Euronext (ENX.PA) is having a very “market-structure” kind of month—the sort of news cycle that doesn’t scream in neon, but quietly decides how European capital markets work (and who gets paid) for years.
As of Sunday, December 21, 2025, the pan-European exchange group is sitting at the intersection of three big themes investors keep circling back to:
- Europe’s transparency push (the EU’s first equity/ETF consolidated tape),
- Euronext’s post‑trade land‑grab (settlement and custody infrastructure across multiple countries), and
- A strategy shift away from pure trading-volume dependence (more recurring, non-volume revenue—and shareholder returns).
Below is a detailed, publication-ready roundup of the latest news, forecasts, and market analysis shaping the Euronext story right now.
The week in Euronext: why December 2025 matters
If you’re trying to “read” Euronext’s playbook, a simple translation helps:
- Trading is flashy but cyclical.
- Post-trade (clearing, settlement, custody) is sticky, operationally messy—and often more defensible and margin-rich once scaled.
- Data and technology can become recurring revenue engines if you own the rails.
This week’s headlines line up with that thesis: more infrastructure, more integration, more recurring revenue potential—plus a few regulatory speed bumps.
Euronext describes itself as a “leading European capital market infrastructure,” spanning listing, trading, clearing, settlement/custody, and issuer/investor solutions, and notes it runs major venues like MTS (fixed income) and Nord Pool (power). Euronext
Consolidated tape: ESMA selects EuroCTP for shares and ETFs (Euronext is a backer)
One of the most strategically important European market-structure decisions in years dropped mid‑December:
ESMA selected EuroCTP to become the EU’s first consolidated tape provider for shares and ETFs, following an assessment under MiFIR criteria. EuroCTP is described as a Netherlands-based joint venture with 15 European exchange groups as shareholders, and the selection is tied to the EU’s broader “Savings and Investment Union” narrative. ESMA
Multiple industry reports say EuroCTP aims to launch in July 2026, subject to authorization timelines, and ESMA would supervise the provider for the mandate period. FN London
Why investors care
A consolidated tape is essentially a single, standardized, real-time view of where trades happen and at what price across venues—commonplace in the U.S., historically fragmented in Europe.
For Euronext, the consolidated tape story matters even if EuroCTP is not “Euronext-owned,” because:
- It’s part of the infrastructure modernization that tends to benefit scaled incumbents.
- If execution quality comparisons get easier, that can sharpen competition—but also reward venues with strong liquidity pools.
- It creates new data product opportunities (the tape itself, plus analytics and derived feeds).
This is the kind of reform that can change who wins the next decade—not by drama, but by plumbing.
Post‑trade push: Euronext accelerates European CSD expansion toward 2026
Euronext’s biggest strategic “quiet power move” right now is its push to expand Euronext Securities (its central securities depository, or CSD, network) beyond its current footprint.
In a December 2025 update, Euronext said it is accelerating its European CSD expansion, collaborating with financial institutions and aiming to transition Euronext Securities as CSD for Euronext markets in France, Italy, Belgium, and the Netherlands from September 2026. The plan includes workstreams around issuer services and a “single‑CSD” approach intended to reduce fragmentation and improve cross‑border access and liquidity. Euronext
The unglamorous reason this is huge
A CSD is where securities “live” after trading—settlement and custody, corporate actions, and the machinery that makes ownership legally and operationally real.
If Euronext can make itself the default post‑trade home for more of its ecosystem, it potentially gains:
- More recurring fee streams (custody/settlement-related),
- Higher client switching costs (the good kind, from Euronext’s perspective),
- Operational leverage once the model is scaled across countries.
But (and it’s a big “but”) this ambition collides with regulators and incumbent CSDs—especially when ETFs and cross-border settlement “choice” is at stake.
Regulatory friction: watchdogs step into Euronext’s ETF settlement ambitions
A reality check arrived via European regulators.
The Financial Times reported in mid‑December that regulators intervened in Euronext’s plans connected to its post‑trade strategy for ETFs—highlighting concerns that market participants should retain choice rather than being pushed into a single settlement route. Financial Times
How to interpret this
This doesn’t automatically kill the strategy. But it signals:
- Post‑trade consolidation is political in Europe, not just technical.
- Regulators may prioritize resilience and competition over “one ring to rule them all” efficiency.
- Timelines and final designs can shift, which matters because post‑trade projects are costly and long‑dated.
For investors, this is a reminder that Euronext’s most important growth lever is also its most heavily supervised one.
