Euronext

owned by NYSE

Continental Europe's biggest stock exchange

Serious Information

Euronext N.V. is a pan European stock exchange with subsidiaries in Belgium, France, Netherlands, Portugal and the UK. In addition to equities and derivatives markets, Euronext group provides clearing and information services. As of January 31, 2006 Euronext had a market capitalization of USD$2.9 trillion, making it the 5th largest exchange.
Euronext N.V, is a holding company incorporated under Dutch law operates through local subsidiaries, it was formed on 22 September 2000 when the exchanges of Amsterdam, Brussels and Paris merged. The Euronext group expanded at the beginning of 2002 with the acquisition of LIFFE (London International Financial Futures and Options Exchange) and a merger with Portuguese exchange BVLP (Bolsa de Valores de Lisboa e Porto).

Today, Euronext is Europe’s leading cross border exchange, integrating trading and clearing operations on regulated and non-regulated markets for cash products and derivatives. Euronext was formed in 2000 in response to globalisation of capital markets and to create a pan-European exchange offering its participants increased liquidity and lower transaction costs.

January 2002
Euronext expands by acquiring LIFFE (London International Financial Futures and Options Exchange).

February 2002
Euronext continues to grow and merges with the Portuguese exchange BVLP (Bolsa de Valores de Lisboa e Porto).

December 2003
London Clearing House and Clearnet merge to create LCH.Clearnet, Europe’s leading provider of clearing and central counterparty services.

November 2004
The integration of Euronext’s markets is completed. Euronext now uses a single platform for cash products (NSC) and a single platform for derivatives products (LIFFE CONNECT®).

History of Paris stock exchanges
In 1250 or thereabouts, the people of Toulouse formed the Société des Moulins du Bazacle, or Bazacle Milling Company. Its 96 shares traded at a price that varied according to economic conditions and the output of the mills along the Garonne river. The firm – the forerunner to today's listed companies – remained on the official list of the Toulouse Bourse throughout the centuries until 1946.

The Lyons Bourse was established in around 1540. Edicts dated 1572 and 1595 regulated the status of courratiers, or brokers, in the main towns and cities throughout the kingdom. A royal order issued in 1639 replaced the name courratier with agent de change for persons trading in securities and commercial bills. Paris, however, still had no organised stock exchange even though the first list of agents de change was published in 1684. The Consulate and the First Empire created a framework for an organised economy. For the first time in France, powers and duties in both the public and professional spheres were regulated:

In 1962, to streamline France's stock markets, the trading of securities not included on the official list was transferred to the agents de change, thus putting an end to the role of the courtiers. At the same time, the government created 18 new agent de change offices solely for former courtiers, raising the official number of agents to 85.

On 1 June 1999, France's four market operators – SBF, Matif SA, Monep SA and Société du Nouveau Marché – merged to form a new company, ParisBourseSBF SA.

On 22 September 2000, the Amsterdam, Brussels and Paris bourses merged to create Euronext, the first pan-European exchange. Euronext subsequently expanded to include the Portuguese stock exchange and London's International Financial Futures and Options Exchange (LIFFE).
Euronext operates in a sector that has changed drastically in recent years, both at a European and a global level. Key changes include the competition resulting from the globalization of financial markets and market operations, the introduction of new information and communication technologies (ICT), and diversification among banks and participants, such as bank and investment service providers.

The New York Stock Exchange (NYSE) has agreed to buy the pan-European Euronext exchange, creating the first transatlantic stock market.
The NYSE edged out its German rival, Deutsche Boerse, to clinch the deal, which aims to create a business worth $20bn (16bn euros; £11bn). The new firm will have its US base in New York and international headquarters in Paris and Amsterdam.

A merged exchange has more appeal as traders, investors and issuers are all keen to reduce transaction costs - especially in clearing and settlement.

For the 214-year-old NYSE, the addition of Euronext attracts businesses which may have been put off by the extensive US regulation implemented after a series of corporate scandals, including the collapse of energy giant Enron.

Under the deal, each NYSE share will be converted into one share of common stock in the merged company, to be renamed NYSE Euronext.

Euronext shareholders will have the chance to exchange each of their shares for 0.98 shares of NYSE Euronext stock and 21.32 euros in cash.

Paris-based Euronext, which operates bourses in Paris, Amsterdam, Brussels and Lisbon, will also pay its previously announced dividend of three euros per share.

The merged firm will be led by NYSE Group boss John Thain, with Euronext chief executive Jean-Francois Theodore as deputy chief executive officer and head of international operations.He added: "A partnership with Euronext fulfils our shared vision of building a truly global marketplace with great breadth of product and geographic reach that will benefit all investors, issuers, and our shareholders and stakeholders."

Euronext presented the offers from both Deutsche Boerse and the NYSE to its shareholders on 23 May, but at the time they said both offers were too low.

Other mergers . While executives from Euronext have been more positive about a tie-up with the NYSE, some have said the offer still undervalues the firm.

As competition between exchanges has increased, analysts are predicting that more mergers will follow as companies look to reduce costs and boost client numbers.

Earlier this year, Euronext ended its attempts to acquire the London Stock Exchange (LSE) after the US tech heavy Nasdaq expanded its stake in the LSE.

http://www.euronext.com/ the website of the stock exchange gives much information on share prices, education, the different product offer on the exchange.

Euronext Amsterdam
Postbus 19163
1000 GD Amsterdam
Telephone +31 (0) 20 550 4444

Euronext Brussels
Palais de la Bourse
B 1000 Bruxelles
Tel. 32 2 509 12 11

Euronext Paris
39 rue Cambon
F 75039 Paris Cedex 01
Tel. 33 1 49 27 10 00

Euronext Lisbon
Av. da Liberdade, n.º 196 - 7º
1250-147 Lisboa
Tel. 351 21 790 00 00

Links on websites on subject

http://www.ise.ie/index.asp The home page of Irish stock exchange

http://www.nasdaq.com/ The homepage of the stock exchange

http://www.cityequities.com/
http://www.moneyweek.com

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