Five major European exchanges will battle it out to be named Exchange Group of the Year at Financial News’s Excellence in Trading & Tech Awards next month.
The nominees are Cboe Europe, Deutsche Börse, Euronext, London Stock Exchange Group and SIX Swiss Exchange.
Each exchange has been expanding into new markets and updating its offering in a bid to win new business and stay ahead of the competition.
To find out who has won, book your spacefor the awards on 6 June at One Marylebone in London, with special guest Xavier Rolet.
Read more about why each group has been shortlisted below.
Cboe Europe
Cboe Europe has been growing market share, becoming the top equities exchange in Europe in April 2022 – the first time it has held that position since 2019.
Its block trading platform, Cboe BIDS, has also been growing market share and in September 2022 it accounted for 36% of Europe’s large-in-scale market, according to the exchange.
Its new equity derivatives exchange, launched in September 2021, has continued to grow to offer 20 futures and options based on 10 European indices as of the end of last year, with 20,000 contracts traded to that point.
Deutsche Börse
During a slump for initial public offerings last year, Deutsche Börse won the biggest float in the European market with the listing of Porsche in September 2022 at a valuation of €75bn. Raising some €9.1bn, it accounted for 64% of the European IPO market last year as overall capital raised through floats fell 80% from 2021.
Deutsche Börse’s derivatives exchange, Eurex, is the largest in Europe and biggest in the world in terms of open interest. Over the year volumes rose 15% to nearly 2 billion contracts. Its clearing house Eurex Clear has also moved to attract more clients to clear with it through cash incentives. This has led to daily cleared volume increasing 52% to €199bn in December 2022.
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Euronext
Euronext has been on an expansion drive in recent years and it now operates seven European exchanges, making up the second largest marketplace for equities in the region, and also runs four central securities depositories. It has capitalised on Brexit to gain market share from firms needing to do business in the European Union, and as of the end of last year it had an equities market share of 23%.
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In total, 1,930 businesses were listed on Euronext exchanges with a combined market cap of €6.3tn as of December, with 83 new listings last year. Between 2018 and 2022, Euronext doubled its annual revenue to €1.4bn and increased its market capitalisation by 150%.
In fixed income, 7,800 new bonds were listed in 2022 with more than 310 of them being ESG related. In 2022, 197 ESG ETFs were listed and made up 44% of its total ETF listings.
London Stock Exchange Group
The London Stock Exchange Group continued its acquisition spree last year following its landmark purchase of Refinitiv in 2021.
It acquired Quantile to expand its post-trade risk management offering and then at the end of 2022 it agreed to acquire Acadia, adding to its OTC derivatives business. The London Stock Exchange remains the largest bourse in Europe by market capitalisation, at £40bn as of the beginning of this year.
The total value of companies listed on the exchange briefly dipped below Euronext Paris in the autumn. As a whole, LSEG makes up roughly 15% of the market in terms of value traded for equities. It raised £29bn through its sustainable bond market in 2022.
SIX Swiss Exchange
Together, SIX’s Swiss and Spanish exchanges account for around 9% of the European equities market. It made several new additions to its business last year. In February it launched its new segment for small and medium-sized businesses, Sparks, with the listing of biotechnology firm Xlife Sciences.
In total, 14 new companies joined the Swiss exchange in 2022 raising CHF3.2bn (€3.3bn). CHF144bn was raised in bond issuances. It also listed the first carbon neutral crypto exchange-traded products from Swiss issuer Helveteq.
Last year, the China-Switzerland Stock Connect programme established a regulatory framework for listing global depository receipts of companies listed in Shanghai and Shenzhen on the SIX Swiss Exchange. Nine Chinese companies listed their GDRs in Switzerland during the year.
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To contact the authors of this story with feedback or news, email Clare Dickinson and Jeremy Chan
