Everything You Need To Know About The Euronext Exchange

Everything You Need To Know About The Euronext Exchange

First-time investors seeking to put their capital into European stocks may be confused by the exchange structures within the EU. The Euronext group of exchanges owns and operates the stock exchanges of several EU member countries, such as those located in France, Belgium, Ireland, Portugal, Italy, Norway, and the Netherlands. Each country is represented by a major index, as well as additional indexes, while the broader European market is represented by the Euronext 100 index. 

Here are some quick facts about the Euronext Exchange:

  • Euronext is a pan-European group of exchanges that was founded as a consortium in the year 2000 and operates markets in seven EU member states
  • The group of exchanges is home to over 1,900 publicly traded companies, which are distributed across the seven exchanges owned and operated by Euronext
  • Euronext companies make up over 55% of the Euro Stoxx 50 Index, which is one of the major indexes that track EU stocks 

"What really matters is not where companies are listed but where companies are traded, in which market, and in this respect, the relevant metric is the fact that Euronext has built a single liquidity pool, a single order book, a single technology platform with an aggregate market capitalization of approximately 6 trillion Euro which is twice the size of the London market and with about 12 to 13 billion Euro of average daily volumes which is twice the size of London" - Stéphane Boujnah

The Euronext consortium was initially founded in the year 2000, after the merger of the Paris Bourse, Amsterdam Stock Exchange, and Brussels Stock Exchange. The consortium later continued to expand and nowadays includes seven member exchanges. 

10 Things You Should Know About The Euronext Exchange

  • Euronext is a consortium of seven exchanges across the EU - Paris, Brussels, Amsterdam, Dublin, Lisbon, Oslo, and Milan
  • The exchange is headquartered in Amsterdam
  • Euronext is the largest stock exchange in Europe
  • Euronext is a member of the Federation of European Securities Exchanges (FESE) and the World Federation of Exchanges (WFE)
  • Euronext is home to some of Europe's largest companies, including Royal Dutch Shell, Unilever, and LVMH
  • Euronext is regulated by national authorities in each of its member countries, as well as by the European Securities and Markets Authority (ESMA)
  • Euronext is a fully digital exchange and operates without physical trading floors 
  • Each Euronext member is represented by a national stock index, while the 100 largest companies across the seven exchanges make up the Euronext 100. The exchange is divided into Euronext, Euronext Growth, and Euronext Access markets
  • Euronext Paris is the largest member of the consortium, with 795 listed companies 
  • Euronext has a combined market capitalization of over EUR 5 trillion

How Does The Euronext Exchange Work?

Euronext works just like any other similar for-profit stock exchange around the world. The consortium is a publicly traded company (EPA:ENX) that owns majority stakes in the seven-member exchanges and generates revenues through trading, listing, and market service fees. 

Here is the timeline of how the Euronext consortium expanded:

  • 2000 - founded through the merger of Paris Bourse, Amsterdam Stock Exchange, and Brussels Stock Exchange
  • 2002 - Lisbon Stock Exchange joins the group
  • 2006 - Euronext merges with the New York Stock Exchange (NYSE) to form NYSE Euronext
  • 2013 - NYSE is acquired by Intercontinental Exchange (ICE) 
  • 2014 - Euronext is spun off as a separate company
  • 2016 - Irish Stock Exchange joins Euronext
  • 2019 - Oslo Stock Exchange joins Euronext
  • 2020 - Borsa Italiana joins Euronext (Euronext Milan)

Through these exchanges, Euronext also owns some other securities exchanges as well. For instance, the Oslo Stock Exchange owns the Fish Pool and Nord Pool commodities exchanges. 

Euronext 100

The Euronext 100 is a market capitalization-weighted benchmark index of the Euronext Exchange and consists of 100 of the largest companies listed across the seven Euronext exchanges. 

What Is The Euronext 100?

The Euronext 100 is a diverse index that includes companies from a broad range of industries, including consumer discretionary, industrials, energy, financials, etc. 

The index is reviewed annually in March, with changes made to ensure that it continues to represent the most relevant and significant companies listed on the exchange. While the Euronext 100 is the benchmark for the exchange, each Euronext member also has a national stock index to distinguish between companies listed under the Euronext banner. 

