Euronext N.V. (ENX) Earnings Call Transcript & Summary

Good morning, everyone. There are some people in the back of the room -- the seats. Welcome in Paris. Thank you very much for joining us today. It's a real pleasure for the Euronext team, for the representatives from our Supervisory Board, our Chairman, the management team to welcome you here. You may remember that 3 years ago, we were meeting in Milan for the previous plan for the current plan that is ending this week, the Growth for Impact plan. And it's a real privilege to have you again here, we recognize a lot of familiar faces and nice friends who have been supportive through the investors community there the voyage, the journey of Euronext over the past few years. Talking about the journey of Euronext over the past years, you have in your pack, a book, Euronext: A European Success Story, that tells the story of Euronext over the past 25 years and specifically over the past 10 years. And the ones in this room who have been supporting us in the investors community for so long, will recognize the efforts we have done together to transform this organization. And what we are going to do today to share with you our ambitions for the years to come is also the output of the voyage that we have done together before. So this meeting is taking place physically here, but it's also broadcasted by company via webcast or webcast provider. What we want to do is to share with you here, our 2027 ambitions, our 2027 financial targets, and our 2027 updated capital allocation policy. And -- but what is probably even more important or as important as those financial targets, those ambitions, this plan and this updated capital allocation policy is to provide you with an opportunity to meet the human beings who make it happen. And you will have an opportunity today to meet, to listen too, but even to interact with through the Q&A session and the workshop in this afternoon with the managers, with the business leaders who are going to implement and make it real. So this morning, we have the strategic plan followed by Q&A, and then we have several workshops. And really, the objective is to combine moments of information we will share, moments of interactions with the management team and moment of granular analysis of some specific drivers of the plan. So basically, the objective this morning is to share with you what we are going to do to be more relevant to more partners, to more market participants and what we are going to do to create more value for our shareholders. So before we discuss our strategic plan in any depth, I'd like to spend some time on the Q3 results, on the last 12 months and on the strategic plan, not because -- and without any warning or like past performance is not an indication of future, et cetera. Just because what we have delivered in Q3, what we have delivered in the last 12 months, what we have delivered with the existing plan is the bedrock, the foundation, the credibility bedrock for delivering the new strategic plan. So you may have seen in the documents we released yesterday that we delivered a very strong Q3. And it's a very strong Q3 because revenue grew by plus 10%. It's a very strong Q3 because EBITDA grew by 15%. And it's a very strong Q3 because adjusted EBITDA margin expanded to 62%. And this performance on cost, by the way, because the cost discipline of Euronext remains now a sort of part of the DNA of the group. It was not always the case. So it came with a lot of efforts over the years, but that has become now a part of our DNA. This strong cost performance allows us to revise downwards the cost guidance for the full year 2024 where we believe that we will spend EUR 620 million and not EUR 625 million as anticipated in the revised cost guidance. And you may have seen when we go to the bottom line that the increase of adjusted EPS was significant, plus 26% with an EPS at EUR 1.74 per share. And the total amount of adjusted net income at EUR 180.6 million for the full year -- for the quarter. So on a reported basis, the EPS was at EUR 1.54. So as I said, the financial performance of Q3 is the foundation of what we are going to do going forward because what lies beneath this performance of Q3 is something which is more profound than the surface of top line growth, EBITDA growth, performance on cost, performance on EPS. What lies beneath is a group that is significantly diversified and increasingly diversified. And our performance this quarter just by the way, like the performance of previous quarter reflects that. So we performed because we had a great organic growth top line, a great top line growth through the cycle and in particular in Q3. But let me single out a few highlights of this performance of last quarter. Our nonvolume-related business posted very solid performance, in particular with our CSD business. I'm referring to the CSD because you'll hear a lot about our ambitions on the CSD. But in an ordinary quarter, with the BAU ambitions, we grew our CSD business by 7.1%. Second, we recorded double-digit growth in Advanced Data Services. I encourage all of you to be more specific and granular about data business. Euronext is moving towards a territory where we will be much more than a real-time disseminator of equity real-time data. So listing revenue grew by 3.2%. And third, our trading revenues, our trading revenues grew by 15.7% this year. And when I mean -- when I say trading revenue, I mean something which again is much more diversified in terms of trading than it has been in the past. Historically, in the old good days in half the pages of the book, which is in your pack. Trading is all about cash equity trading. It's not the case anymore. Cash equity trading is a large part of our trading business but a significant and a larger part of all our trading business is fixed income trading with MTS, and you'll hear the name of this company many times this morning, ForEx, which is doing extremely well over the past few months, commodities trading and power trading, and you'll hear a lot about power trading in the course of this morning through the various ambitious plans we have around our power trading business. And in addition to this performance in diversified nonvolume-related business, in addition to this diversified trading businesses, we are starting to milk the integration of our clearing business within the group because the group being now completely integrated. We have clearly a clearing business that has performed plus 19% because it's now fully integrated. So this translates into a very strong cash flow generation. And if there is 1 message if there is a fire drill, and everyone leaves the room, I want you to remember that we are a very strong cash machine and we remain committed to stay a very strong cash machine. So Euronext have generated massive amount of cash and will continue to do so. And the acid test is our leverage. In April '21, many of you in the room remember we borrowed EUR 1.6 million of debt to close the acquisition of Borsa Italiana Group. At that time, our net debt-to-EBITDA ratio was 3.2x, and this quarter it's at 1.5x. So we are deleveraging very quickly. So the combination of our strong cash flow generation and healthy leverage is, in my view, a very strong bedrock for revisiting how we will approach capital allocation. And that's what Giorgio will tell you, and I encourage you not to leave this meeting after the coffee break because the most intense part for investors will be the Giorgio show about our capital allocation policy. Most of -- some of the news are already out and -- with the share buyback. But I think it's important for you to understand the full rationale, the full analysis that cascades from strong operating performance, strong cash flow generations, disciplined M&A, updated capital allocation policy. And that's the seeds of what we are going to share with you are in the Q3 numbers and in the last 12-month performance. So as you can appreciate, we have reached the financial targets of our previous strategic plan, Growth for Impact. And we believe that Euronext is excellently placed to embark into a new chapter because we have delivered. And another concept I really want to -- the message I really want to convey today is that at Euronext, we under promise and we over-deliver. So I'm currently asking ones who believe that sometimes we are too shy, too cautious, too conservative, too prudent to accept, acknowledge that this is who we are. We are in the business of creating value. We are not in the business of selling dreams. We are not in video games industry. We are not -- we are in the business of creating capital. We are not in the business of destroying capital. And that's -- what goes with it is a certain approach of credibility of, as I said, under-promising and over-delivering. But I want to reassure you that we'll try much more than what we promise. We promise what we promise and what we are committed to deliver, but we'll try more. Now let's take a moment to assess what we have achieved over the past 4 years. You know that you all of you and some of the familiar faces in this room, remember, some of the battles we fought together that Euronext grew significantly by acquisitions. I mean, everyone -- or some of you in this room remember, in 2018, the acquisition of the Irish Stock Exchange, in 2019 the challenging acquisition of Oslo Børs in Norway with interesting debates with our friends from NASDAQ. You may remember the acquisition in 2020 of Nord Pool, which is now a game changer for Euronext. The acquisition also in 2020 of VP Securities, a Danish CSD, which appeared at that time as being an anecdotal, small post-trade acquisition, but which is now a significant part of our new CSD ambition. And you may remember the acquisition of the Borsa Italiana Group in 2021. And clearly, the acquisition of the Borsa Italiana Group has been a major accelerator in the transformation of Euronext, as you will hear this morning. Because thanks to this acquisition, the change of scale has allowed us to become really the backbone of the capital markets in Europe, at least for sure in the equity asset class because we said when we embarked into this plan in Milan in November 2021 that we would leverage Euronext's integrated value chain, and we did it. We did it. We have now an integrated value chain with a single access point trading platform for all equity markets in our respective countries. That has created the largest liquidity pool in Europe. Sorry for repeating something I repeat very often. But it's clear that we trade on Euronext markets as we speak, 25% -- not yet as we speak. But yes, about 25% of the equities traded in Europe. But this is a market -- an equity market, which is integrated in one single liquidity pool, one single order book, one single technology platform, which is twice the size of the London equity market. I mean, whether you take average daily volumes, EUR 10 billion to EUR 11 billion, some good days, EUR 12 billion. It's twice the size of the equity markets in London. When you -- if you take another metric, which is the aggregate market capitalizations of companies listed on the Euronext single market, you get to -- depending on the day, EUR 6.5 trillion to EUR 7 billion. This is twice the size approximately of the aggregate market capitalizations of companies listed in London. So this integrated value chain has created what we said we would do. We said we would build up on Euronext leadership in Europe. And we did it because, again, I appreciate that it is -- we are talking about equity here. But on the equity cost, you are in the leaders place. And that's why we are attracting more and more international listing of international companies considering all listing on the Euronext integrated market. CBC is a great company. They're know counting and measuring value creation. That's, by the way, what they sell to their own investors. And they have decided to list on Euronext. So these are hard facts that show that something has happened this quickly, profoundly a sort of tectonic change of the leadership of equity in Europe. Now the world is bigger than equity. And the world for us is bigger than equity. And that's why we are considering becoming a challenger in other asset classes and in other parts of the value chain. Finally, we were committed to ambitious climate goals and to a science-based emission greenhouse gas emission reduction targets, and we did it. We'll have an opportunity to come back to this point, but I want to emphasize that at a time where there is some volatility or noise or uncertainty or news flow about whether ESG is still relevant and whether it should be revisited, our commitment to this part, this purpose of the company, be in terms of carbon emission or in terms of diversity, just to name the 2 main components of ESG is going to be there. Now we'll try to do our best working on diversity in Europe is different from working diversity in the U.S., working on carbon footprint reduction for a company that has no industrial basis is different from another company. But we are committed to go that direction. So that's why I believe we have delivered. And I think what we -- I want to insist in this introductory remarks about the fact that we are now present in the entire value chain is we are positioned now in the best spot to address one of the most critical issues in Europe, which is to address the fragmentation of post market or -- and post trade. Really, the post-trade fragmentation is the main -- is the pain point of market participants. And what we have done to get organized, to get -- to be fit for the next step is 2 things. First, the creation of the third largest clearing house in Europe. Clearly, one of the major good surprises of the acquisition of the Borsa Italiana Group is that we reached the conclusion when we started the integration that it was worthwhile taking the industrial risk of organizing a unprecedented major migration process, a major internalization ambition program to migrate the cash equity clearing flows, the commodities clearing flows, the financial derivatives or equity derivatives clearing flows, from a provider belonging to the London Stock Exchange Group based in Paris to a new platform that we have reinvented through massive technological investment, management upgrade, et cetera, to make that platform in Rome, the European platform for clearing of all the assets trading in our markets. This is happening. It has happened. It has been fully completed in September. And I believe that having within the Euronext portfolio, the third largest clearing house, is a fundamental different situation compared to where we were 3 years ago, and that gives us a legitimate role to contribute to fixing the problems of the post-trade fragmentation. The other aspect of post trade is a CSD world. CSDs are very often looked at the back office of markets, it's wrong. It's where the complexity remains and where the opportunity is for creating fluidity lies. So we have created the third largest CSD in Europe with the 4 historical CSDs of the Euronext countries connected with more than 20 international markets. So we have transformed Euronext into a powerful integrated capital market infrastructure. And this has allowed us to interact with a much more diversified group of partners. We talk to more issuers. We talk to more clearers. We talk to more custodians. We talk to more investment banks. We talk to more custodians. We talk to much more people. I've always found that because I'm not a quant guy, but I have some basic geometric intuitions. I always thought that the real way to represent the value rate when you grow is not a flat description of it, it should be like measuring the surface contact of a sphere. Because when you have more people talking to more people, the opportunities are not just like that, they are -- you create something which is related to P somewhere. So it is really -- we have grown the Euronext sphere, and therefore, we have grown disproportionately the surface contact with the various market participants. And that is yielding now. And that is the bedrock for -- I don't know how, by the way, our sphere can get bedrock, but you know what I mean. That's really the foundation where having trading and -- listing and trading in 7 large or average countries, but in 7 markets, integrating the one single integrated market. Having a clearing house for 6 of those 7 markets, having a conversion -- a converging CSD platform for 4 of them in terms of domestic CSDs, give us a unique opportunity to take the things to next level. One comment on the next page about how to make it work because the big difference between theory and reality, between theory and practice, is -- between theory and real life is real life. So on the next page, you have a reminder of the unique track record of integration and operational excellence of the company. At the end of the day, no matter what your dreams are, no matter how exciting the change of paradigm size can be. And no matter our great CEOs with T-shirts and jeans can be. The reality is that you have to make things happen for real, and this is it. We have extracted for the past 10 years, EUR 260 million of EBITDA synergies. So EBITDA synergies is all about sweat. It's all about hard work and pleasant conversations. So I think you have to realize that it's now part of the DNA. It's not something we have done by chance. And I want to focus on the most relevant because the last update on this operational excellence DNA. It's what we have done with Borsa Italiana because at the end of the day, when we bought Borsa Italiana in 2021, we said in April 2021, well, it's a big chunk. It's going to be difficult, but we believe we can extract EUR 60 million of run rate EBITDA synergies. Now we are releasing audited numbers that demonstrate that we have delivered not EUR 60 million not EUR 100 million as we told in November '21, not EUR 115 million as we told in February '23, but EUR 121 million. So we have delivered twice more the synergies that were anticipated when we bought Borsa Italiana. Some of you in the room have done -- are feeding their families by doing M&A transactions. I've done that for a part of my life. This is not very common to deliver twice the synergies that you anticipated, especially when most of the synergies that we have delivered are revenue synergies. So allowing us to extract the synergies of the transactions, but to grow the Borsa Italiana business significantly. And what is also very interesting, and I know that many very often people don't pay a lot of attention to it. But since we are a free cash flow generation mining house, I do care about this number that very often people discount. We had planned at some point of time when we -- to spend up to EUR 160 million of integration costs to deliver this amount of synergies. But at the end of the day, we closed the plant today, we have delivered what -- those plan has cost us EUR 111 million of integration cost. So we did not deliver EUR 60 million of synergies. We delivered EUR 121 million. And we did not spend EUR 160 million to make it happen. We spent EUR 111 million. I think spending less than EUR 1 per synergy is not that fragrant for deals of this magnitude. So as I said, we met the growth for impact financial targets through a combination of exceptional integration capabilities, we are the PMI house of Europe, big time. Solid organic growth, because I think very often there is a feeling that the M&A voyage of Euronext is hiding the organic growth of the company and a very rigorous cost discipline. So if you look at the performance of the plan since 2020, the revenue organic growth -- the revenue growth per year was 4.1% CAGR. So we are now a company within a top line close to EUR 1.6 billion compared to a top line of EUR 1.3 billion in 2020. Second, in terms of profitability, the EBITDA grew in average per year by 5.3% last 12 months, I mean 2020 against the last 12 months. And we are now generating about EUR 1 billion of EBITDA. EUR 1 billion of the EBITDA is not insignificant, especially when you -- your EBITDA margin is around 60%. And again, it compares to EUR 800 million of EBITDA only in 2020. So we have demonstrated our capability to grow through the cycle. We have demonstrated that just like Q3, just like the last 12 months, we are a company that has been able to grow over the cycle and beyond the cycle. And since our IPO, we have tripled our revenues, but we have diversified it massively. When we joined Giorgio and I and [ Cami ] in spring and [ Muriel De ] and a few others during the spring '16, 60% of the top line of the group was all about volume-related revenues, and the vast majority was cash equity trading. Now 8 years later, 9 years later, whatever, this is the reverse. 60% of our revenues are nonvolume revenues. It took a lot of time, a lot of acquisitions, hopefully smart acquisitions. But definitely, the output is a very significantly diversified organization with a double diversification, diversification in trading because as I said earlier, we are trading not only cash equity now, but we are trading power, with great ambitions in power. We are training ForEx, we are trading commodities with great ambitions in commodities. We are trading all sort of assets in particular fixed income with the great ambitions of MTS. So what it means for our shareholders. I mean, I wanted to show these slides for the veterans in the room who bought shares at EUR 19 in -- at the IPO and the ones who bought shares at EUR 40 and I feel sorry for the ones who sold their shares when Giorgio and I joined at EUR 35. And that we have delivered 470% increase in the stock price. But something may be as important as the value creation in terms of stock price, which is the real cash we have returned to people who buy our shares. And I just want to walk you through a very simplified chain. Now what we do when we wake up in the morning to feed our families, we maximize operational leverage. We try to maximize the top line to minimize the cost base to generate as much as possible EBITDA. Then we try to transform this EBITDA as much as we can into free cash flow. So over the cycle, over the last plan. We have delivered more than EUR 3.3 billion of cumulative EBITDA. We converted 78% of EBITDA into post tax to EUR 2.5 billion of operating cash flow. And around 50% of this cash flow has been returned to shareholders. We distributed EUR 1 billion of dividends over the past 3, 4 years during the 2024 period. And in addition, we performed the first-ever share buyback in '23. So the remaining 50% has been allocated to investment for -- and has been reinvested in Euronext with CapEx that amounted for -- to 6.1% of our revenue on average during the period. And let me pause for a moment here. We are efficient on the cost management of our business as usual, but we invest. This company is investing a lot and we are going to invest more. And you have to understand that one of the key feature of the new plan will be that we will take what we have built. We will invest on it to capture the opportunities that we cannot miss. We cannot afford to miss them because otherwise, it will be wasting the assets we have built. And in order to do that, we are going to invest. So get used to the concept that Euronext will remain very cost disciplined, but will invest in growth. And that's what we have done in a sort of quiet way with this level of 6.1% CapEx, and that's what we are committed to continue. So before moving to the plan, I just want to highlight something which is important for, in particular, the analysts in the room that we are going to change the way we report the performance of the company to the rest of the world with a simplified structure that will segregate non-volume-related revenues and volume-related revenues. And we can go back to this approach later on but we really want to have the business broken up into 4 main categories. And the new categories will really, really segregate for the sake of facilitating the analysis, nonvolume-related revenues and volume-related revenues. So let me turn now to the ambition for '27. So the first thing I want to tell, and it's not only because I'm bad at geometry because I do believe that the growth of the company is something that goes beyond the number way. Today, we do a lot of tick-the-box, a lot of pattern recognition type of exercise. A lot of metrics that are expected to be addressed. But I really want to -- and I hope the Q&A will allow you to understand that I really want you to understand that beyond the numbers, beyond the financial performance. There are many things that happen in the company that you don't see because you cannot reflect them in your Excel model. And what you don't see is a fundamental change in the mindset of the organization, the increased level of self-confidence. What you don't see is the enhanced agility within the organizations, the fact that people work together in a very effective manner. What you don't see is the change in the talent development, the fact that now people resign from a good job to join Euronext, which was not the case in 2016 where we were all corporate refugees when we took over Euronext. So things have changed massively. And you don't see that, but the sophistication of the processes, the fact that many of the entrepreneurial energy that we have in the company is slowly transitioning to scalable processes, and the fact that we are transitioning for efficiency to fit for growth. All these things are happening and you can't measure them. But you see only the output. But I want to convey a message before we embark into the sort of by the book Investor Day type of discussion that something very profound is happening for 18 months within the organization and will yield in the years to come. So we want to leverage on our success, and we want to grow organically. And what I want to do is to explain how we will drive further revenue growth through innovation and diversification. We will diversify much more and we will innovate much more because diversification is not an objective as such. Diversification is a tool to create resilient revenues. But innovation is an objective as such. Innovation is a way to make the company fit for the future, and that's what we want to do. So we have created something unprecedented in Europe. I do mean it. I mean we are very -- as Giorgio says, we are very humble, but sometimes, we deserve to phrase it when you compare Euronext to some of our peers we compare our peers 10 years ago, 8 years ago versus where they are today and where we were 8 years ago, we have created something different. We have an unparalleled network of issuers, custodians, clearers. And we have a coverage of the full value chain. So what I want to share with you today and what the team will share with you is how we will accelerate growth in nonvolume-related businesses. That's our first pillar, through harmonization, but contributing to the fragmentation of the industry, in particular in post trade and also to take to the next level of subscription-based services. The second pillar will be about expanding our fixed income commodities and currency ambition on the base of the bedrock of MTS, but combining it with the huge enabler, which has been the creation of Euronext clearing. And third, we want to spend some time to discuss with you and as the third pillar, how we will build up on our leadership in trading in Europe, which is a unique position. In order to win you have to be a leader somewhere in one segment at least, and we happen to be a leader in equity. So we can make it something very relevant. So in order to deliver that, we hope we are confident that we can do it because we believe that the environment is changing for the better. I don't want to spend too much time, and we can have opportunities in the Q&A to come back to that. But clearly, I'll come back to the environment, but we are going to use some fundamental enablers that we are going to deploy on ESG, on artificial intelligence. We are a technology company. We are a very intense technology company. The artificial intelligence revolution is coming. We are embracing it in a very proactive manner. We try to embrace artificial intelligence in an intelligent manner, which means that not running after buzzwords, and we try to embrace artificial intelligence in a nonartificial manner, i.e., to make it relevant for what we do for real. And we will continue to deliver accretive M&A. Giorgio will spend a lot of time after the coffee break to cover it. But bear in mind that, again, if there is a fire drill that Euronext is committed to deliver organic growth, ambitious organic growth, is committed to try much more than what we are promising today, but there will always be embedded in the Euronext stock an M&A optionality. We are not generating so much cash flows, and we don't have -- we have not built this track record on PMI, and we are not committed to make the company resilient over the cycle. We are not committed to diversification in adjacent business to make the company stronger. We are not committed to be a challenger in other segment without -- and giving up our M&A successful track record. So if and when we find opportunities that create capital, not destroy capital, if we find opportunities with the right -- that meet our financial discipline, we will proceed. I mentioned a few what people call in global English, tailwinds, but I prefer to refer to them as profound or changes in the environment. I just want to list them very quickly, the European Union is pushing for more integration more than ever before. Now like anything that is driven at the federal political level, it's a bit chaotic at the beginning. But you guess what, it may take time, but it ends up with the euro currency in your pocket. So what is a dream, chaotic dream looked in the very skepticism, ends up with Changan, Erasmus and the Euro currency. So the capital market unit is growing at last to deliver because of the Letta report, because of the Draghi report because of the commitment of [indiscernible] because now -- and I'm happy to come back to this point. There is a new EU momentum. The regulatory landscape is also changing with more pressure for transparent and secure clearing and trading solutions and clients want to have defragmented integrating solutions in this world. Our clients are increasingly focused on optimizing their balance sheet and they want risk management solutions and our innovative clearinghouse is going to contribute to providing those solutions. The retail market is changing in Europe, households, retail investors are moving back to equity investment. There is a long way to go because of the difference in pension schemes between 3% participation of retail in Europe versus 30% participation of retail in the U.S. But the direction of that is there for many reasons we can discuss. The digitalization of the market is not over, there are still isolated islands where things are still happening on the phone. But the overall pressure is digitalization, and we can be a player, an enabler in this world. Whenever there is digitalization, Euronext is a solution. And finally, and I think it's a very interesting move. We are impressed by how the quant traders, how the algorithmic traders are increasingly exciting by diversified nonequity products. So we believe that being native digitalized and being now ambitious and diversified asset classes when it comes to selling nonequity data assets, when it comes to trading derivative nonequity assets, we can be the solution. But let me focus now on the substance. And for the substance, I really want you to welcome this morning the human beings who are going to make it work. The individuals who every day wake up and try to on the phone, in meetings, in teams, in airports, in the plane, in very unpleasant conversations and sometimes they're inspiring and exciting conversations to try to make it work and transform a PowerPoint into an invoice. And I want you to meet them because they are the generation that is building the Euronext of today, but more importantly, that is building the Euronext of tomorrow. So for each of the pillar, you will have the opportunity to listen to a short presentation by the leaders that who are responsible, while the -- basically the owners who have signed with their blood the commitment to deliver the guidance. So some -- I read in the analyst report yesterday, above 5%, it's too shy. But 2 things you should know or 3. One, we always underpromise, and we always over deliver. Second, we will promise above 5%, but we will try to deliver more. And third, which is the transition route, which we are going to experience in a minute, some people have signed with their blood that they will deliver their contribution to the above 5%. So you are going to see them and real human beings, not holograms, not artificial intelligence. You are going to see non-artificial real intelligence today. Starting with non-artificial intelligence, we will have Pierre Davoust, the head of the Euronext Securities business, who has built the convergence of the 4 CSDs we have today and who is the owner of this ambition to become much more relevant on the CSD segment. It will be followed by Mathieu Caron, the head of our primary markets, who is not only responsible for listing, but also to take to the next level or SaaS business in Corporate Services, which is a quasi B2C business that we have in the organization and where we are growing extremely well. And Julien Tessier, who runs this business is in the room and will be available during the break. But Mathieu will walk you through that ambition. And finally, Daniela Melato, the Head of our Data business is going to tell you how we will accelerate the monetizations of the various datasets that we have within the company. So at this stage, Pierre Davoust, over to you. Thank you.

