high-nominal equities such as LVMH, ASML, and Total. These products addressed a clear market need by lowering entry barriers for retail investors and smaller asset managers. Since launch, nearly 300,000 mini option contracts have traded, and analysis has shown that this growth is additive rather than cannibalistic to existing products.
In addition, our retail education initiative became a major milestone in its own right. Over the past year, we delivered around 60 educational webinars in five languages and expanded into podcasts, working closely with retail brokers and market makers. This programme is unique in Europe and has significantly increased engagement and participation from individual investors in derivatives markets.
Looking back, were there any unexpected challenges or turning points that shaped the outcome of the year?
A key challenge and turning point has been positioning Euronext to participate meaningfully in the growth of fixed income derivatives in a post-COVID environment. With interest rates rising and unlikely to return to zero, fixed income derivatives have become a highly active and globally attractive market.
For Euronext, the challenge was both strategic and structural: diversifying revenue sources while entering a competitive and volatile asset class. The internalisation of clearing via Euronext Clearing and the integration of Borsa Italiana and MTS were critical enablers, allowing us to overcome hurdles that would previously have made such expansion far more complex. Addressing this challenge shaped our strategy and ultimately allowed us to participate in one of the fastest-growing segments of the derivatives market.
In what ways do you intend to continue this momentum as you move into 2026 and further ahead?
Looking ahead, our priority is to continue building scale and liquidity in fixed income derivatives. We have significant client onboardings planned, particularly in early 2026, which will help drive further growth in volumes and open interest. Reaching key thresholds is essential, as it enables broader participation from different types of market players and creates a virtuous cycle of liquidity.
We also plan to roll out a second phase of fixed income derivatives products, leveraging the strength of the MTS cash bond market to further expand our footprint in this asset class. On the equity derivatives side, we will continue to grow and diversify our options offering, with new product launches designed to better serve retail investors and deepen market participation.
Education will remain central to our strategy. We will continue to invest in and expand our multi-language educational programme while also enhancing market quality through infrastructure improvements and strengthened market-making frameworks. Overall, our focus is on leveraging Euronext’s local ecosystems to deliver innovation, liquidity, and sustainable growth well beyond 2026.
