The integration of European stock exchange institutions is carried out under the background of European economic integration. The appearance of Euro in 2002 further accelerated the pace of merger and integration of European financial and securities industries. The purpose of mergers and acquisitions in financial and securities industry is to reduce operating costs, improve service efficiency and realize economies of scale through mergers and acquisitions. Only with stronger financial strength can we survive in the fierce competition. In fact, the integration of European exchanges is the general trend, and the European securities industry has embarked on the road of union. Investors have long been unable to stand buying and selling different financial products on dozens of exchanges. The increasing demands of traders to reduce fees and charges, coupled with the stagnant trading volume in various markets, have forced European stock exchanges to actively seek the best way to expand their business and reduce costs. Therefore, Euronext's total financing, total market value and transaction volume are among the highest in Europe and the world. And it will play a decisive role in the process of global securities mergers and acquisitions, leading the trend and trend of European financial market integration.
Euronext Euronext is currently operated by Euronext N.V, established in Amsterdam, the Netherlands under Dutch law. The company implements a dual management system of management committee and supervision committee. Euronext N.V was listed on the European Stock Exchange in July, 2006 and became an active stock of the exchange. As of September 2005, its market value was 4 billion euros. Euronext N.V is the first company in Europe to realize the integration of cross-border stock exchanges, bringing together the stock exchanges of Belgium, France, the Netherlands and Portugal, as well as the derivatives markets of the four countries and the United Kingdom. Euronext has established a trading platform that can buy and sell securities and derivatives at the same time, and customers can complete the trading of any product only by logging in once. The trading volume of the central stock exchange of Euronext is in the leading position in the major European stock markets. The design of the account books of the Central Stock Exchange pays attention to the market liquidity, so that the buyers and sellers of securities can get the best transaction price.
With its fully integrated market model and trading platform, Euronext provides customers with one-stop trading services. It is the only exchange that provides trading services for various financial instruments in multiple markets in Europe, including stocks and derivatives (including futures, options and stock warrants). ).
Corporate bonds and government bonds, investment funds and open index funds. Euronext's clients include: more than 65,438+0,300 listed companies; Securities practitioners and financial institutions that can directly enter the market for trading, including all major global dealers in EU 14; 15 peers in the world who use the advanced trading technology and services of European exchanges; Users of financial information and market data in 0/60 countries all over the world.
Euronext Euronext provides an open, effective and competitive securities market, trading according to uniform rules. Euronext, because of its wide coverage, high liquidity, low cost, customers all over the world, advanced technology and abundant financial information, has become an excellent choice for enterprises to go public for financing and investors to trade securities. Euronext-Euronext. Liffe consists of Euronext's securities trading market and Euronext's derivatives market, providing diversified choices for investors at different levels around the world.
Euronext European securities products trading market
Euronext provides a unified trading platform for securities products for customers all over the world, including stocks, bonds, open index funds and warrants. All securities are traded on the same electronic trading platform (NSC) according to uniform rules, and are cleared through the same system (the clearing system is operated by LCH. Clearnet)。
The securities transactions of European exchanges rank first in Europe in terms of the number and amount of transactions handled by the account books of the central stock exchange. In 2004, the annual trading volume of this exchange was 654.38+34.5 million shares, and the trading amount was 654.38+0.543 trillion euros. By the end of 2004, the market value of 65,438+0,333 listed companies in Amsterdam, Brussels, Lisbon and Paris stock exchanges was 65,438+79.6 million euros. 25% of these listed companies are overseas companies, and more than 1/3 of them are registered outside the euro zone.
Euronext derivatives market. London international financial futures market
Euronext.liffe is the second largest derivatives market in the world in terms of daily trading volume. Use its unique LIFFE CONNECT? System, Euronext.liffe provides a wide range of real-time electronic trading platforms for derivatives for customers in 29 countries around the world.
Securities practitioners can trade more than 450 derivatives through LIFFE CONNECT. At present, the average daily trading volume of this trading platform is 3.5 million orders (according to the trading records as of August 2005). Euronext The European Stock Exchange's securities product trading market is composed of the main board Eurolist and the Growth Enterprise Market -alternet, which provides a wide range of choices for all kinds of enterprises from Europe and the world to raise development funds at different scales and development levels.
Euronext-Euronext main board -Eurolist
Eurolist, the main board market of European exchanges, was officially launched in early 2005. Eurolist, the main board of EuroExchange, consists of Amsterdam, Brussels, Lisbon and Paris exchanges. Its establishment has replaced the 1 1 regulatory market in Belgium, France, the Netherlands and Portugal, and provided channels for international companies to enter the EU. The EU is the largest economic zone in the world, and its GDP is higher than that of the United States and Japan. The EU is also the largest trade zone in the world, accounting for 20% of the world trade volume. The EU has 453 million consumers and one of the largest investment pools in the world.
The EU has a large number of high-quality investment professionals and investors, and companies listed on European exchanges can gain extensive understanding from the investment community.
The purpose of Eurolist is to create a unified, standardized, transparent and European legal and regulatory securities trading market for listed companies.
At the same time, the establishment of Eurolist has also improved the popularity of small and medium-sized enterprises listed on European exchanges and further promoted the development of the small and medium-sized enterprise sector.
Euronext European Growth Enterprise Market
Alternext is a primary market created by European exchanges for the listing and development of small and medium-sized enterprises. Alternext was founded in May 2005. Alternext provides a standardized, convenient, low-standard and low-maintenance financing platform for small and medium-sized enterprises to go public. Through Alternext, Euronext provides a new way for potential small and medium-sized enterprises to list in the euro zone. Enterprises in any country and industry can apply for listing on Alternext as long as they have been operating continuously for more than two years. Alternext has two listing methods: public offering at the same time of listing, selling original shares or selling new shares; Not publicly listed. The establishment of Euronext has brought today's financial market into a new era. Through the integration of transnational exchanges, European exchanges have opened up a unique channel for listed companies to enter the European Economic Area, that is, to get face-to-face opportunities with 453 million consumers and European investment funds managing 4.2 trillion euros.
In 2004, Euronext Europe Exchange surpassed any stock exchange in Europe, ranking first in Europe and third in the world with a performance of US$ 445.049 billion, second only to new york Stock Exchange and Nasdaq Stock Exchange. During this year, 52 companies successfully listed on Euronext, raising 9.4 billion euros, accounting for 365,438+0% of the total European financing in that year. Among them, the IPO of telecom company Belgacom ranked the highest in Europe that year.
Euronext Euronext is favored by investors because of its abundant liquidity (the largest central securities registry in Europe), diversified markets and comprehensive products. It provides a full range of pan-European products, provides stock trading services for more than 65,438+0,300 listed companies, has a competitive pricing system, advanced technology, simplified management procedures and a unified trading platform, making the European exchange a market that cannot be ignored by global investors.