Thank you very much, Stéphane, and good morning all. Indeed, we'll spend the next few minutes on the CSD business. And the idea I'd really like to get across is that this CSD business, which many see as a boring obscure part of the financial plumbing is a key source of growth for Euronext and is a way for Euronext to tackle one of Europe's big problems, the fragmentation of its capital markets. And to show you that, I'd like to insist on 3 key messages. One, we have at Euronext Securities today, a unique combination of assets in Europe; two, that unique combination of assets that we have today places us ideally to address the fundamental trend in our industry, which is a clear, bold, strong demand for European solutions. And three, we will position Euronext Securities as the CSD of choice in Europe to meet that bold demand for European solutions and turn it into growth. So let me first highlight the unique combination of assets we have. One, we service a large and diversified base of assets with more than EUR 7 trillion of securities worth in our books. Two, we are integrating our operating model with the support of our customers, and that point is very important. With the support of our customers, we integrate, we converge our operating model across the CSDs we operate. Three, we run a fast-growing portfolio of value-added services to take out the pain points of our clients. Four, we are part of Euronext, and let me insist on this one. We are a critical part of the value chain of Euronext, the largest liquidity pool across borders. And that's a key competitive advantage we have over our peers. I'd like to add the last one. We have, by far, the best CSD team in Europe. And why? Because we have been able to attract talent that realize like us that plumbing can be turned into growth and that this is a very exciting journey. So we have the best CSD team in Europe. So these are our unique assets today. We will use them to tackle the fundamental trends within the market, which is a clear demand for European solutions. Why is that? Everyone wants deeper, larger capital markets in Europe. That's what we need as a continent to grow faster and to support all the investments we need to grow. But to get a larger, deeper capital market in Europe, you need to tackle CSD fragmentation. I'm not a big fan of comparing U.S. and Europe, but let me share with you one number which is striking. In the U.S., you have one CSD supporting EUR 50 trillion worth of equities. In Europe, you have 30 CSDs reporting EUR 15 trillion worth of equities. So I'm not suggesting we should have one CSD in Europe. I'm suggesting that the fragmentation we have in Europe post trade is holding back investment, trading and capital-raising opportunities. So there is a clear demand from policymakers, from market participants for European solutions. And we will meet that demand. Let me now explain you how. First of all, we will expand Euronext securities, European footprint. Today, we already provide our customers with an access to more than 20 markets through the 4 CSDs we operate, and the network of links we have. However, that is mostly used by domestic customers. What will change now? What will change is that we will beef up this offering to allow customers across whole Europe to issue safe keep and settle shares with Euronext securities in a true European CSD. To do so, we will build on the leadership of Euronext as a listing as a trading as a clearing venue. Conversely, that European development of Euronext Securities will also support the growth of Euronext on listing and clearing and on trading activities. And my colleagues, Anthony Attia and Nicolas Rivard will come back to this later. So what I want you to understand is by expanding our ERP footprint, we will, in effect, integrate the European capital market from the bottom, unlocking operational efficiencies for our clients, but more importantly, unlocking trading opportunities across Europe, and we will tap into a much bigger addressable market being able to capture assets under custody and settlement volumes, which drive our revenues, far beyond Italy, Portugal, Denmark and Norway, where we started this business. But that's not all. On top of growing across Europe, we will scale -- we will accelerate the scale-up of our value-added services. This has been a good source of growth in the past already, but we will double down on this activity in 2 areas. Data services, more and more clients who want to build nice AI model. They need quality that are high-quality data. And guess what? We, as a CSD, are the golden source for settlement data, for corporate actions data, for referential data. So we have more and more client demand, and we're monetizing that, and my colleague Daniela will elaborate on how we do it as a group. The other area which we see as a very promising area of development is tax. Tax services. We just doubled the size of our tax services business with the recent acquisition of Accupay. nd with the capabilities of AccuPay and Euronext, we are better equipped than ever to solve our clients' pain points in that space. Finally, to support the growth across markets and the growth of our services, we will bring the integration of our operating model to the next level. By '27, we'll roll out our new CSD platform in Denmark. We already have a pilot live on corporate actions. Why is that so relevant? It's very relevant for our clients because they get harmonization. This may sound as a buzzword, but I can tell you in our industry, harmonization is key. So we deliver harmonization to our customers. And before -- because they like it, they bring more business to us. So that integration of our operating model is a powerful enabler of the growth across markets and across services. So time to sum up. There is a clear strong demand for European solutions today. We have a unique set of assets to address that demand. We will, therefore, position Euronext Securities as the CSD of choice for Europe, delivering superior growth for Euronext. I warmly invite you to come to the CSD workshop I will have the pleasure to host this afternoon if you want to know more about this exciting business. And I will leave the floor to Mathieu Caron, our Head of Primary Markets.

