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Balance sheets

The companies, products and regulatory developments shaping the broker industry.

Euronext’s €411bn balance sheet is 97.7% clearing positions—not corporate leverage

Euronext reported €411.4bn of assets at Q3. The filing shows €401.7bn belonged to its CCP clearing business, a gross matched structure that makes unadjusted leverage and asset-efficiency ratios misleading.

8 Nov 2026Analysis8 min read

Financial results

Clearing collateral explained 90% of Nasdaq’s balance-sheet contraction

Nasdaq’s total assets fell $3.67bn, but $3.31bn of the decline came from member collateral recorded with an equal liability; most remaining pledged assets were off balance sheet.

Published 8 Nov 2026Analysis8 min readEvent 30 Sep 2026