FastMatch contributes €2.9 million to Euronext’s revenues in Q3 2017

Maria Nikolova

Thanks to the acquisition of an interest of approximately 90% in FastMatch, Euronext has managed to boost its revenues in the third quarter of 2017.

Euronext NV (EPA:ENX) has earlier today reported its key financial and operating metrics for the third quarter of 2017, with the acquisition of a 90% stake in FastMatch being one of the major factors for the growth in revenues in the period.

Euronext posted revenues of €128.7 million for the three months to September 30, 2017, up 14.1% from the equivalent period a year earlier. The growth was partially attributed to the positive impact of the acquisition of FastMatch, which brought €2.9 million of revenue during the period. Let’s note that FastMatch has been consolidated since August 14, 2017, when the acquisition closed. Excluding the impact of the consolidation of FastMatch from mid-August 2017, Euronext consolidated revenue would have grown by +11.3%.

The average daily volume on the FastMatch spot foreign exchange market was $18.3 billion in the third quarter of 2017.

In announcing its Q3 2017 results, Euronext reiterated its plans to progressively enable FastMatch to increase its growth profile in Europe, commercialise its market data and develop derivative products.

The changes in the ownership of FastMatch happened in the aftermath of regulatory settlements with FXCM in the United States, which ultimately led to the exit of the broker from the US retail FX market. FXCM Group said back then it would receive approximately $55.6 million from the sale of its interest in FastMatch, with a portion held in escrow and subject to certain future adjustments including a share of a $10 million earnout if certain performance targets of FastMatch are met.

Euronext said the acquisition of approximately 90% in FastMatch was done for an initial cash consideration of $160 million (including cash). The deal is fully financed through bank debt, does not impair the strong creditworthiness of Euronext and consequently does not limit Euronext’s ability to pursue other external growth opportunities.

Regarding Euronext’s FX business, the company today highlighted the recent launch of a new market data product, FX Tape, which aims to improve post-trade transparency in FX markets and allow market participants to monetize their trading data. FX Tape also serves as a central reference point for Spot FX transacted prices helping market participants evaluate best execution performance.

FX Tape will publish real-time post-trade information collected from market participants in aggregated and delayed fashion to minimize market impact. This product will be available for distribution to thousands of market participants and vendors across the world via distribution networks operated by FastMatch and Euronext.

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