Thank you very much. Good morning, everyone. I'm very excited to be here this morning and present our Listing and Solutions business. Because we are the leading European gateway to capital markets, and we are also transforming the landscape for companies on their financing journey. So let me start with the Listing. It's our most fundamental role in the market. We enable companies to do what matters most for them, raise capital quickly, tap into the largest liquidity pool in Europe and boost their visibility, helping them becoming industry leaders. So we are the leading primary market venue in Europe. And we have not just met market expectations. We have outperformed it by consistently increasing our market share, expanding our recurring revenues and offering new services to our clients like Euronext Tech leader or my ESG profile. So what you see here on screen are very important KPIs that tell you why we are the largest franchise. Stéphane said it already, I'm going to repeat it with 1,900 issuers and EUR 6.3 trillion of market capitalization, we are not only twice the size of the London Stock Exchange. We also tripled the size of the Dutch Borse, which means all the biggest companies in Europe are listed in our markets. from luxury to financial, from aerospace to defense. They all choose to lease with us. We are also the leading tech franchise in Europe with 50% of the listing activity. Last year, we welcomed the European fastest-growing tech unicorns, EXOSENS, Planisware, THEON, PLUXEE, you name them. We also recorded almost 40% of the European listing activity, including the largest European IPO of the year, London based, by the way, in market capitalization, CVC Capital Partners. And we did also globally, of course, in the debt listing. We have a non-disputed position as a debt listing venue with a record-breaking 13,000 new bonds listed this year only. So in short, and I want you to remember this when ambitious company wants to go public, they choose Euronext. So now let me tell you a bit about the future and our plan. Our ambition is to build on this position and become a global champion in listing. And we are going to focus our strategy on 4 key clarities. First, we will grow global. Already, 20% of our listing activity are international companies and with new international listing teams and with initiatives like IP already and IPO days all across Europe, we are making sure that when a company want to go public in Europe, they choose our markets. Second, we will lead in tech. With Euronext tech leaders, we have created a unique community, and we are the #1 listing the new for tech in Europe. We will expand further this leadership by adding new services, increasing retail investor access, but also improving the visibility for tech champions. Third, we are going to simplify access to capital. Over the last years, we have been making a lot of improvement, and we have been streamlining the IPO process to make it more competitive. And with the upcoming listing app, we have a unique opportunity. We'll continue to further harmonize and simplify our listing rules and admission, making it easier for companies to access the market and especially for SMEs. And we'll also expand further our Elite business to create really this bridge between private and public markets. Finally, we are going to increase retail participation. We already have a strong partnership with the FinTech, primary bit, which allow to retail investors to access the market and cross-border offering at no additional cost. So we will expand this service. It's already a market practice in France, and we'll expand to the Benelux and then to the Nordics, and this will allow -- this innovative service will allow insurers to really benefit from a diversified investor base of retail all across Europe. So now let's talk about the SaaS solution and which have become really a key growth engine. And maybe better to illustrate long talks, better to listen from our clients, Exosens, we will share the impact and the experience they have with corporate services and how this helps them really beginning successfully on their life as a listed company. [Presentation]

Well, thank you, Jerome. Client testimonials are always the best, and I swear we didn't provide a discount to Jerome to say these kind words. So as you can see from this story, the transformative impact that Corporate Services has on the client. And it's just -- Giorgio was reminding when we're preparing the session, it's just one example among the 5,000 clients of Corporate Solutions. And since we launched Corporate Services, by the way, we're rebranding today Corporate Services to Corporate Solutions to better highlight the focus we are having now on the SaaS business. Since we launched, we have achieved a lot of key milestones. We have achieved double-digit growth every year. We have been doubling the client base, and we have been developing a key leading position as a B2B SaaS provider in Europe. Maybe just a few highlights to show this position. Our governance software, iBabs, that you know is now hosting 1 million Board meeting annually, and we have reached a record number of 200,000 users. In compliance, we have been doubling both the revenue and the number of clients while adding new products to the offering, making the compliance easier and more comprehensive for our clients. And in Investor Relations, we lead the European market for shareholder analysis. We know it's a key decision-making tool for our companies. In just the past year, we onboarded 500 new customers. So now the recurring revenue of the SaaS subscriptions from this business is 70%. That's impressive. These are major achievements, and we are just beginning to scale. So -- and tomorrow, so what about tomorrow? So we will continue to accelerate and we will take the SaaS ambition to the next level. And we are going to invest massively in 3 key areas: products, portals and partnerships. On products, of course, we are innovating. We are innovating to meet the needs of our clients in all the product lines. In the governance, we are bringing AI for more efficiency. In compliance, we are integrating all the tools together. And for IR, we are upgrading the platform with enhanced streaming capabilities. On portals, we are launching in '25 a unified client portal. This will be a one-stop shop for all stage of a listed company journey integrating all our SaaS obligation. That will allow us to boost customer loyalty, but also bringing seamless upselling and cross-selling opportunities. Finally, on partnership, we are increasing our indirect cost -- indirect sales channel with a strong reseller network. This will allow us to expand market penetration, increase the revenue and this without increasing the cost, of course. So in conclusion, today, Euronext has a unique value proposition for its issuer. We are really bringing pre to post-IPO equity to date and with innovative SaaS solutions at every stage of a company's journey. And we are committed to becoming not only a global leader in primary market, but also a leader in the SaaS B2B provider for corporate solutions. And this vision fuels our ambitions to lead the market. So thank you for your time. And now I will welcome Daniela Melato on stage for a deep dive on the exciting development on the data solutions.

Good morning, everyone. Today, I have the pleasure to present to you 2 important topics of our data strategy. One, why Euronext is well positioned to unlock the full potential of our data business; two, how we will generate growth with the new strategy plan. Let's start from the context. We are now in an era marked by growing demand for data. This is driven by increasing digitalization advancements in technologies such as cloud, AI, a need for speed and decision-making. Our clients are becoming more sophisticated. They are more selective. They want trusted providers of high-quality and reliable data. And this is true, especially in the real algorithmic trading where speed unique insights are paramount. So why Euronext is well positioned to capture growth opportunities. First, because we are the pan-European market infrastructure and a trusted source of data for a comprehensive range of asset classes. Second, we have diversified data sets across our integrated value chain from listing to trading and post-trading. We now have valuable data covering 1,100 listed companies, 200,000 financial instruments, along with custody settlement and clearing data. And finally, our international client base is large and robust. Our data reached globally 250,000 professional users and more than 4 million retail investors are looking at Euronext Price as a reference point for making their investment decisions. So what's the key point? Euronext with its unique strength in this context is fully equipped and well positioned to innovate its data offering and capture growth opportunities. How do we achieve that? Our data strategy is based on 3 key pillars: expand analytic offering, monetize group data sets and expand index business. Let's start from the first one. We will expand our quant analytic offering based on nonpublic proprietary data to new asset classes and to a wider client base. This will be supported by growing demand for this kind of analytics and on our strong quant research team and the solid client relationship that we have built over the past few years. In addition, we will also diversify our product offering. We will build on our larger client base throughout the value chain. We now have more touch points with the clients. So we can gather more insights, more requirements on how we can improve our existing products and we can develop new ones. And in addition, we will also explore how to leverage on cloud and AI in order to enhance the client experience and to distribute to maximize the distribution of our data. Let's move to the second pillar. We now have diversified data sets following our past acquisitions. We have data for MTS, Nord Pool, the CSDs, ForEx clearing data. What we will do is to monetize the group data sets, scaling our existing data business capabilities in product design, commercialization and distribution. This will deliver valuable synergies to all our clients that will benefit from comprehensive data through one single access point. In addition, we will also develop our commercial model in line with the evolving needs of our clients and regulatory changes with specific focus on fixed income and power data, which are in continuous expansion and my colleagues, Fabrizio and Camille will further elaborate on that. Finally, we will expand our index business. We will move from European equity benchmark and custom index solution with leading positioning in thematic indices into new asset classes as we did with the launch of the fixed income indices on pan- European government bonds new geographies, expanding equity coverage to global stocks, new strategies to meet the growing demand for innovative thematic solutions. And also, we will develop the contributing indices, obviously, following the acquisition of Global Rates Systems. In conclusion, I wanted to conclude with 3 key messages. The first message is up to now, we have built a strong and scalable data business organization. The second message is now there is a growth potential, and we will capture it. We have more clients, more data, more customer demand. And the last message, from now on, we will move from integrations to innovation, bringing the group data business to the next level. Thank you for your attention, and I hand over to Stéphane.

Thank you, Daniela. Thank you, Mathieu. Thank you, Pierre. At this stage, we are -- we need to proceed to the second pillar. And clearly, to introduce the business owners, the business leaders who are going to walk you through what we are going to try to achieve. I want to underline 1 very, very important fact. One of the main difference between Euronext today and next 4 years ago is definitely our clearing house. It's a game changer. In all industry in the market infrastructure, if you have an internalized clearing house or not makes a huge difference, and this problem because you're on a used to have in the early 2000, it's clearing house, it was sold to the LSE Group in particular circumstances, the fact that we have reversed this situation that we have corrected this anomaly of significant market infrastructure and the fact that we have been able to implement successfully the industrial project of transitioning a sort of local Italian clearing house into a pan-European multi asset clearing house is a game changer. And that has created integrated capabilities and a great catalyst for growth. So in the next 25 minutes or so, you will be told by Anthony Attia, in particular, how the clearing house is going to allow us to expand in new asset classes, in particular, or a significant role in repo clearing is going to be to be built in a very material manner to the next level. And Anthony Attia, who is our Global Head of Derivatives & Post Trade, will walk you through these ambitions. Then Cami Beudin, who is known by many of you because he was for years the partner of Giorgio and me in building the M&A strategy and the M&A execution of Euronext. He's now in charge of diversified services and in particular, is responsible for our electricity trading business, is going to give you a very concrete examples of how we can use and leverage the clearing house to build a power derivatives offering. One of the most amazing things that we are going to do in the next few months and years that could not be done without this Euronext buildup is to use to combine the strength of a strong power trading platform in Oslo with a leading role in power trading in the Nordic region and Baltic regions, also, to a certain extent, in the Central European region. To combine that Nordic training platform, electricity trading platform with a ROM-based clearing -- with ROM-based clearing capabilities, and that's your next. And that's what we are going to do for the next few months and years. And Cami will walk you through that. And finally, Fabrizio Testa, the CEO of Borsa Italiana, but he is also the head of our fixed income trading business and the sponsor of MTS. He has been the CEO of MTS for long, will tell you how MTS is going to move again to the next level. And in particular, because I think MTS is one of the hidden gem of Euronext. Clearly, very few out there understand that the volumes traded by MTS have been multiplied by 4 since we acquired this company. And we are in an environment where fixed income is becoming more and more relevant. And we have -- we are exposed to the opportunities created by the boom of sovereign debt in Europe through the MTS development. So let's start first with Anthony Attia, who is going to share with you how Euronext Clearing can be the catalyst for the growth of Euronext over the next few years. Anthony?