Fixed income: Euronext moves government bond settlement deeper into its own stack
Euronext also pushed deeper into fixed‑income infrastructure in December.
On December 15, 2025, Euronext announced that Euronext Securities Milan asked LCH SA to open settlement for European government debt currently cleared by the CCP, describing it as progress aligning MTS, Euronext Clearing, and Euronext Securities. Euronext
Euronext framed the initiative as a T2S-based (TARGET2‑Securities) settlement model intended to reduce fragmentation. The company also listed client benefits such as balance sheet netting, liquidity optimization, lower capital consumption, and use of T2S features like auto‑collateralisation. Euronext
Euronext said the service is already available for several major government bond markets cleared at Euronext Clearing and would be extended to government debt currently cleared by LCH SA, enabling settlement directly in Euronext Securities. Euronext
The strategic through-line
This is the same “own more of the value chain” story—just in the government bond world.
And because fixed-income post‑trade is a scale game, the winner isn’t necessarily whoever trades the most, but whoever makes the workflow simplest across borders and counterparties.
Greece integration: MTS Greece gets a boost (and Euronext’s ATHEX deal gets operational relevance)
Euronext is also turning its Greek expansion into operational leverage.
On December 15, 2025, Euronext said MTS Greece (its Greek government bond venue) would receive enhanced recognition from Greece’s Public Debt Management Agency, creating new incentives for primary dealers to increase activity on the MTS Greece platform alongside the main HDAT system. Euronext
This is closely connected to Euronext’s ATHEX acquisition, which reached strong shareholder acceptance levels via a share exchange tender offer earlier in November (with Euronext reporting about 74.25% of voting rights tendered and targeted synergies by 2028). Euronext
In plain English: Euronext isn’t just “owning another exchange.” It’s trying to plug Greece into the broader Euronext infrastructure stack—technology, post-trade, and fixed-income liquidity.
Trading products: Euronext launches AVD auctions and extends commodities trading hours
While post‑trade is the strategic centerpiece, Euronext hasn’t ignored its core trading franchise.
AVD: a new way to interact with auction liquidity
On December 8, 2025, Euronext launched Auction Volume Discovery (AVD) for equities. Euronext describes AVD as a non-displayed order type that can be submitted during the day and trades at the official opening or closing auction price without contributing to the auction price formation. Euronext
Industry coverage framed AVD as part of the broader push to unlock liquidity around auctions—where closing auctions, in particular, have become structurally more important in European equities. The TRADE
Agricultural commodities: longer hours starting February 2026
On December 12, 2025, Reuters reported (via TradingView’s Reuters feed) that Euronext will add a two-hour evening trading session for milling wheat, rapeseed, and maize futures starting February 2.
Current hours were cited as 10:45–18:30 CET, with the additional session 18:30–20:30 CET, and Reuters noted the move aimed to offer more flexibility and potentially attract more U.S.-based participation. Reuters also said the daily settlement price timing remains unchanged at 18:30 CET. TradingView
This lines up with a wider global trend of exchanges pushing for longer trading windows (including U.S. venues exploring expanded hours), but Euronext’s move is specifically targeted at contracts where global participation is increasingly relevant. Reuters
Listings and IPO pipeline: Magnum Ice Cream debuts, Borr Drilling returns to Oslo
Euronext’s listing franchise has had notable moments in December—important because listings are both brand-defining and cyclical.
Magnum Ice Cream (Unilever spinoff) begins trading in Amsterdam
Reuters reported that Euronext set a €12.80 reference price ahead of Magnum Ice Cream Company’s market debut, and that the shares opened at €12.20 on the first trading day in Amsterdam (Euronext) on December 8, 2025. Reuters
Borr Drilling lists on Euronext Growth Oslo
Euronext announced on December 19, 2025 that Borr Drilling listed on Euronext Growth Oslo with a stated market capitalization of approximately NOK 12.9 billion, calling it the 74th listing on Euronext in 2025. Euronext
Listings won’t always move Euronext’s stock day-to-day, but they matter because they reinforce Euronext’s positioning as a pan-European venue—not just for mega-caps, but also for growth markets and sector-specific ecosystems.
Euronext financial performance: diversification, volatility tailwinds, and buybacks
The financial angle investors keep watching is whether Euronext can keep growing even when equity volatility cools.
