Advertisement
UK markets closed

  • FTSE 100

    7,895.85
    +18.80 (+0.24%)
     

  • FTSE 250

    19,391.30
    -59.37 (-0.31%)
     

  • AIM

    745.67
    +0.38 (+0.05%)
     

  • GBP/EUR

    1.1607
    -0.0076 (-0.65%)
     

  • GBP/USD

    1.2370
    -0.0068 (-0.55%)
     

  • Bitcoin GBP

    51,946.52
    +413.62 (+0.80%)
     

  • CMC Crypto 200

    1,334.09
    +21.47 (+1.64%)
     

  • S&P 500

    4,967.23
    -43.89 (-0.88%)
     

  • DOW

    37,986.40
    +211.02 (+0.56%)
     

  • CRUDE OIL

    83.24
    +0.51 (+0.62%)
     

  • GOLD FUTURES

    2,406.70
    +8.70 (+0.36%)
     

  • NIKKEI 225

    37,068.35
    -1,011.35 (-2.66%)
     

  • HANG SENG

    16,224.14
    -161.73 (-0.99%)
     

  • DAX

    17,737.36
    -100.04 (-0.56%)
     

  • CAC 40

    8,022.41
    -0.85 (-0.01%)
     
Property:

11 beautiful homes with glorious garden rooms

Investing in a home with a garden room will enable you to enjoy your outside space whatever the weather

Euronext considers changes after customer anger over outage

Huw Jones
Updated ·2-min read

By Huw Jones

LONDON (Reuters) - Pan-European exchange Euronext said on Thursday it was listening to calls from top banks and asset managers about finding a way to trade on alternative platforms when there are lengthy outages like last month.

A series of glitches disrupted trading on Euronext on Oct. 19, raising concerns about the risk of one operator hosting so many bourses, just as the Paris-headquartered exchange is set to buy Borsa Italiana for 4.3 billion euros (3.8 billion pounds).

There was a further, more minor glitch on Monday, prompting industry body AFME to call for a mechanism to allow trading to switch to other venues in an orderly way during outages.

ADVERTISEMENT

Outages on exchanges where shares have their primary listing can freeze trading in the same shares on rival platforms, leaving investors in the lurch.

"We are listening to all suggestions of all clients, it's important to have a constructive debate on all the issues," Euronext CEO Stephane Boujnah told a media call.

"We are taking appropriate steps to make sure that this situation is addressed," he said, whilst reiterating his belief in the model of a European infrastructure.

Watch: What is a budget deficit and why does it matter?

The federal model of linking Paris, Brussels, Amsterdam, Dublin, Oslo and Lisbon under the Euronext banner is justified by the need to simplify trading, cut costs for clients and provide deeper liquidity, Boujnah said.

Euronext aims to complete its purchase of Borsa Italiana in the first half of 2021 if its owner London Stock Exchange gets the green light in January from the EU to buy data and analytics company Refinitiv, he added.

Euronext shareholders meet on Nov. 20 to consider the purchase, and execute a private placement and rights offer to fund the acquisition after the deal has been completed.

Euronext reported third quarter revenues of 204.8 million euros on Thursday, up 12.7% from the same quarter in 2019. Net income rose 10.6% to 70.2 million euros.

The exchange continued to diversify earnings away from share trading volumes, with non-volume related revenues now at 54% of the total, up from 52% last year.

Watch: What is inflation and why is it important?

(Reporting by Huw Jones; Editing by Alexandra Hudson)