Good morning, everyone. It's my pleasure to be here with you once again on stage for the strategic plan. I see a lot of familiar faces. I want to look back 3 years ago when we were in Milan, as Stéphane referred earlier. And we exposed our post-trade strategy. And 3 years ago, when Euronext started to talk about post trade, we will receive with some skepticism, right, because -- we had some assets indeed, but these assets were very domestic. And we were not known to be leaders on that front. And so I want to talk about the story about determination hard work and credibility. And the journey that we embarked into 3 years ago, both on CSDs, and you heard Pierre talking about the story of the Euronext of CSD that became Euronext Securities. And you will hear me talking about the story of CC&G that has become Euronext Clearing. This is a story of hard work and some of the leaders who delivered that are in the room today, but it's also a story of us building the credibility that will be the bedrock as Stephane explained about the expansion strategy that we will talk about in a few minutes. So before getting into these details, I would like to share a video with you from one of our key clients. His name is Jan Bart De Boer from ABN AMRO Clearing. And Ian Bart will look back on the migration that we went into on clearing in the past 3 years. And also, we'll open up with some perspective on the developments that I will elaborate on later on. [Presentation]

Thank you, Jan Bart. Those of you who know Jan Bart, you know, he is very tough. So the transformation that we operated on the Italian clearing house used to be called CCNG. Euronext clearing has been based on the creation of a new value proposition to the market and to our clients. This new value proposition was the enabler for the migration of all our markets from LCHSA to Euronext clearing. And that's behind it. That has been done, and we are harvesting the benefit of this in particular, with cost and revenue synergies that have been announced. Now how did we transform this clearing house? Well, first of all, we increased the membership. We multiply it by 2 the number of clearing members onboarding all of the international clearing members in Europe today. So this creates distribution network and the capacity to work with all the clearing members and all the prime brokers in Europe that we didn't have before. The second transformation was on the risk model. We set up a value at risk model that delivered significant efficiencies and significant margin efficiencies to our clients. One example is on margin for listed derivatives compared to the incumbent we brought 20% margin reductions to our clients by migrating on to Euronext clearing. The third aspect was the technology, as we are successfully doing on trading with optic, we also did it for clearing. So we have developed our in-house technology. Based on international standards on data transparency, which is highly expected by regulators and by the clearing members. And that allowed us to be more agile and to improve the time to market to launch future products, in particular, on derivatives. And last, we have developed the synergies between the clearing business and the CSD business. So Pierre alluded to earlier, the Euronext clearing is actually leveraging on Euronext Securities to access target to securities in Europe and provide 1 settlement hub for all the transactions on Euronext markets. And that creates economies of scale again, and that help us reduce significantly the settlement cost to the benefit of our clients. So all this creates a fully integrated value chain. So you will hear us talking a lot about this integrated valuation today from listing to trading to clearing the settlement to custody into data. Why does that matter? Well, because most of our competitors are very strong and our leaders on some parts of this value chain. Some of them are leaders on clearing, some on derivative or on data. But we have the ability, of course, we are leaders on fixed income with MTS as Fabrizio is going to explain to you earlier. But this creates the ability for Euronext to expand. And we -- I don't think we've ever had this kind of opportunities in the past 20 years. We can expand geographically. We can expand on new products. We can expand with new clients, and we can expand on new asset classes. And this is exactly what this new plan is about. And the level of ambition, and the level of ambition is high. But we are confident that with the initiatives that we have selected, and we have deselected a lot of them. So this is about credibility. But with the one that we have selected, we're going to deliver successfully in the next 3 years. Now let me walk you through what we are already doing in front of these opportunities. First of all, at the end of August, we announced the creation of a new power derivative market. So this is expansion in new asset classes. And Cami will walk you through that in a minute. Second, we have launched a new spread contract with CME on the milling wheat contract. This is more of a technical contract that is bridging the weak markets in Europe or the weak markets in the U.S. But this is enabled by the clearing house. Third, more recently, we have announced the expansion of our Pan-European derivative franchise into German underlying, Portuguese ones and Irish one. This is just the beginning of our equity derivative European expansion. Now moving on to the new aspect of what we are going to launch tomorrow. First of all, I will talk about cash equity clearing. So the migration of Euronext cash equity on to Eurex Clearing has created a strong franchise on cash equity clearing, delivering significant synergies to the market. And so we are gaining market share there. The expectation from the market is for us to expand to non-Euronext trading venues in order to provide a single solution to cash equity clearing in Europe. And this pan optimization of this demand for European solutions is one of the key drivers that we see in all the initiatives that we are launching. The other diversification that I want to talk about is the diversification into fixed income futures. So some of you might know, but this one has been attempted in the past many times and without much success. So in our particular case, you will see us developing new products and new solutions that are not copycat of the existing ones, but are responding precisely to market demand and are creating solutions that are resolving issues from our clients. And last, I will deep dive into the repo clearing initiative that Stéphane mentioned. So as you know, in Europe, half of the repo trade on EU govies are uncleared. We have tailwinds. I mean the whole industry have tailwinds that have been extensively shared in the past few weeks, where regulators want to push to more clearing. But also buy-side clients want to push to more cleared margin because today, when they work on this product, they face uncleared margin, which are perceived to be too high and nontransparent. So the need for transparent margining, the need for CCP services is there. Second, Euronext is very, very strong today on Italian repo clearing. So this is in collaboration with MTS, obviously, but also with BrokerTec. And so this is an open architecture model where we want to expand to all sorts of trading platforms and networks on repos, and you want to expand into a non-Italian debt repo. Last, there is a need for more transparent risk models there. There's a need for risk simulation models and in particular, on the back of the SEC mandate in the U.S. that is pushing for more clearing of U.S. reinsures, we believe that with the pressure that the banks have balance sheet optimization and collateral management, this trend is going to be very, very strong in Europe in the next 3 years. So we have a unique position between our MTS franchise, our clearing capabilities, but also with uronic securities and the ability to issue a European debt we are strongly positioned to capture a significant share of this market in the future. So that will require a strong buildup phase because CCP will have to expand into sponsored access, meaning the access to buy side directly to the CCP and also to collateral optimization functions. So this is an investment that will take place in the next month, and we'll ramp up that business in the next 3 years. Now I'm going to hand it over to Cami Badam. And before that, just wanted to say, Cami and I will be hosting a workshop this afternoon on clearing and on power derivatives, and we are expecting a lot of you to come. Thank you very much. I'm glad to be here with you this morning and to see some faces that I use my days as Head of M&A strategic development at Euronext. I'm now leading our diversified services business, which includes our activities across commodities, power trading, foreign exchange and Investor Services. And today, I'd like to show you how our diversification strategy into energy as a new asset class is accelerating the growth profile of Euronext. So we Nord Pool in 2020. It is a European marketplace for electricity trading. The company has been growing more than 10% CAGR over the last 4 years. And this has been made possible through tooling First one, it's a geographical expansion. When we acquired Nord Pool back in 2020, it used to be mainly a Nordic and U.K. based business, and we've expanded it significantly in 2 countries where Euronext was strong, France, Belgium, the Netherlands. It's also about the product expansion. We've invested into data assets. My colleague, Daniela mentioned it. We've invested significantly into our Intraday platform. is supporting the massive growth that we are seeing in intermittent energy fueled by the renewables. Actually, 1 striking number is that our volumes on this platform have been multiplied by 5 over the last 4 years. It's also about our services market expansion. We are now selling more and more not pull technology platform to other exchanges all across Europe. As we move forward, there are 3 main reasons why we will accelerate the growth of Nord Pool. Number one, the market is growing. Number two, we will be outpacing the market. And number three, we will considerably expand our addressable market through the launch of our power derivatives products. On the market first. There are 3 things I'd like you to recall. Number one, it's about the electrification of usages. Electricity usage is growing in Europe. Everyone is trying to reach climate targets. We have pressure on gas consumption. We have electric cars. We have artificial intelligence, all of that is driving the growth of electricity consumption in Europe. Secondly, it's about the rise of renewable. This is a mega renewables are here to last in Europe, more renewables means more volatility, which means more not volumes. Because by definition, renewables is not a predictable energy. So this is driving volatility of prices and volatility of prices mean you need continuous market to be able to trade electricity in Europe. And finally, this is about the penetration of algorithmic trading. Stephane mentioned it. It's a team which is common across several asset classes. But in energy, it's clear that for the last couple of years, it's a trend that is accompanying the growth of continuous markets. As we have seen, for instance, on equities a few decades ago. It's now taking place for real for Energy. I said we are going to outpace the market. Yes, we are winning market share due to the superiority of our intra platform, in which we have invested into the performance, into the scalability of the model. Regulation. Regulation will be also a supporting driver for us going forward. regulators are mandating for a level playing field across Europe, which did not exist so far and which is opening for Nord Pool and for your next new opportunities to trade electricity across the continent. We will also expand our services offering, providing services to power grids to our existing customers. We are enlarging the data sets that we sell. Actually, the Nord Pool prices are used by customers to adapt their consumption to the fluctuating electricity prices. And we are also penetrating new geographies that will be open for trading in the years to come in Europe. Finally, if there is 1 thing I'd like you to remember and to focus on during the day, is our power derivatives initiative. This is a game changer. Why? Because here, the ambition is to double the size of our addressable market. In order to do that, we are leveraging expertise that we have across the group. Number one, Nord Pool, which is strong with power spot trading business with Nordic [ anchor ]. It's about leveraging uptick around the state-of-the-art trading platform that is trading derivatives product. And it's about leveraging Euronext clearing with a brand new risk model to bring efficiencies to clients in terms of margining requirements. So this project is in this phase. We've announced go-live for the first half of next year. We will actually start the client testing as early as March next year, starting with the Nordics and Baltic countries, where we have the strong anchor with Nord Pool, but we always in mind the European ambition of Euronext. I invite you to come to the workshop this afternoon. It's a project that has been for long discussed with our clients that we have heavily consulted in order to build that. And I would be keen to show you with my colleague, Anthony Attia, which will cause the workshop with me to illustrate how the ownership of the Clearing House is a game changer in our ability to develop new products, reduce the time to market and be able to innovate. I would like now to call on stage my colleague, Fabrizio Testa.

Good morning, everybody. Thank you for being here today. It's great because as you heard several times, we are a new entry. And with the acquisition of Borsa as you saw from what Stéphane showed before. Suddenly, you have a fixed income trading revenue line, which is shy of 10% and hopefully growing as fast as it did in the last 3 years. Fixed income trading, it's combination of MTS, the largest part of it. But there's also a nice gem, not only MTS is a gem, also the fixed income retail is a gem, and you'll hear why later. We have strength, and this is what we're focusing on at the beginning. I'll move to growth and then -- sorry, first trends and then growth strength. We have acquired after becoming part of Euronext, our technology. And this is something that we have always missed, especially for our launch of new products functionalities. We acquired from Nexi last year. And the beauty of it is this is now part of the technology services of Euronext. So you'll hear it from Manuel. But we are benefiting from being in the same data center of all the other products with all the clients connected and most importantly, with a co-location solution. Co-location solution, it opens up opportunities for low latency tick-by-tick date. Again, I'll touch upon it later. Participant, what you see here has got behind a huge network of participants, 100 participants from primary dealers to market makers, market takers, buy-side clients, institutional investors, retail clients and also issuers who can directly issue bonds from our platform, both the MPS and on the retail one. And we have built very liquid and transparent markets during the year. The D2D is now 20 strong, mostly in Europe. We have a repo market. We have a dealer to client market bond vision and also the fixed income retail. And now to the trends. The trends that we -- thanks to these trends have supported our growth and will support our growth going forward. So they're allowing us to capture everything that is turnover and volumes. First, the European government bond supply. From a recent study, we learned that and we had the confirmation that next year, there will be EUR 100 billion extra net supply of European government bonds in Europe. So we are going to touch about EUR 840 billion of net issuance. That includes the quantitative tightening. So we came from a world of quantity easing, now it's quantity tightening. Also, the monetary policies have created opportunities for our trading community in all the segment that you saw before. So from primary dealers to buy side to retail clients. And you heard it again also from my colleague in the other asset classes, specifically in non-equity, the increase in activity coming from buy side and retail. And now to the growth plan, Four main areas. First, and you heard it from Daniela and Anthony, we will expand the fixed income franchise into data and into derivatives. And our role because we are the source of data, most of the time and because we have the clients, we'll work with Daniela in order to further increase the fixed income data products and expand also the fixed income index family. And with Anthony in order to build fixed income derivatives and in particular, futures that fit the demand of our clients. Then specifically to MTS. D2D cash, this is where we'll see an expansion driven by algo trading. You heard it from Camille, the fee segments are now starting doing join, including FX, more algo activity. not because necessarily you have algo firms or prop trading firms entering our market. But the very same primary dealers, the bond desk that used to trade only risk, now they have the algo desk joining them and started to apply algorithm trading to our order book. So we expect this to keep on growing. And the fact that we now are in full control of our technology then we can capture all that business. The next one is the need from issuers to keep on delivering on liquidity and transparency. Why investors buy and keep on buying a bond issued by sovereign issuers because they are the most liquid. But in order to be the most liquid, you need to have a very efficient secondary market. And this is what you see when we deliver our strategy and our numbers. An example, last year, we launched the next-generation EU bond, the next-generation EU bond is now the third largest D2D cash market among our D2D market. And this is because the European Commission has realized that only by entering into this space with MTS could be credible. On the repo market, we leverage on our clients in order to push non-Italian collateral. And then the gem, the one where we are betting and we are working hard to deliver extra revenues is the dealer to client market. dealer to client market, thanks to a partnership with our global dealers will allow us to enter the credit space and enter the and attract more OTC activities. Now before passing the mic to Stéphane, let's hear from one of our buy-side clients who happens to be called [ Michelangelo ], who will tell you how they've integrated their execution desk in our D2C platform bond vision. [Presentation]

It was great. I'll be hosting with my colleague, Angelo Proni, the CEO of MTS a workshop this afternoon. So please join us. And Stéphane, back to you. Thank you very much.

