[ T H O U G H T L E A D E R S H I P | E U R O N E X T ]
and MTS were critical enablers, allowing us to overcome hurdles that would previously have made such expansion far more complex. Addressing this challenge shaped our strategy and ultimately allowed us to participate in one of the fastest-growing segments of the derivatives market.
by lowering entry barriers for retail investors and smaller asset managers. Since launch, nearly 300,000 mini option contracts have traded, and analysis has shown that this growth is additive rather than cannibalistic to existing products.
In addition, our retail education initiative became a major milestone in its own right. Over the past year, we delivered around 60 educational webinars in five languages and expanded into podcasts, working closely with retail brokers and market makers. This programme is unique in Europe and has significantly increased engagement and participation from individual investors in derivatives markets.
Looking back, were there any unexpected challenges or turning points that shaped the outcome of the year? A key challenge and turning point has been positioning Euronext to participate meaningfully in the growth of fixed income derivatives in a post-COVID environment. With interest rates rising and unlikely to return to zero, fixed income derivatives have become a highly active and globally attractive market.
For Euronext, the challenge was both strategic and structural: diversifying revenue sources while entering a competitive and volatile asset class. The internalisation of clearing via Euronext Clearing and the integration of Borsa Italiana
In what ways do you intend to continue this momentum as you move into 2026 and further ahead? Looking ahead, our priority is to continue building scale and liquidity in fixed income derivatives. We have significant client onboardings planned, particularly in early 2026, which will help drive further growth in volumes and open interest. Reaching key thresholds is essential, as it enables broader participation from different types of market players and creates a virtuous cycle of liquidity.
We also plan to roll out a second phase of fixed income derivatives products, leveraging the strength of the MTS cash bond market to further expand our footprint in this asset class. On the equity derivatives side, we will continue to grow and diversify our options offering, with new product launches designed to better serve retail investors and deepen market participation.
Education will remain central to our strategy. We will continue to invest in and expand our multilanguage educational programme while also enhancing market quality through infrastructure improvements and strengthened market-making frameworks. Overall, our focus is on leveraging Euronext’ s local ecosystems to deliver innovation, liquidity, and sustainable growth well beyond 2026.
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