In Q3 2025, Euronext reported revenue and income of €438.1 million, and highlighted continued strategic diversification. Euronext
Reuters, covering the same period, reported that Euronext delivered a sixth consecutive growth quarter and announced a €250 million share buyback running from November 18, 2025 to March 31, 2026 (at latest). Reuters also reported Euronext saying 60% of revenue now comes from non-volume-related activities, underscoring the shift away from being a pure proxy for equity trading volumes. Reuters
Balance sheet housekeeping: tender offer for 2026 bonds
In November, Euronext also published results of a tender offer for its €600 million 0.125% bonds due 2026, reporting €214.515 million in principal amount tendered and accepted, leaving €385.485 million outstanding after settlement. Euronext
That’s not a headline-grabber for most readers—but it’s the kind of capital management detail that matters in a business trying to fund infrastructure expansion while returning cash to shareholders.
Euronext stock forecast: where analysts see ENX heading into 2026
Because it’s Sunday (and markets are closed) on December 21, the most recent widely quoted pricing data reflects the last trading sessions of the week.
MarketScreener showed Euronext shares around €126.40, with listed performance figures including +16.71% year-to-date (as displayed on its page). MarketScreener
Analyst price targets (publicly visible snapshots)
- Investing.com displayed an average analyst price target around €147.73, with a high estimate of €173 and low of €120, and an overall “buy” skew in its summary snapshot. Investing
- TradingView’s consensus snapshot similarly showed a price target around €147.18, with a max estimate €173 and min estimate €115. TradingView
These aren’t guarantees—just the current “center of gravity” of visible sell-side expectations.
Growth assumptions: moderate, not explosive
Simply Wall St’s forward-looking page (updated Dec. 20, 2025) characterized Euronext as forecast to grow earnings and revenue by about 6.5% and 4.1% per year, respectively, with forecast ROE of 13.4% in three years (as presented on its model page). Simply Wall St
What the calendar says: the next big catalyst
Euronext’s investor calendar lists Full-year 2025 results on February 18, 2026. Euronext
Investing.com also lists Feb. 18, 2026 as the next earnings report date in its Euronext earnings page snapshot. Investing
For ENX investors, that date is the next major “truth moment”—because it will either validate the narrative (recurring revenue + infrastructure expansion + disciplined costs) or force a repricing.
Index rebalances: CAC 40 and other changes take effect Monday, Dec. 22
Because Euronext is also a major index administrator, its quarterly index review season is part of the operational drumbeat—especially for flows.
Euronext announced that the CAC Family quarterly review changes would be implemented after market close on Friday, Dec. 19, 2025 and become effective Monday, Dec. 22, 2025, including Eiffage entering the CAC 40 and Edenred exiting (with corresponding moves between CAC 40 and CAC Next 20). Euronext
This is not “about Euronext earnings” directly, but it’s part of Euronext’s broader role as a market infrastructure operator: it runs venues and helps define the benchmark ecosystem that drives passive and derivatives activity.
Risks and pressure points investors should keep in view
Euronext’s story looks clean on a strategy slide—until reality shows up in steel-toe boots.
Key issues to watch as 2026 approaches:
- Regulatory execution risk in post-trade
The ETF settlement intervention reported by the FT illustrates how quickly timelines and designs can be reshaped by regulators and market incumbents. Financial Times - Complexity risk
Post‑trade projects are multi-year migrations with operational, legal, and client workflow consequences. Delays can cost money and political capital. - Competition on liquidity and data
A consolidated tape can make venue comparisons easier—good if you’re winning, awkward if you’re not. ESMA’s selection of EuroCTP moves Europe closer to that reality. ESMA - Volume cyclicality hasn’t disappeared
Euronext is diversifying, but trading volatility still matters. The company itself and Reuters coverage emphasize the shift toward non-volume revenue, not the disappearance of volume sensitivity. Reuters
Bottom line: Euronext is trying to become Europe’s full-stack market infrastructure company
The most “current” takeaway as of Dec. 21, 2025 is that Euronext is pressing its advantage where it believes Europe is heading:
- More transparency (consolidated tape),
- More cross-border integration (CSD and settlement expansion),
- More value captured beyond trading (data, tech, post-trade services),
- And continued shareholder returns (buybacks alongside investment).
If Euronext executes, the company becomes less like a volatility barometer and more like a European financial utility with growth options—the kind investors tend to value differently.
The next big checkpoint is February 18, 2026, when full-year results land and the market gets fresh numbers to test whether the “infrastructure flywheel” is accelerating or merely well-marketed. Euronext