So a few words to introduce the last pillar in terms of growth for the next few years. To explain you how we can really leverage and take to the next level, what is our current leadership position in cash trading. And everyone understands that where we are today is the outcome of significant recurrent repeated migration efforts to build the largest single liquidity port in Europe, the largest single order book, the most powerful and scalable technology platform. But what we want to do now is to explain how we are going to transition from times of migrations to times of innovations in cash equity trading to stay ahead of the competition. So I will ask to I will ask Nicolas Rivard to come and to share with you what we are trying to achieve because he has been the leader who did drive the innovation initiatives that we have started to deploy over the past 12 months. He will walk you through where we are with our Nord Pool, with our connectivity offering, et cetera. And also, I will ask Anthony Attia to come back on the stage because he is the sponsor, the owner of the initiatives we are deploying specifically on ETFs. And what we are trying to do at the European level integrate ETF trading in an innovative way, demonstrate that we have now perfect skill set and infrastructure sets to offer to clients a solution that they were desperately looking for years. So, over to you, Nicolas.

Good morning, all. Thank you, Stéphane. You may have heard it few times already. I'm going to repeat it. But I'm going to explain why it matters a lot in the cash equity trading. So Euronext indeed, is a reference for cash equity trading in Europe. Euronext covers 7 primary markets, 1,900 listed companies, more than 400 additional U.S. and EU stock can be traded on the platform. It connects a very unique, and I insist on, it's really unique and diverse ecosystem of trading participants, global banks, of course, market maker, [ com ] funds, but also very importantly, a vibrant ecosystem of local brokers and retail investors. So Euronext is a leading platform in terms of volume, but Euronext is also the leading platform in term of market qualities. With a diverse liquidity pool, with the best price more than twice, if you want a number, more than twice, more volume than any other trading platform in Europe as a best price. So what it is? It's diversity of flows. It's the biggest volume. It's the best quality and you combine it with, I think, proven and sustained state-of-the-art pricing segmentation, and it leads to a lot of value creation and unparalleled value creation. So Euronext is investing to stay ahead the competition in cash equity trading. And I insist on that when we invest EUR 1 as Euronext in the trading platform, we invest EUR 1 in 25% of cash equity in Europe. And it matters. It matters for us because it is very efficient and it's difficult to replicate. But it matters a lot for our clients because when we invest EUR 1, they have to invest to get connect and use the functionality. And for them, it is extremely efficient to have this scale platform in Europe. So now let me guide you through 3 examples of initiatives that we are conducting to boost the equity trading business for the next 3 years. So first, retail investors are much more active in EU capital markets than before. There is a political momentum, we will go further and it will probably increase. But just to give you 1 illustration which I find really striking is plus 70%. 70% is the increase in number of transactions from retail investors in France between 2019 and this year. And the trend is very similar in other countries in Europe. We are extremely well placed to capture this opportunity. We give access to our deep liquidity pool in a very efficient way, in a very cost-effective way for them. We basically nurture the retail investor in a very specific way. As mentioned by Daniela, our data is distributed to more than 4 million retail investors in Europe and in the world, and it is growing through more than 100 retail workers, and it is growing. Our Euronext global equity market, which was a little gem in Italiana and now booming, low retail investor and retail broker to trade European and U.S. stocks on the Optiq platform in euro as a European time zone. We will fundamentally reinforce the retail offer here. We will increase the value proposition for retail to make Euronext the reference platform for retail trading in Europe. We will unlock cross-border opportunities, and Pierre mentioned that through the post-trade integration. And that's absolutely fundamental. This is a big ask from client. Secondly, technology is transforming capital market. At Euronext, we really strive to provide state-of-the-art technology to our clients. So we've launched in July, the first Europe plug-and-play microwave connectivity from London data centers to Bergamo. And this was as the demand at the request of the client. It was at the request of a non-colocated client who wanted to be able to have super fast, low latency network from their data center to our data center. And why it is important? It is important that Euronext really controls the colocation, data center and Fabrizio already alluded to why, but also the connectivity. It's great opportunities. And we will expand. We'll create more asset classes. We will expand in terms of functionality and in terms of assets and in terms of geographies. Thirdly, institutional investors. They are always looking for additional ways to trade and new pool of liquidity. We have identified an opportunity in the dark. We have launched our dark midpoint earlier this year because in a dark, you trade at the midpoint. And guess what, your midpoint is Euronext's midpoint. So when you do -- when we launch our dark pool, the midpoint is within the Optiq platform. And you don't have latency cost, you don't have arbitrage, it's much more efficient for clients. It matters a lot to us because it diversifies our offering in the equity space, and it solidifies our position as the one-stop shop for trading equity in Europe. We are expanding. We are very happy with the number of clients we have on the platform. This week, you may have read it Intesa Sanpaolo, one of the largest EU banks join the platform. and now we will expand the program in the platform with the liquidity program to boost the liquidity and really benefit from the unmatched liquidity which is present in the platform. So please join me this afternoon. I will go -- I will be very happy to go much more detail into those 3 initiatives, how we become the reference in retail trading, how we expand the technology and the market trading model for the benefit of the client and to boost our equity franchise. So now let me welcome back, Anthony, for one last initiative on how to scale the ETF business in Europe.

Thank you, Nicolas. So this ETF expansion initiative is very dear to my heart because it's a perfect illustration of what we've been trying to share with you this morning about how we leverage the value chain that we've created in the past 3 years to the benefit of the market and the benefit of the expansion of our business, but also to the benefits of designing truly European solutions. We want to continue defragmenting Europe. We need to do it. We need to do it -- it's a question -- it's a quasi-question of survival for our capital markets in the future. The ETF market, as you know, has been booming in the past few years. In 2023, the growth of this market in Europe was around 23%. And the prediction for the next 5 years talk about 15% annual growth in a consistent manner. Euronext is extremely well positioned to capture the value of that market because we have 3 domestic markets today in Milan, in Paris and in Amsterdam. And the combination of these 3 markets make us the #1 ETF revenue from a trading point of view in Europe. The issues that all European investors and issuers face in ETF in Europe are simple. It's about fragmentation, in particular, in post trade. And so let me share with you the way the ETF market structure is organized. So we have a double effect of fragmentation. The first one is between order book solutions, which are the solution that the stock exchanges provide. So it's regulated, it's transparent, but it's fragmented by country. So the same ETF issuers when they want to touch Italian retails or German retails, they issue several times the order book for the same ETF. The second level of fragmentation is between this order book approach and the RFQ approach managed by Bloomberg or Tradeweb, which is unregulated and nontransparent. So it creates another level of fragmentation in Europe to the detriment of the investors. So we're working with issuers, ETF issuers to resolve that issue and to offer a truly European ETF solution. In order to do that, we're going to leverage heavily on Euronext securities and the ability that Nicolas actually mentioned earlier to simplify the postal access to our product. So that works very well with ETF. We will also propose a single order book for ETF in Europe, one order book that will allow the access to all retailers across Europe. Last, this is going to create better liquidity. This is going to reduce the cost decrease friction costs and simplify post rate. So we believe we are uniquely positioned to do that. It's a small CMU. It's a small capital market union. We will demonstrate that it's the next generation of model for Euronext products where we will provide a European access to our product. Now I think this concludes the presentation of our third pillar, and I will call Stéphane on stage to take the floor. Thank you.

So what you've tried to achieve is to share with you snapshots on the most relevant initiatives in the 3 pillars. There is much behind that, much more initiatives. It just has this much more than the guidance that we are sharing today because we promise X and we try Y. It's clear that you have just seen a sample of the initiatives, but the most representative one. And the same applies to the enablers, the horizontal enablers that we want to share with you. We are going to focus for the next few minutes before the break on the ESG commitment and the artificial intelligence commitment. But you have to understand that transforming the organization, enabling the organization to deliver that growth is much more than just ESG and technology and artificial intelligence. There is a profound part of the organization, which is all about people and talent. We don't have time to cover it today. An angle to improve our talent pool and to unleash the energy is through clearly diversity ambition, which is the ultimate most impactful driver to unleash energy within an organization and to improve and increase the talent pool. But it's -- I really want to -- hopefully, to understand that the best asset of our organization is our people, is our young people, is our committed people is ourself, confident people. And this is an asset that drives which we try to grow. And that is a significant driver of the organization. We don't have time to cover it today, but that's a critical part that makes a difference between success and failure. Let's focus on what we want to do in the ESG environment because it was a critical part of pivoting part of the growth for Impact Plan. We are going to continue to make it or day-to-day life in a new plan. And Sylvia Andriessen, who is our General Counsel and the sponsor within the managing Board of this ESG commitments is going to tell you how we are going to achieve that. And then Manuel Bento, who is our Chief Operating Officer, is going to walk with you through how we transition from sort of superior expertise in delivering a single trading platform, delivering a single clearing platform, delivering a converging and hopefully open a single CSD platform. Basically, the superior expertise that we have in the industry to deliver on time on budget, on functionalities, a very unique technology projects, how we are going to transition to deploy this new revolution where we are not leaders, we follow a trend, which is artificial intelligence. But how we are going to do it our way, which as I say, maybe in a simplified way, deploy artificial intelligence in an intelligent way, but in a non-artificial way. And that's really critical for the years to come. And Manuel is -- has been the founder of our Technology Center in Porto. You may remember that in 2016, we decided to transition our technology center from Belfast in Northern Ireland in the U.K. to Porto within the European Union. This has been an amazing success. Manuel started hiring 60 people in Porto and we are now close to 300 talents working for the group with a concentration of the best IT talents we can find really here in Porto. So I'll give the floor first to Sylvia on the ESG commitment and the next frontier of our ESG commitment and then Manuel.

Thank you very much, Stéphane, and good morning to all of you. Like all my colleagues, I'm very happy to be here today. And for the past 2 hours, you have heard from our team about the exciting new plans for the next 3 years. And I'm going to talk to you about ESG. And why is that important? Not because we are the most polluting company or whether we have the highest social or governance risk, no, but because we have a unique position in the financial ecosystem. It is Euronext's responsibility to drive investment into sustainable products and to educate our clients in their journey towards a sustainable future. And we can only do that when we lead by example, when we walk the talk, so to say. So you will remember, and Stéphane already alluded to it, that in the last 2 strategic plans, ESG was a separate pillar of our strategy. But we will continue to build on everything we have achieved, but we will not do that as a separate pillar in our strategy. Now ESG is so embedded in the whole organization that it will be and is relevant for all the strategic pillars. So it will be a fully transversal commitment, a new normal to everything we do. And then you may ask, what does that mean concretely? Well, we will consider ESG factors when we launch new products, when we acquire businesses and when we select suppliers, and especially the last one is important. And it is connected to our SBTi Scope 3 targets, our carbon reduction targets. And we actively engage with our suppliers in their journey to carbon reduction. So when we talk about carbon, we have to talk about -- talk about the targets we have set. In the previous strategic plan, we have focused on the short-term climate targets. We have set climate targets and have them validated by SBTi. And we've delivered on those targets to a large extent. One big example was the move from our data center, and Stéphane already mentioned it, from the U.K. to a fully green facility in Bergamo. And in the next few years, we will move -- close more data centers, and we'll move them to this new green facility. So this is very important. But -- in the next 3 years, we want to do more than this. We want to commit to achieve carbon neutrality by 2050 at the latest. And as a first step, we will join the financial services alliance Race to Zero initiative. It's an initiative joined by 10,000 company worldwide. And we will formalize this in the Baku COP29 in later this month. So we have ambitious targets also for the future. And of course, in the next 3 years, we will also not forget our clients. We have an extensive portfolio of products, ESG bonds, ETFs, indices, and we will continue to build on them. We will also continue to expand our ESG advisory offering. And we will continue to support our issuers -- clean tech issuers in that journey. And that is very important. You know all these initiatives, and we will expand on them. However, we -- I'm also very happy with our new initiatives, like the ESG Trend report 2024 and the ESG Peers benchmarking report. And those reports show progress made by our clients, which is very important and which will allow investors to make informed investment decisions. So big ambitions. However -- and I want to touch upon one topic that Stéphane already alluded to and which is very important to us, and that is diversity. And diversity is in the DNA of Euronext. We have 65 -- or 85 nationalities in 16 countries. And that is very important. That's one of the fun parts of being part of Euronext. However, geographic diversity is not enough. We want to embrace all forms of diversity in our company to form a fully inclusive culture. And we believe that D&I is a key driver of growth. You can't grow a company when you are not diverse. And we want that every single employee in this company, whatever its background, feels that it can contribute to the success of the company. And if we look at the results of our last employee survey, 86% of our employees actually believe and understands that they can contribute to the strategy and the purpose of the company. So we are very happy with that result, and you feel it every day in our company. These were just a few initiatives and part of our ESG commitment for the future. And there is much more to come. And I hope that at least I've been able to convince you that we walk the talk. Now I would like to ask Manuel to join me on the stage and Manuel was instrumental in reducing our carbon footprint over the past 3 years. That is not what he's going to talk to you about today, but he will talk to you about a very exciting other topic.

