FastMatch Contributed €2.9m to Euronext in Q3

The acquisition of FastMatch by Euronext was competed in August.

Euronext has published its quarterly results, showing that the company received a net contribution to revenues from FastMatch that totalled €2.9 million. The number was achieved after the average daily volumes metrics during the period amounted to $18.3 billion per day. The number was 49.5 percent higher than during the same period of 2016.

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Volatility in FX during the period was generally subdued, signifying a potential increase in the contribution of FastMatch to Euronext’s total results in the coming quarters. The fourth quarter of the year may be negatively impacted as year-on-year growth is likely to be subdued due to the material volatility around the US election last year.

Euronext completed the acquisition of FastMatch earlier this summer, in August. Revenues of Euronext as a whole increased by 14.1 percent to €128.7 million. The company attributes the rise to a stabilised macro environment, as well as strong listing activity.

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During the third quarter of the year, cash average daily trading volumes at Euronext increased by 19.5 percent to €6.9 million. Market share of equities trading amounted to 65.2 percent, while IPOs increased by 68.6 percent year-on-year.

EBITDA increased by 13.3 percent to €69.5 million, while net profits remained stable at €38.3 million, a figure which is only 0.6 percent higher than a year ago.

Stéphane Boujnah

Commenting on the results, the CEO and Chairman of the board of Euronext, Stephane Boujnah, said: “This quarter was marked by the deployment of our Agility for Growth strategic plan, through the acquisition of iBabs in July, and by the closing of the acquisition of FastMatch in August.”

“Another major milestone was met in August when we secured the renewal of a 10-year agreement for derivatives clearing with LCH SA, as well as a 11.1% stake and a pre-emption right in this company, ensuring a long-term and improved value proposition for our customers and investors,” Mr Boujnah elaborated.

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