Euronext continues to push against Eurex’s market dominance, expanding its range of single stock options soon after bringing clearing in-house.
Euronext has expanded its European derivatives suite with the launch of 31 new single stock options: 21 German, four Portuguese and six Irish. This marks the exchange’s first Irish stocks listing, and completes Euronext’s coverage of all DAX 40 index constituents in Germany.
Through the launch, the firm aims to strengthen its status in the European derivatives market. On its main competitor, “we are very different from Eurex,” Charlotte Alliot, head of institutional derivatives, told Global Trading. “They have a standardised pan-European options franchise. We are an aggregation of local exchanges with close ties to local trading communities. They attacked our franchise a long time ago with some very aggressive prices – with different results depending on the countries.”
In September 2024, Eurex took 70% of market share in equity options, reporting 16,497,318 equity options contracts traded. Euronext recorded 7,178,465. A representative from Euronext told Global Trading that “we are competing with Eurex on almost all our markets”.
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With its latest expansion, Euronext will grant investors access to a broader range of key assets across the continent through a single order book. Eurex declined to comment on the launch.
“It’s about growing the pie for investors, creating opportunities,” Alliot explained. “Now we are fully credible in this space, because we cover all DAX components and offer the full spectrum of opportunities.” The firm is also the first to offer access to the Portuguese market, she added.
The launch follows Euronext’s recent migration of its clearing house from LCH SA to its in-house Euronext Clearing platform. “This is happening just four weeks after the migration, which shows that it’s really working and demonstrates how the integration of clearing is going to help us innovate,” Alliot said. “There will be a lot to come for the franchise, and I’m glad of this first step.”
©Markets Media Europe 2024