Thank you, Sylvia. Good morning all. It's really a pleasure to be here today with you. As you hear from my colleagues, Euronext is well positioned for growth, thanks to the integrated value chain, but as well, thanks to the proprietary technology. Euronext is a technology company, and I will walk you through the technology advancements that we had in the past, but more important, the technology advancements that we will have in the future. Over the last years, we make strategic choices on investments on technology. This has expanded our capabilities, strengthened the operational resiliency, but as well, they delivered as well growth. For example, we built the Optiq platform that today, as Nicolas referred, trades 25% of equities in Europe. We built a new data center. This new data center, not just is the home for the trading facility, but as well as deliver revenues through the colocation business. Recently, as well, this facility, as Fabrizio referred, is the home as well of our MTS platform. And this has generated efficiencies for us, but as well for our customers. And this demonstrates the financial value of integration. More recently as well as Anthony has referred, we built a new technology for the clearing. This allow us to capture the clearing revenues for declaring the operation, but to put us in a unique position in the future to deliver additional products and drive growth. We are doing today as well the platform for the CSDs of the future. And as Pierre alluded to, we are building new technology in this area, but as well, we are responding to a customer need of harmonization. All these 4 examples show our capabilities to deliver technology transformational projects, but as well to run our platforms with high standards of resiliency. And this ensures that Euronext is a reliable partner for customers, but as well for investors. Resilience of our platforms is a super important KPI and a super important activity. We run critical services for our customers. And we want to make sure that these services are made -- are delivered with high standards of quality. We want to make the life easier for our customers as well through digitalization of our interactions with customers. We want to make the interactions with customers seamless and these will drive customer satisfaction. And of course, we want to grow. To grow, we need to deliver new products; to deliver new products, we need to build technology; and to run technology, we need operations. I personally believe that innovation can play a role on those -- these 3 pillars with artificial intelligence. Make these 3 pillars more fast or with a better time to market with better quality, but as well more efficient. That's why we decided to launch an AI program. The AI problem, artificial intelligence program has 3 layers of complexity. The first layer is to deliver artificial intelligence for what we do on a daily basis to guarantee that we have our life more easy and to take the advantage of the artificial intelligence to do our day-to-day job. One example of this is related with customer interactions. We want to make sure that we have all the information available of the last interactions with customers to make the answers to our customers more quickly, more informed base, but as well that can drive further opportunities. The second layer of complexity is related to time-consuming tasks. On our day-to-day operations, we have tasks that consume a lot of time. And what we want to do is to automate those tasks, especially with artificial intelligence and generative AI. One example of this is regulation. We are a regulated market. We -- on a daily basis, we have changes on the regulation. And we want to use the AI to do the impact assessment of that. Another example of that is listing. We -- to listing activities, we require a lot of documentation from customers, and we have to have human reviewing all these documentation. I believe that AI can transform the way that we do those activities and guarantee that we then do them with a more efficient manner. The last layer of complexity is regarding end-to-end process automation and transformation. We do not just want to automate a specific task but to run and transform end-to-end processes. What we have to do is, for example, in the software development life cycle, we want to introduce AI in every step of what we do. We are a technology company. So we have to deliver our own services and products through new technology development and new products that we implement there. And I believe that artificial intelligence can be a game changer there to make time to market faster, to have better time to market to guarantee that we are more efficient, but as well that we can deliver those services in better quality. So we see AI as part of the new strategic plan because it will help us to rethink the way that we operate. Finally, Euronext integrated value chain together with our commitment and our track record to deliver technology transformation and as well combining that with the introduction of artificial intelligence, we will put us in a unique position. Euronext will have advancements on operational scalability, on technology innovation, and this is well aligned with the plans that we have for innovate for growth. So thank you very much to listen to me, and now I call Stéphane on stage.

So this will be a short one to invite you to proceed to the coffee break. Before we share the Giorgio show after the coffee break. So I suggest that we have 20 minutes or so, let's reconvene at 11:00 sharp in this room. Before you disappear to the coffee break, I just want to thank all the teams -- not the meeting will continue, but I don't want to do that after everyone has disappeared to thank all the ones who have made this day possible. The team that is preparing the implementation of this Investor Day, both on substance and on delivery, both on concept and on execution. So in particular, under the leadership of Aurélie Cohen, but also our team, Judith Stein, Vincent Ode, Robin Maisonneuve, Pierre-Prosper Chabrier and all the others who contributed to that because as everything at Euronext, it doesn't come by chance, it's a lot of hard work and thanks to them. So you may have your coffee now. Have a good day. [Break]

So thank you for being back. We are going to spend the next 20 minutes or so with Giorgio. I call it -- I hope it's a friendly way, the Giorgio Show, but it's one of the very critical part of the presentation today. Well, when Giorgio will walk you through our financial ambitions or financial targets. He will walk you through the updated capital allocation policy, which is an output of our M&A framework. I'm very proud of working with Giorgio. He has been my partner together with Camille Beudin and Amaury Houdart, who joined us in the spring 2016, the first Investor Day that we did Euronext who was in May '16. Giorgio has been around for only 2 weeks and Camille was just joining and Amaury was also joining for a few weeks. It was the beginning of a complete terra incognita type of exploration voyage. And over the past 9 years, Giorgio and I and with Camille and Amaury and joined by Sylvia and Tony and others have been working together in this M&A-driven voyage, and that's what you see more than anything else. But what you don't see is the deployment, the penetration of a financial culture which is behind the operating performance that we are delivering over the past year. So that's why I'm very happy and very proud to welcome to walk you through our financial ambition because these financial ambitions will be are credible. I want to insist on that point because again, I've seen some comments on how shy the financial targets are. It's not up to us to decide whether these financial targets are shy or not. What is important is to protect our credibility because the best asset of this organization is the credibility. We do say what we do and we do what we've said, and we do deliver and we permanently under promise and over delivered. So no matter whether some people out there find or guidance shy or not, we are going to, as always, under-promise and over deliver. And I'm very proud to welcome Giorgio to walk you through the details of that ambition.

Thank you very much. It's a pleasure to be here, and welcome to the so-called Giorgio Show. It was -- it is a great -- first, I wanted to thank you all the one that come in presence here, especially the shareholders, especially the one with large portfolios and even more than one buying shares. Today, we have only one topic to cover with me, and it is what I would like to share with you is the way we will look at value creation in the next strategic cycle. I will articulate value creation into 2 pillars. The first one is a new set of financial targets. And the second one is a new and more flexible capital allocation policy. Let me start with the financial targets. Between 2023 and 2027, Euronext expects its revenue to grow organically above 5%. There are 2 key reasons why we believe those targets are credible. And the first one is that we see the very positive trend of top line growth in 2024 extending into 2025 and beyond. 2024 is a pivotal year for Euronext. And the reason is simple. For the first time, Euronext was able to deliver exceptional financial results without the contribution of the equity market nor spikes of volatility. Don't get me wrong. Our equity market is great. However, it did not make the difference in 2024. What I wanted to highlight that what made the difference in 2024 is, as Stéphane said, diversification. Diversification into non-volume-related activities and diversification of our trading business into high-growth asset classes. The Euronext you see today is very different from what it was 12 months ago. We have the same name, but we are not the same group. Looking forward, we see positive signs that diversification will play in 2025 and beyond. The same role it played in 2024. Let me share with you some of those positive signs. The first one is that in 2025, we expect a net supply of sovereign debt in Europe in excess of [ EUR 800 billion ]. This is a double-digit growth with respect to what we had in 2024. And this will support, as Fabrizio said, the activity of our fixed income market. The exceptional growth of our renewable energy market, we continue that as remaining a key catalyst for our Nord Pool business, as Camille highlighted. And finally, we see that the integrated value proposition of our CSDs keeps attracting new clients and new assets. And we see that trend continuing into 2025. But this is not all because 2024 also marks the year in which Euronext finally has reached a strategic autonomy. We have full control over our value chain. And this is very meaningful. We are proud to have created yet the best real-life version of European capital markets. And we are committed to our role of gateway of European still fragmented financial markets. Starting today, we have an aggressive expansion plan. We are best positioned to create pan-European end-to-end solution. This is what clients want. We will keep simplifying Europe as we did in the past, but now we will do it on a new and larger scale. More and more, you will see Euronext targeting new markets, delivering new products and competing within and outside our core geographies. Let me share with you just a few examples. You have Pierre who shared with you his ambition to integrate even more our CSD operating models and de-fragment post trade. This will be key to widen the client base of Euronext and improve the value proposition to our client. You had Anthony sharing with you his plan to invest even more on CCPs to make our capabilities suitable to support the Euronext ambition to grow its business into new asset classes and expand the repo activity. Mathieu will scale up our SaaS offering and will make Euronext listing franchise a global success. Camille will deliver the ambition on power derivatives. Fabrizio will work to exploit the potential of the fixed income in Europe and in the dealer-to-client segment. And finally, Nicolas and Daniela will work to make our franchise in equity and market data even larger than the one it is today. Those are some of the ambitions that we have for the next strategic plan. As you can understand, this plan is not only based on very solid ground but has also a leg to run fast in the next 3 years. You understand that we want to deliver the most value out of our platform. In order to do that, we have taken a courageous decision to invest. Between 2024 and 2027, Euronext will invest between 4% and 6% of our top line. Those investments are not going to be only with CapEx but as well with OpEx. We will hire new teams. We will launch new products. We will make our platform even more scalable than before. But make no mistake, investing doesn't mean spending. Our cost discipline will remain unchanged, and we will strive to minimize the impact on our cash cost. The objective is simple. We want to maximize absolute EBITDA growth. We don't -- we are not trying to make a trade-off between margin expansion and EBITDA. The objective is long-term value creation. We want to create in the next 10 years the same value that we have created in the last 10 years. The objective is simple. Between 2023 and 2027, Euronext has the ambition to grow its adjusted EBITDA above 5%. But this is not all. We are as well adding 2 new KPIs linked to our new capital allocation policy. The first one is a leverage ratio. Euronext will target a leverage ratio between 1 and 2x net debt to adjusted EBITDA. This is going to be our guideline. This is the leverage that we want to maintain. Temporary deviations will be allowed, for example, in case of M&A, but we will strive to go back within the target range. And at all times, Euronext aims at maintaining a strong investment-grade profile at least equal to BBB. Finally, alongside to the ordinary dividend, which remains unchanged with a dividend payout of 50% of reported earnings, we are as well improving our capital distribution policy with special return to shareholders. Periodically and proactively, Euronext manager -- management will assess the financial structure of the group together with the ability of Euronext to deliver on its strategic ambition and will decide whether or not to deliver a special return to shareholders. The form of the special return could be either dividend or share buyback programs depending on the prevailing market conditions. Now capital allocation, as you know, became increasingly relevant part of the strategy of any listed company. And this is particularly relevant for a company like Euronext, which generates significant level of capital and operates in an industry that has been shaped through M&A. Now we have spent a lot of time with investors, and many of those are in this room, and some of whom have expressed the willingness to have a more flexible and deliberate capital allocation policy. We have taken those feedback into account, and those feedback has shaped our strategy for the next strategic cycle. So it is my pleasure to share with you today the new capital allocation policy and the waterfall attached to it. First, we want Euronext to preserve its high cash flow generation. Cash flow generation is a prerequisite for allocation. We want to remain highly cash generative. We want to defend our leading market position, and we want to expand our business and take advantage of the opportunities in front of us. Second, we want to maintain a high level of financial flexibility and strategic flexibility. We have already commented about our long-term leverage ratio between 1 and 2x net debt to EBITDA. Third, we want to secure our shareholder with a sustainable and predictable stream of income. For that reason, we confirm our dividend payout at 50% of reported earnings. Fourth, our focus on M&A is unchanged. This plan is 100% organic. However, M&A remains at the core of the Euronext equity story. We are striving to identify excellent investment opportunity for you that will allow us to have -- either to reinforce our business or to diversify it. And finally, we have defined a significantly more detailed framework for special return to shareholders. This is the last step of the capital allocation workflow. And after having checked all the boxes that we just discussed together, the management of Euronext will assess the opportunity to distribute special return to shareholders. Again, the form could be either buybacks or exceptional distribution. Now to put things into perspective, we have laid out an example for you. So Euronext has successfully deleveraged after the acquisition of Borsa Italiana. And now our leverage at the end of the third quarter of 2024 stands at 1.5x net debt to adjusted EBITDA. The balanced leverage structure, coupled with the exceptional capital distribution, position us in an ideal position for the next strategic plan. And the reason is simple because this means that 100% of the cash flow that the group will generate in the next strategic cycle can be allocated either to distribution to the shareholders or to value-accretive M&A. If we assume a no M&A scenario, based on this example in which we will generate EUR 3 billion of post-tax cash flow between 2024 and 2027, we will be able to distribute around EUR 3 billion of distribution to shareholders in the form of ordinary dividend and excess capital. If we consider an M&A scenario, our firepower will remain significant. We are talking between EUR 3 billion and EUR 4 billion as a combination of the excess capital generation after dividend payment, and the unused debt capacity within our leverage appetite that I remind you is at BBB or above. Now clearly, in real life, those extreme examples are not likely. What is more likely is that we will have a combination between value-accretive M&A and exceptional distribution to shareholders. What I wanted to highlight is that this plan is 100% organic. And as you can see, M&A is not part of it. However, M&A remains a crucial pillar of our value creation strategy for the long term. M&A remains a core part of our equity story, and M&A will continue to help the group to diversify and grow. The reason is simple, and we have tried to lay out in this slide the key reason why M&A makes sense. The first reason is that we have a very strong financial profile. I guess I do not need to elaborate on that. What I wanted to highlight is that we are very disciplined in pricing the assets of the target that we have acquired. The second element is that we operate in an industry which is the ideal candidate for consolidation. It is still very fragmented and has a fixed cost base, make it a no-brainer for value-accretive M&A. Having larger, more integrated market, as my colleague explained, creates value for clients, and consolidation gives the possibility to achieve very high synergies, thanks to operational leverage. And finally, Euronext, we have unparalleled track record in synergy extraction and integration. Over the last decade, as Stéphane mentioned, we have delivered EUR 260 million of run rate synergies. Out of which, EUR 120 million out of the deal of Borsa Italiana. When it comes to delivery of synergy, post-management integration and development of new platform, we are second to none. Euronext is a world-class market operator of financial infrastructure. And as you can see, has a very humble management team as Stéphane was alluding to. So to make a long story short, M&A is a no-brainer because it makes sense. We know how to do it, and we can afford it. Having said that, the next question is, if M&A makes sense, what should we buy? If I had to rank the question we received from investors, the M&A list would rank pretty high. This is a question we receive all the time, and investors are not shy. Unfortunately, I cannot share this list with you for the very simple reason is that it's not possible and would not be beneficial for me and for you. So what we have developed -- decided to do instead is to develop a framework as clear as possible so that you can have an idea of the way we look at M&A without being too prescriptive. So this framework has 2 dimensions. The first dimension is value creation. That dimension is unchanged with respect to the previous plan. We are aiming to execute transaction that will deliver a return on invested capital higher than the cost of capital between 3 and 5 -- between year 3 and year 5. And we will prioritize deal that will give us growth and predictability of revenues. Then the second dimension, which is brand new, is the type of deals. And we have segmented the deals in 3 categories. The first one is bolt-on acquisition. Those are small-sized deals paid in cash aimed at accelerating time to market and entering new segments. The second category is midsized deals. Those deals can be worth up to several billion. And the key objective of these deals that would, in any event, represent a minority of the Euronext enterprise value. The key objective would be growth and diversification and not the extraction of synergies. Those deals would be paid in cash. And to conclude, what I would like to say is that from time to time, we might still do midsized deal within our core business with the aim of extracting synergies, but this is not the priority. And finally, we have transformational deals. Those are deals which are large in size and whose value would represent a majority of Euronext enterprise values. Now for those deals, we would only target companies operating in a business which is related to our core activities. And the objective of those deal would be very clearly to extract massive amount of synergies, revenues and cost. To say it differently, we are not planning to undertake any transformational deals with companies operating outside of our core business. This concludes this slide, and I would move to the next one. I've shared with you a lot of news today, a new set of financial targets, a new capital allocation policy and new KPIs. Now as a tangible sign of change and of the willingness of Euronext to improve, we are implementing the new policy starting today. As Stéphane said, our trademark is that we do what we say and we comply with our policy. We launched today a EUR 300 million share buyback program that will practically be launched on Monday. Now why now? The reason is simple is that we have reached excellent financial results. Our financial structure is balanced. This program will not impair in any way whatsoever our ability to fulfill our strategic ambition and the market conditions are perfect. Before concluding my presentation, just two final remarks on my side. The first one is that during the execution of the buyback, everything being equal, you should think that our leverage ratio will not deteriorate as our organic cash flow generation is equal or higher than the one required by the program. And the second element that I wanted to highlight is that if you're asking yourself whether you should expect a buyback every year if the leverage is below 2x, then the answer is no. You should not expect it. I was clear on that. Leverage is only one of the elements that the management will take into consideration before deciding on the buyback. The other element is strategic flexibility and market condition. This concludes my presentation. It was really an honor to be here with you today. I really mean it. And now I cannot think of anyone better to share his closing remarks than my colleague and friend, Stéphane.