Euronext 100 - Sector Weights & 10 Largest Components

Here is how the members of Euronext 100 can be broken down in terms of the market sector:

Consumer Discretionary21.8%
Consumer Staples12.6%
Health Care7.3%
Basic Materials4.4%
Real Estate0.4%

Here are the top 10 largest constituents of the Euronext 100 index:

LVMH Moet Hennessy Louis Vuitton SEEPA:MCConsumer Discretionary9.33%
ASML Holding NVAMS:ASMLTechnology5.54%
Shell PLCAMS:SHELLEnergy5.18%
L’Oreal SAEPA:ORConsumer Discretionary4.87%
TotalEnergies SEEPA:TTEEnergy4.19%
Prosus NVAMS:PRXTechnology3.52%
Unilever PLCAMS:UNAConsumer Staples3.36%
Sanofi SAEPA:SANHealth Care3.10%
Equinor ASAEQNR.OLEnergy2.90%
Anheuser-Busch Inbev SAEBR:ABIConsumer Staples2.66%

Euronext Paris

Euronext Paris is the primary stock exchange of France and the largest exchange within the Euronext consortium. Euronext Paris is home to 795 public companies. 

CAC 40 (PX1) 10 Largest Constituents

The CAC 40 is a market capitalization-weighted index that consists of 40 of the most significant stocks listed on the Euronext Paris exchange. The index has a total combined market capitalization of over EUR 2.3 trillion. Components of the index are denominated in EUR and include the likes of LVMH, Airbus, L’Oreal, Michelin, etc. The index was first published in 1969. 

Here are the 10 largest components of the CAC 40 and their market weight within the index:

LVMH Moet Hennessy Louis Vuitton SEEPA:MC12.51%Consumer Cyclical
TotalEnergies SEEPA:TTE8.97%Energy
Sanofi SAEPA:SAN6.38%Health Care
Schneider Electric SAEPA:SU5.23%Industrials
BNP Paribas SAEPA:BNP4.30%Financial Services
Airbus SEEPA:AIR4.25%Industrials
Vinci SAEPA:DG3.48%Industrials
Hermes International SCAEPA:RMS3.36%Consumer Cyclical
AXA SAEPA:CS3.33%Financial Services
EssilorLuxottica SAEPA:EL3.25%Health Care

Euronext Paris Listing Requirements

  • A minimum public float of 25% (could also be lower, but no lower than 5% of share capital, or the equivalent of at least EUR 5 million)
  • Certified financial statements dating back at least three years 
  • Compliance with the IFRS or GAAP reporting standards
  • A regulator-approved issue prospectus (can also be in English)
  • A statement of the AMF approving the prospectus, as well as a professional diligence report regarding the lack of omissions and inaccuracies 
  • A signed declaration of the CEO with respect to the information provided in the prospectus

Euronext Brussels

Euronext Brussels is the only stock exchange in Belgium. The exchange is home to a total of 181 companies. Anheuser-Busch is the largest company listed on Euronext Brussels. 

BEL 20 is the benchmark index of the Belgian stock market and consists of 20 of the largest companies listed on Euronext Brussels. The index is market capitalization-weighted and includes notable European companies, such as Anheuser-Busch, KBC Group, etc. 

The initial value of the index was 1,000 at its launch in 1990.

BEL 20 (BEL20) 10 Largest Constituents

Anheuser-Busch Inbev SAEBR:ABI13.39%Consumer Staples
KBC Groep NVEBR:KBC13.30%Financials
Argenx SEEBR:ARGX10.40%Health Care
UCB SAEBR:UCB8.54%Health Care
Groep Brussel Lambert NVEBR:GBLB6.96%Financials
Umicore SAEBR:UMI6.60%Basic Materials
Ageas SAEBR:AGS6.18%Financials
Solvay SAEBR:SOLB5.97%Basic Materials
Elia Group SAEBR:ELI4.47%Utilities
D'Ieteren Group NVEBR:DIE3.64%Consumer Discretionary 

Euronext Brussels Listing Requirements

Similarly to Euronext Paris, obtaining a listing on Euronext Brussels also requires at least three years of financial statements, a regulator-approved prospectus, and a minimum public threshold of 25% (unless otherwise stated by the Euronext Exchange).

The financial statements, as well as the prospectus, must comply with IFRS or GAAP reporting standards. 

Each prospective company must also comply with the corporate governance rules set out by the Belgian Company and Associations Code and the Belgian Code on Corporate Governance for listed corporations. 

Euronext Amsterdam

Euronext Amsterdam is the primary stock exchange in the Netherlands and home to 140 listed companies from sectors, such as technology, financials, industrials, and consumer staples. 

