Euronext FX set for diversification under “Let’s Grow Together 2022” strategy

Maria Nikolova

Euronext FX is poised to diversify through the development of new product sets, specifically derivatives, and target new client segments and geographies.

Euronext NV (EPA:ENX) has unveiled its new three-year strategic plan, “Let’s Grow Together 2022”, including plans for various of its business segments and particular financial targets.

In particular, Euronext FX, formerly known as FastMatch, is poised to diversify through the development of new product sets, specifically derivatives, and target new client segments and geographies. In terms of its FX business, Euronext also says that it will invest to take recent successes to the next level, especially in Corporate Services, FX and Advanced Data Services.

Further, following the acquisition of Oslo Bors VPS, Euronext aims to transform its post-trade assets from core local market infrastructures to value-added, innovative solutions. For that matter, let’s note that Euronext expects to achieve €12 million of run-rate cost synergies by 2022 at Oslo Børs VPS, to incur €18 million of restructuring costs, and to achieve a ROCE on this transaction above the WACC by Year 3.

The “Let’s Grow Together 2022” strategic plan stipulates the following 2022 financial targets:

  • Revenue growth (organic): +2% to +3% compound annual growth rate 2018PF-2022E;
  • EBITDA margin (organic): above 60% in 2022;
  • Dividend policy: pay-out at 50% of reported net income for the period.

Euronext aims to invest in advanced data and build analytics products, while adapting its offering to the evolving needs of clients and to regulation. The Group will expand its agile and cost-effective index franchise.

Euronext says it will exploit the power of Optiq, its proprietary new generation cutting-edge trading platform to build an entire ecosystem and become the trusted alternative trading platform.

In terms of innovation, Euronext will seek to leverage innovative technology such as tokenisation, bespoke trading models and artificial intelligence.

Stéphane Boujnah, CEO and Chairman of the Managing Board of Euronext, commented:

“Today, Euronext is determined to build the leading pan-European market infrastructure by growing and seizing opportunities, to accelerate innovation and sustainable growth. The Group will continue to extend its business across the full value chain of financial markets, enhancing its best-in-class services to all clients, and consolidating its key role within the pan-European financial ecosystem. Let’s Grow Together 2022 will leverage those strengths, guiding Euronext as it transforms its business and delivers on its mission of connecting local economies to global capital markets.”

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