So I'll try to be brief because I think the value of the next part of the discussion this morning before lunch is the Q&A session. But to sum up the presentation this morning, I hope by now, you have seen and formed your views about the human beings who are going to make it happen, the human beings above and beyond Excel and PowerPoint presentations who are effectively transforming the reality to deliver the targets that we are aiming to. I hope by now, you are convinced that in the next few years, we will remain highly profitable with the same cost discipline and always working on the efficiency of the business as usual platform, creating scalability. But at the same time, discipline in terms of being fit for growth of investing smartly to deliver the ambitions that we are aiming to. I hope you are convinced that we are very integrated, highly integrated, but we will be even more integrated in the future. And the profile of the company will be significantly more of integrated just because this is what the clients want. The clients want integrated, harmonized converging solutions in Europe to defragment Europe. I hope you are convinced that we will remain highly credible. I said it several times. I repeat it. credibility is our best asset. We are not in the business of selling dreams, hoping that people will forgot what we said 3 years later. We are in the business of delivering everything we said, and we are in the business of under promising, over delivering. And we are in the business of trying more than we promise because this is who we are. And I hope by now, you understand that we are going to embark into a strategy where we will be much more focused on innovation than we have been in the past. It's a different profile. It's a different way of doing things. We are very focused in large discrete heavy lifting, complicated migrations. We are going to embark into a more bumpy and volatile environment, but we believe that all the efforts we have done over the past 18 months to prepare for that ambition, actually to start executing it because a significant part of what we are aiming to is already being implemented either in a delivery mode or in a build mode or sometimes in a design mode. So this is innovation for real and because we will invest on innovative solutions across the group, I hope by now, you understand that we are going to become much more diversified than we were, not by crazy move in nonadjacent business, but just by being more relevant to more people across more market participants within our industry. And that's how you make money in our industry by being relevant to more partners. Ultimately, I hope you are convinced that we will be larger and stronger, just like we are larger and stronger than we thought we would be when we did present to you the previous plan in Milan in '21. I hope you understand that we will be more relevant than ever to create the Capital Market Union for real, the Savings and Investment Union for real. We are making the European integration for real. Jean-Claude Trichet, the former President of the ECB keeps saying everywhere, there are 3 projects that work for real in Europe, the European Central Bank, Airbus and Euronext. And we are proud of playing that role because this is our purpose. And he says that publicly repeatedly, and this is who we are. And this is why there is a European flag here today because our purpose, as described in the book you have in your box is about making this part of the planet strong to create projects that are consistent with our European values, and we want to be -- to play our role and to have our part in that wider grand scheme of things. And finally, and I think what Giorgio said is important, we are focusing on what is totally new and 100% under our control, which is this organic growth plan. But we are not going to stop looking at assets that we can buy and that we can transform with our post-merger integration skills. This is -- there is no way we will stop looking at the rest of the world. But if we want to be credible, if we want to respect the people who buy our shares, we have to tell them what we are going to do organically because the only thing that is 100% under our control. But I'm sure you understand by now that there is a big difference between focusing on organic growth, committing to deliver above 5% on top line expansion, above 5% on EBITDA expansion, committing to try more than what we promise and at the same time, being focused on what is the best allocation of the capital we create in terms of deployment, whether it is to repeat the smart deals that we have done in the past but in a different way in the prevailing market conditions or whether it means returning capital to our shareholders. And even if we don't have a share buyback every year, the benchmark of what the share buyback means for our shareholders is a new dimension vis-a-vis capital allocation through M&A. So I hope by now, you understand all these dimensions. And what I suggest that we do is that we -- I suggest to invite my colleagues, the ones who presented to you this morning what we are going to do to answer your questions. And on that note, I thank you very much for having been with us this morning, and let's move to the Q&A now.

So to get things in order, I suggest that we take first a round of questions from the room. We have also a scheme to get questions from the webcast. So one of my colleagues will read the questions. Also, because we are many on stage to allow you to get the most precise answer to your questions, I will allocate the reply. So ask your questions, and I will indicate who will answer. And I hope with this basic rules of engagement, you will have productivity in sharing information. So there's a young lady with green scarf who will decide who takes the question.

Tobias Lukesch from Kepler Cheuvreux. Maybe I may start with you, Giorgio, and dive into the financial world and maybe three questions around the growth around capital distribution and also OpEx and adjusted EBITDA margins. Looking at the growth numbers, I think, Stéphane was very clear that you have this under promise, over deliver approach. He talked about the X. And is there anything you could share maybe on the Y? So what your real aim is in terms of growth rates going forward based on a potential '24 would be interesting if you could imagine like to maybe get even to a 5% net revenue growth CAGR. On the capital distribution side, you made very clear that you have more or less the capability of distributing 100% of the cash flow. Now we're at 1.5x net debt to EBITDA. The EUR 300 million share buyback will not change that number. So going forward, I was a bit puzzled when you at the end said, okay, we shouldn't bake in a kind of steady capital distribution in terms of share buyback on top, even so you do have the capacity. Maybe you could shed a bit more light on that, why that shouldn't be like also reflected at the end of the day in the consensus numbers. And lastly, on the adjusted EBITDA margin. So you mentioned the 4% to 6% CapEx that you're looking at. You also mentioned some OpEx investments for the business. I was just wondering how we should read that like in terms of net revenue growth compared to OpEx growth and if you see any potential margin decline here?

So I read your question as, can you give us another target? And the answer is no. I mean, it's -- we have debated quite extensively with the Supervisory Board, so breaking it down by business line on by year, it wouldn't work. I believe that what I've tried to share with you is that when you read the above 5%, I believe you should take into consideration that some of the trends that you are seeing in '24 will extend into '25. And if you look at the run rate of some of our business at the end of '24, would still entail some positive quarter-to-quarter performance at the beginning of next year, but I cannot share with you a target for next year. You know what we will do in February, we'll share a target of cost. But once we have delivered the long-term growth rate for the plan, we will not break it down. Then when it comes to capital distribution, here, the point is simple. The objective of the new capital allocation policy is not to be more prescriptive, is to be more flexible. So this is the way you should read the presentation and you should interpret what I said. So the clear feedback that we receive from the client is that, first, they would like us to do more what we have done with Borsa Italiana. So M&A is a value-accretive strategy for them. The second element that I would highlight -- would like to highlight is that in the waterfall of capital allocation, M&A is before exceptional distribution. And then as any management team and as any Board and as any Supervisory Board, we retain the flexibility to define what are the goals at any stage. And therefore, the capital distribution is not a prescriptive yearly measure. Then with respect to CapEx and OpEx, I believe that the target on CapEx is fairly clear and is in line with what we've had in the past. So no big change. And when it comes to OpEx, there is no target on OpEx. We have 2 targets. One is EBITDA growth. The other one is top line growth. And CapEx, we will manage. The message that I wanted to pass is that it would be a pity not to exploit the wonderful infrastructure we have created because now the game of the plan is to go compete outside of the core geography of Euronext. And for this, we need to hire new teams, and this will show up in OpEx and not in CapEx.

It's Ian White from Autonomous. I have three questions as well, please. First up on the sort of CSD consolidation and argument. I guess some of your competitors have sort of tried to do this over the years, whether it's looking to T2S or CSDR as a catalyst. And broadly speaking, I don't think it's worked. So I guess, what is it about the Euronext group in 2024 that means you're more likely to succeed where some of those competitors have failed? Maybe some technical details around that would be interesting, please. So that's question one. Secondly, on the fixed income derivatives, in particular, both on the cash, the clearing and the derivatives side, what consideration have you given or are you giving to the introduction of some innovative structures, sort of revenue sharing or equity-like incentives for key dealers and to get some traction with those measures, please? Can you just provide a bit more color around that? And finally, I think one of the sort of themes that comes through from a number of the presentations is your ambition to sort of grow organically, particularly on the cash equity side outside of Euronext's existing home markets comes across on listings, on trading and on the clearing side. Are there any KPIs you might share with us around the success that you're already having in some of these areas? I'm thinking about things like your ability to win listings outside of your home markets in recent years, maybe the success you've had in winning settlement business where you're not the issuer CSD, for example. I'm just trying to get my head around how much of that part of it is about building on existing success as opposed to being completely new. That's my final question.

Thank you very much. Before giving the floor to some of your colleagues here, let me give you a flavor of -- on your last question. And your last question is connected to the previous one. Yesterday or the day before yesterday, Stellantis, one of the largest issuers in Europe, decided to migrate their settlement and custody solution from the incumbent provider to -- in Europe to Euronext. And that's a significant proof of concept of what our CSD ambition is. And that's a proof that we can move and operate outside our core geographies, and we can move and operate outside of our core business organically. On the listing side, I mentioned a few iconic cases, examples when you have CVC from London decided to list on Euronext their business when you have Universal Music Group deciding to list their business on Euronext. When you have a few years ago, Allfunds deciding to -- which is a PLC with a Spanish management team to list their business on Euronext, you have a proof of concept. Last year, we had more Spanish companies listing on Euronext than Spanish companies listing in Madrid. So this momentum is there. We are going to take it to the next level, and there is a big difference between observing that things are going in the right direction and hiring people and deploying processes to make it a fundamental expansion of the business. Now in order to be more specific to your 2 main questions on the CSD consolidation and on the fixed income derivatives, I'll give the floor first to Pierre Davoust, who will tell you why we believe we can succeed when others have failed. And I'll give the floor also to Anthony and to Fabrizio to comment why we believe we can be successful on the fixed income derivatives. I'm smiling because we have those Investors Day every 3 or 4 years. And the type of questions you're asking is why do you believe you can do it? I get them every 3 or 4 years on the topic of the day. A few years ago in '19 was who do you think you are to complete the acquisition of Oslo Børs? And who do you think you are to defeat Nasdaq? In 2016, it was how -- what is your future on the shed of the merger between Deutsche Börse and LSE? So -- and many other type of questions. So in Milan, I had questions around, are you really seriously thinking of turning CC&G in Rome as a pan-European clearing platform? So who do you think you are to embark into these sort of things? So we do things that others don't do because the DNA of the group, and that's why the book that you have in your pack is so important, is a group of survivors. We did things to survive. And therefore, we have a way of doing things that seem complicated by the others, which is fundamentally different. So everything we say today is much, much less complicated than everything we have done in the first years of Euronext. So we will make it happen, and that's why we will deliver more. And that's why in above 5%, above is as important as 5% and as important as percent. So on that note, I give the floor to Pierre Davoust and to Anthony and Fabrizio.