The exchange includes some major multinational corporations, such as Unilever, Shell, ING, etc. AEX is the benchmark index of Euronext Amsterdam and tracks the 25 largest companies listed on the exchange. 

AEX (AEX) 10 Largest Constituents

Unilever PLCAMS:UNA16.05%Consumer Staples
ASML Holding NVAMS:ASML15.04%Technology
Shell PLCAMS:SHELL14.48%Energy
Prosus NVAMS:PRX7.94%Technology
Relx PLCAMS:REN6.76%Consumer Discretionary
ING Groep NVAMS:INGA5.87%Financials
Adyen NVAMS:ADYEN4.74%Industrials
Ahold Del NVAMS:AD3.70%Consumer Staples
Wolters Kluwer NVAMS:WKL3.39%Consumer Discretionary
Heineken NVAMS:HEIA2.67%Consumer Staples

Euronext Amsterdam Listing Requirements

The general listing requirements on Euronext Amsterdam are the same as on Euronext Brussels and Paris:

  • The company must list at least 25% of its shares as public float (or a minimum equivalent of EUR 5 million)
  • Must provide financial statements dating back at least three years
  • Must provide an issuing prospectus document that has been approved by regulators
  • Must comply with the Dutch Corporate Governance Code, which applies to Dutch public companies with an official listing in the Netherlands or abroad
  • It must also be noted that there are no Dutch residency requirements for the directors of the listed company 

Euronext Dublin

Euronext Dublin is the primary securities exchange in the Republic of Ireland and is home to 560 public companies. The benchmark index of the exchange is ISEQ 20, which tracks the 20 largest companies listed on the exchange. 

The index was first published on 31 December 2004 and had an initial value of 1,000 basis points. 

ISEQ 20 (ISEQ20) 10 Largest Constituents

CRH PLCCRG.IR19.96%Industrials
Flutter Entertainment PLCFLTR.IR18.78%Consumer Discretionary
Ryanair Holdings PLCRYA.IR12.86%Consumer Discretionary
Kerry Group PLCKRZ.IR12.46%Consumer Staples
Bank of Ireland GPBIRG.IR8.85%Financials
Smurfit Kappa Group PLCSK3.IR8.32%Industrials
Kingspan Group PLCKRX.IR7.25%Industrials
AIB Group PLCA5G.IR4.04%Financials
Glanbia PLCGL9.IR2.19%Consumer Staples
Greencoat Renewables PLCGRP.IR1.20%Utilities

Euronext Dublin Listing Requirements

To obtain a listing on the Dublin Stock Exchange, a company:

  • Must list an aggregate amount of shares worth at least EUR 1 million as public float
  • Must have sufficient working capital for the group to sustain operations over the next 12 months
  • Must list a minimum of 25% of their shares as public float
  • Financial statements for the last three years must be filed in accordance with the IFRS or GAAP accounting standards

It must be noted that there are no minimum listing price requirements on Euronext Dublin. 

Euronext Lisbon

Euronext Lisbon is the solitary stock exchange in Portugal and home to 56 public companies. The PSI-20 is the benchmark index of Euronext Lisbon and tracks the top 20 companies listed on the exchange by market capitalization. 

PSI-20 (PSI20) 10 Largest Constituents

Galp Energia SGPS SAELI:GALP14.13%Energy
EDP Energias de Portugal SAELI:EDP12.88%Utilities
Jeronimo Martins SGPS SAELI:JMT12.15%Consumer Staples
EDP Renovaveis SAELI:EDPR11.05%Utilities
Banco Comercial Portugues SAELI:BCP9.24%Financials
REN Redes Energéticas Nacionais SGPS SAELI:RENE7.73%Utilities
Sonae SGPS SAELI:SON7.03%Consumer Staples
Navigator Company SAELI:NVG6.16%Basic Materials
Nos SGPS SAELI:NOS5.70%Telecommunications
Greenvolt Energias Renovaveis SAELI:GVOLT3.17%Utilities

Euronext Lisbon Listing Requirements

To obtain a listing on Euronext Lisbon, certain rules must be met. For instance:

  • The applicant must be incorporated and conduct operations in compliance with the law
  • The applicant must prove that their financial situation complies with the nature of the securities being listed
  • Must have carried out its business activities for at least three years
  • The applicant must provide audited financial reports for the past three years of operation, which must be filed in accordance with IFRS or GAAP standards 
  • According to Portuguese law, the market capitalization of the shares must be at least €1 million
  • Must list a minimum of 25% of shares as public float 

There are no specific working capital requirements on Euronext Lisbon.

