The companies, products and regulatory developments shaping the broker industry.
Reconstructing the October fee schedule reveals an 83% step at one non-display usage threshold, plus fixed differences between redistribution categories. The calculation concerns published list prices, not an across-the-board price increase.
Euronext disclosed both growth measures. Their divergence was much larger in cash equities than fixed income, while currency and volume definitions limit conclusions about FX fees.
Europe’s two exchange groups used collateral and cash balances to produce a combined €240.5 million of third-quarter treasury income. Their disclosures show why the figures should be analysed separately rather than ranked as though definitions and business models were identical.
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.
Euronext's third-quarter cash-equity revenues expanded 34.3%, but the exchange group's own like-for-like figure is 16.6%. A reconstruction distinguishes acquisitions and currency effects from trading performance without inventing their separate weights.
Cash equity, repo and commodity activity rose from September, while the cash-bond platform reversed its strong third-quarter pace.
Euronext reported €547.4m in Q3 revenue and income, 24.9% above the prior year but 17.6% higher like-for-like at constant currencies. FICC revenue was €121.3m: €73.1m fixed income, €39.3m commodities and €8.9m FX.
The exchange group selects the NN Group chief to succeed Stéphane Boujnah, with shareholder and regulatory approval still required for the leadership change.
A 30 October vendor change log separates a tested symbol-mapping update from a planned production cutover; brokers relying on reference-data joins face a specific reconciliation task.