Aurélien Narminio,Head of Equity Listing at Euronext, explains why his exchange has launched Euronext ETF Europe.
1-How does this initiative fit into Euronext’s broader “Growth for Impact 2027” strategic plan, and what long-term transformation do you hope it will bring to Europe’s capital markets ecosystem?
Following the integration of the Borsa Italiana Group within Euronext, we identified the need to address market fragmentation across Euronext’s three main ETF listing venues in Europe (Amsterdam, Milan and Paris). This initiative is a key component of Euronext’s “Innovate for Growth 2027” strategic plan, aimed at enhancing operational efficiency and accelerating the growth of the European ETF ecosystem. Specifically, the goal is to offer a fully integrated environment for listing, trading, clearing, and settlement, tackling the fragmentation of European listing venues and improving the overall effectiveness of the market.
2-What specific inefficiencies in the current European ETF landscape is Euronext addressing, and how will the unified order book and post-trade integration change the way issuers and investors operate?
Currently, investors, particularly retail investors, often struggle with limited liquidity and fewer competitive spreads when buying or selling ETFs. Through this initiative, we aim to solve these issues by providing more liquid and competitive market conditions. ETF issuers will also be able to list a wide variety of products covering multiple asset classes and benchmark indices, while offering the same products in different currencies on the same venue. In addition, post-trade operations will be significantly streamlined through consolidated clearing and simplified settlement. This will enhance flexibility and better meet investor demand across different jurisdictions.
3-From a practical standpoint, how will this simplify operations for ETF issuers, and what improvements should retail and institutional investors expect in terms of transparency, cost, and execution quality?
Through our Euronext platform, ETF issuers will be able to list their products on a single venue—whether Paris, Amsterdam, or Milan—and access the full range of Euronext markets. This streamlined approach will simplify administrative processes and reduce regulatory duplication, enabling issuers to distribute their ETFs across Europe more efficiently. As a result, investors can expect enhanced transparency, lower costs, and better execution quality thanks to a more consolidated and integrated market structure.
4-How did Euronext build this coalition of stakeholders, and what role do these partnerships play in ensuring the long-term success and scalability of Euronext ETF Europe?
By connecting to any Euronext venue, brokers and trading members gain access to the full range of ETFs listed on Euronext, thanks to a unified membership model and integrated infrastructure. A centralised order book, powered by Euronext’s Optiq trading platform, consolidates liquidity across jurisdictions, improving price discovery, reducing spreads, and enhancing execution quality. All market participants will benefit from a unified market data feed and a single point of connectivity, which will further streamline operations and drive market efficiency.
5-How do you see Euronext ETF Europe contributing to this ambition — particularly in promoting cross-border savings, investment accessibility, and the global competitiveness of European financial markets?
Currently, issuers representing over 90 per cent of European ETF asset managers and major brokers support this initiative. By offering a unified environment for listing, trading, clearing, and settlement, Euronext ETF Europe enables greater efficiency and transparency across the entire value chain, from issuers to end investors. This initiative is crucial for enhancing the global competitiveness of European financial markets, making it easier for investors across Europe and beyond to access a wide range of ETFs, fostering better capital formation and cross-border investments.
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