Borsa Italiana

Borsa Italiana is the largest stock exchange in Italy and is host to 353 listed companies. The exchange was officially privatized and incorporated in 1998 and became a part of the London Stock Exchange Group in 2007. The exchange was acquired by Euronext in 2021 and has since become one of the largest exchanges in the group. 

The FTSE MIB is the benchmark index of Borsa Italiana and consists of the 40 most-traded companies listed on the exchange. 

FTSE MIB (MIB) 10 Largest Constituents

Intesa Sanpaolo SpAISP.MI9.87%Financials
Enel SpAENEL.MI9.82%Utilities
UniCredit SpAUCG.MI8.74%Financials
Stellantis NVSTLA.MI7.97%Industrials
Eni SpAENI.MI7.12%Energy
STMicroelectronics NVSTM.MI7.04%Technology
Ferrari NVRACE.MI7.02%Industrials
Assicurazioni Generali SpAG.MI6.03%Financials
CNH Industrial NVCNHI.MI3.64%Industrials
Moncler SpAMONC.MI2.80%Consumer Cyclicals

Borsa Italiana Listing Requirements

To obtain a listing on the Borsa Italiana, companies need to meet a certain list of requirements:

  • Must have a minimum market capitalization of EUR 40 million
  • The company must conduct business in a profitable manner
  • Must list at least 25% of their capital as free float, or 35% for the STAR segment of the exchange
  • Must provide financial statements of three years filed in accordance with IFRS or GAAP standards
  • Must comply with the corporate governance guidelines enforced by the CONSOB

Oslo Børs

The Oslo Stock Exchange is the primary securities exchange of Norway that was officially established in 1818 and is home to 346 listed companies. 

The OBX 25 is the benchmark index of the exchange and tracks the 25 largest listed components. 

OBX 25 (OBX) 10 Largest Constituents

Equinor ASAEQNR.OL29.39Energy
DNB Bank ASADNB.OL13.70%Financials
Norsk Hydro ASANHY.OL7.47%Basic Materials
Aker BP ASAAKRBP.OL7.28%Energy
Mowi ASAMOWI.OL5.57%Consumer Staples
Yara International ASAYAR.OL5.40%Basic Materials
Telenor ASATEL.OL4.37%Telecommunications
Orkla ASAORK.OL4.04%Consumer Staples
Storebrand ASASTB.OL3.05%Financials
Tomra Systems ASATOM.OL2.97%Industrials

Oslo Børs Listing Requirements

  • Companies must have a minimum of two years of audited financial statements, meet minimum financial standards, and have a market capitalization of at least NOK 200 million
  • Must adhere to high standards of corporate governance and have a board of directors with at least 50% independent members
  • Must have a clear business plan that demonstrates a sustainable business model and a clear strategy for growth
  • Companies must provide regular updates on their financial performance and other material information to the market
  • Must comply with all applicable laws and regulations
  • Financial statements must be audited by an independent auditor

Key Takeaways From Everything You Need To Know About The Euronext Exchange

  • Euronext is a pan-European group of exchanges that includes seven member exchanges
  • These exchanges are: Paris, Amsterdam, Milan, Lisbon, Dublin, Brussels, and Oslo
  • Listings on Euronext exchanges are denominated in euros, with the Oslo Exchange being the exception with its listings denominated in Norwegian krone
  • Each constituent exchange is represented by a benchmark index, as well as other minor indexes
  • Euronext 100 is the major Euronext index that tracks the 100 largest constituents listed across the seven exchanges

FAQs On Everything You Need To Know About The Euronext Exchange

How many exchanges are there in Euronext?

Euronext is a consortium that owns and operates securities exchanges in seven EU member states - France, Belgium, the Netherlands, Portugal, Norway, the Republic of Ireland, and Italy. 

What is the largest stock listed on Euronext?

LVMH is the largest stock listed on Euronext and constitutes over 9% of the weight of the Euronext 100 index. The market capitalization of LVMH is over EUR 400 billion. 

Does Euronext only use the euro?

Not always. While six members of the Euronext consortium list their shares in EUR, the Oslo Stock Exchange lists its components in NOK and is the only Euronext exchange to do so.