Thank you, Stéphane, and thank you for the question. I guess the reason why we can consolidate the market, whereas others have failed is that we are part of Euronext. And that's very important. No one, no issuer decides to issue shares in a CSD. What issuers do is they decide to list on the market to do an IPO to raise capital. And then as a byproduct of this first decision, they have to issue their shares in a CSD. So CSD issuance follows the decision of an issuer to list. The same happens for settlement. No one decides to settle for the purpose of settling. What market participants decide to do is they decide to trade and they trade on Euronext. And then because they have traded, they have to settle. So what I want to illustrate is that because Euronext Securities is an integral part of the value chain of Euronext and because we are the leader in listing, Mathieu shared that we are becoming the global champion in listing because we are the leading venue for cash equities trading and because we are the leading clearing venue for cash equities clearing as well, we are in the value chain. We have the contact points with the clients that eventually will provide flows to the CSD. So that's the reason why we can do it. And just to give you one example to illustrate that this is for real, already today, most of the trades that are made on Euronext and cleared through our own CCP, Euronext Clearing, are settled in Euronext securities. And as a result, we already represent today more than 70% of the cross-border settlement flows in TARGET2-Securities. That platform, TARGET2-Securities operated by the ECB is used by 24 CSDs in Europe and was supposed to trigger cross-border flows. And actually, before Euronext used it, it was used in a very, very minor way. And we multiplied the volumes of cross-border settlements in West by 4x by using this mechanism. So that's a proof that by being a leader in the listing, the trading in the clearing space, we can make the difference on the CSD consolidation.

Thank you, Pierre. Thank you for your question. So on fixed income derivative, my understanding is that you're asking us if we were open to have more innovative structure where we would share the value of what we're doing together with the market. Let me give you a nuanced answer. So we will not do curve global, that's not nuance. We will not do curve global. So there's 0 appetite with the market participants to put capital on behalf of the exchange to do the job of the exchange. It's our job to invest on our trading platform. It's our job to adapt on regulation, and it's our job to be good in innovating with new products, and it's our job to sell them. And so remember what I said earlier, we will not do copycat product because the market doesn't expect a copycat product. So what our clients are telling us is that they would like us to find solutions to specific issues that they face. With an efficient trading platform, which we have, it's Optiq and a very efficient risk model, which we have built. So I don't believe there's an appetite to create complex governance like structure or shareholding structure with the client, but there is definitely an appetite from the market to be part of the governance around the clearing house, but that's the case. This is a mere. And second, there is an appetite to share the benefits of an organized market. And so we will be flexible in the way we will design value propositions with them. Now remember, this is an Investor Day. So we will not share with you a list of products or a list of initiatives. We need to keep some flexibility to launch things that some of them will work, others will not work, but we're giving you directions where we are going.

And as you asked also for the fixed income cash, so the answer is similar. However, please let me remind everybody that MTS has got shareholders who happens to be our global international clients with whom we are announcing the membership. So indirectly, these guys are actually getting the benefits of that partnership, but it's not a specific new scheme that we structure that we create. And because our fee structure for the D2C market is already competitive, we are not touching that structure either. The dealers are partnering with us because they see the efficiency that they will get when sharing not only their liquidity on sovereign bonds, but also on the credit bonds. So it's a win-win situation for both of us and ultimately for the buy side.

Thank you. I think there is a gentleman in the front.

It's Enrico Bolzoni from JPMorgan. I appreciate you don't want to share the details in terms of where growth will come from each division. But maybe taking one step back, can you at least give us an idea of how much of the growth will come from initiatives that you already have and you're just -- you already rolled out and how much will come from the new initiatives you haven't launched yet. So in other terms, what degree of visibility you have on growth? So this is maybe my first question. And again, I appreciate you don't give specific target on cost, but can you give us an idea of what sort of initiative will require higher investments, higher costs and therefore, the implication for margins?

So again, with respect to the two questions, the first one, revenue growth. What I wanted to highlight is that not all what we have announced today has the same degree of maturity and many initiatives will go into steps. So if I had to answer your question, what I would say is that the answer for '25 is different from the answer for '27. In '25, '26, we have a lot of visibility. Then from '27, we anticipate the contribution of the new project to be more relevant, but this is quite obvious. When it comes to cost, there is one element that I wanted to highlight. It's clear that if we want and we need to maximize the exit EBITDA in 2027, it is in our interest to front load the investment and the cost into 2025 to make sure that we will deliver as much as possible of the opportunity, which are connected to the use of our platform. However, it is equally clear that from being a listed company, we would need to make sure that, that trajectory is as smooth as possible. So the way I would answer your question is that you should expect a mild front-loading of OpEx in the first year in order to maximize the absolute EBITDA in 2027, but this is going to be managed in a way to make sure that the trajectory of cost is as smooth, as predictable as possible.

Herve Drouet from CIC Market Solutions. Three questions as well on my side. The first one, your guidance, I understand, obviously, of above 5% is starting from 2023 to 2027. You have an excellent years, '24. What prevented you to say we are going to give a guidance in the next 2, 3 years rather than including the '24 numbers in it? Is it a perception that things could be bumpy or there will be some opportunistic time where growth could accelerate at one point of time. So I'm trying to get that feeling. The second question is regarding SaaS. You are saying we are moving more and more towards non-volume, potentially SaaS type of business. I was wondering can you give us a bit more -- an idea on tariff. How you think tariff will evolve in a SaaS business type? Will it follow inflation, for example? And finally, on M&A, you are talking about you will like to create value. I guess where you will create most value will be where the markets are the most fragmented. In your priority, is this area in your value chain you are going to target it and especially, for example, clearing is one way it looks like it's pretty fragmented in terms of players. And is it where you might focus your attention?

Okay. So I'll take the big picture question on M&A. Mathieu Caron will answer your question on SaaS. When you say tariff, you mean pricing, and he will cover that point. And then I will leave the floor to Giorgio to explain you the debates we had between starting the 3 December '23 versus starting at the beginning of '25. So that's probably the best approach. M&A is a tool. That is not an objective. The objective is performance and growth and value creation. That is the real objectives. So M&A is a tool. What is core is the strategy. So you should look at M&A because M&A is so important in capital allocation policy and because it drives so much attention because it also creates onboarding of new execution risk, et cetera. But M&A is just a tool. We are not managing Euronext to do M&A deals. We are managing Euronext to make the company more relevant to more people in more segments and to solve fundamental problem of fragmentation of capital markets in Europe. And we are doing it because we believe that this ambition is compatible with the fact that, by the way, it's a very juicy and profitable business opportunity for people who are mandated to invest money of their own investors. And we believe that there is an alignment between the revenue profile generation, the profitability, the growth profile of what we do with the purpose that we have. And in doing so, we try to use all the tools that are available. We try to do things homemade. And sometimes we feel that we can be more legitimate owners of some assets than others because for all sort of historical reasons, the assets they manage is not as key to their owners because the owners are moving their eyes to something more profitable. And therefore, this particular asset has become a periphery asset of the group or the overall organization has got over time, sick because they were too fat or too lazy or not operating in a very competitive environment, whatever. And sometimes we find or because -- and it is the most dominant part of the M&A market over the past few years, these assets belong to all sellers of assets who are the private equity world. They buy, they build up, they transform and they sell. So they have a sort of a native purpose of not growing the company to keep it, but growing company to sell it. This is the world around us. Now our way of looking at things is bearing -- observing that some people are getting lazy and not very performing and not being -- not focusing enough on assets. Looking at some people who are anyway in the business of selling what they bought a few years before, looking at some companies that have great companies but are defocusing. The best example is a great company like LSEG, who has an amazing voyage and has been so successful, deciding at some point of time that Borsa Italiana that they owned for 13 years is not an asset they want to own anymore because Refinitiv is a much bigger opportunity. So in this environment, we try to buy assets that help us to accelerate the delivery of our strategy. And for us, the framework is that these deals, these acquisitions make sense if we can achieve our strategic goals more quickly and in better conditions. So when you do organic growth, you pay 2, 3, 4, 5, 6x EBITDA if the project is successful. You may have a different conclusion if you blend all the projects on which you have invested and you combine them with the projects that fail. When you do buy a company, you pay, I don't know, if you are lucky and strong 10, 11. If you -- some of our competitors do crazy deals and don't care about return on capital employed, again pay 30x, whatever. You pay much more when you buy something that exists. And when you try to build something that does not exist internally, but it's not the same risk profile. You have different risks. We are best-in-class in post-merger integration. I mean -- I'm saying that because for years, I was an M&A banker and i have seen more companies selling synergies and hoping that the market will forget what the numbers were at the time of the announcement, and where exactly they are around. We fight to remind everyone, "Hey, you remember, we say EUR 60 million, don't forget we said EUR 60 million, we have delivered EUR 121 million. So we are best-in-class in PMA. But at the end of the day, M&A is here, M&A transactions are here to accelerate growth. So -- that's a framework from a strategic point of view. So we won't buy something just for the sake of creating Euronext aerospace or Euronext food and beverage or Euronext resort. That will not happen. But when we find a team that is great, when we find the sellers in a corner, when we find that we have an angle that the competition doesn't have, when we find that we are more credible in terms of certain execution -- we strike. And then there is the financial part. We have a sort of ultimate sanity check which is that we don't spend the shareholders' money, if we are not convinced that the return on capital employed post synergies between year 3 and 5 will be above the WACC of the company. And we tend to be conservative in business plans. That's why we miss more opportunities than others, because we are less bullish than others. And that's why we make also fewer mistakes than others. Since -- all of us have been in this company. You have never heard one single time the phrase impairment. And because for me, this is the ultimate humiliation. So -- no, I mean it. And some other -- some of our peers can place impairments and keep their job. That's another world. That's another world. This is not us. We have -- we deliver shy guidance above 5%. Some people can write in their papers. It's shy. But we don't -- you know what, we didn't post impairments. So that's the way we work. So that's the framework. Happy to spend more time on this on the details. And now at this stage, I leave the floor to Mathieu Caron because most of our SaaS business is in the growth of our Corporate Services business. Julien Tessier run this business. He is in the room and will be available if necessary. And then Giorgio will go through -- the fundamental debate about '23 versus '24.

Thank you, Stéphane. So no -- good question on the SaaS. Maybe let me just remind you a few facts, and I'll give you three type of [ qualitative answers ]. So first off, what we operate with Corporate Solutions is really focused on three verticals; Governance, Compliance, IR solutions. And then what we have been achieving in the last couple of years since we launched the business is a double-digit growth. So we started with the business around EUR 20 million revenue, and we are reaching this year -- we are going to reach EUR 50 million. So -- and the growth has come from -- different parties. The first one is linked to the geographic expansion of Euronext. So we were able to deploy a company that we acquired in one country with one product and deploy it in other countries of the group. Second, we have built a very powerful and scalable sales lead generation machine, which have been allowing us to be extremely efficient and successful in the commercial expansion. And finally, there is little from this growth coming from price increase and -- inflation, what you call inflation because, what we need to remember is that it's a very competitive industry in the SaaS world. Prices are very competitive. We have a lot of big players around in these verticals, regional players, global players. So we need to be mindful of this, because this is a kind of price-sensitive point. But where we see the growth ahead of us, is not necessarily linked to the price. It's linked to the fact that we are investing into more products, and we will drive more up-selling, more cross-selling opportunities, because we have a very strong branding. It's different from a pure SaaS player. We are Euronext. We are the leading primary market venue. And so, we have a lot of trust and confidence from our issuer that we sell and we provide them with robust, trustful solutions. So -- and this is going to be -- the core of the upside we expect on the sales for issuers.

So -- when you act, you cannot avoid to communicate. And when you communicate, you cannot avoid the interpretations. And it happens a lot. And there are -- in corporate life -- there are certain act that can have completely different interpretation. A few examples, a buyback. What does it mean? That the management feels comfortable about the growth of the company or there are no other opportunities. Exceptional dividend, the same thing. So in those cases, apply a framework helps, because it reduces the possibility not to be interpreted. Now what we are doing today is exactly what we did in 2021. I remember because last time around, it was the 9 November, my birthday, so I remember very well. 9 November is tomorrow. And what we did the last plan -- what we did the last plan is that, guess what, the target started from 2020. And today, the target starts from 2023, a very practical reason is that you need to be precise, because when we will compute at the end of the plan, whether we made it or not, everyone is going to compute until the last decimal. So having audited financial results is not something that we could avoid having. So for all these results, consistency with the past. At the need of a certain point, we used 2023. So I would avoid doing further interpretation. Thank you.

Okay. So maybe on the other side, and then we'll come back with the gentlemen with a nice [indiscernible].

It's Arnaud Giblat from BNP Paribas Exane. I've got three questions, please. If we could start with MTS. So that sounds like quite a large opportunity, in particular, managing debt to issuance. So on behalf of the management offices. And there's currently a system in place. I'm wondering -- what the convincing arguments will be for -- to put to cover issuing governance in terms of improved liquidity, improved spreads, lower cost of issuance. How are you going to convince -- try to convince our governments to use MTS to do that? My second question is on interest rates. Totally hear you, you're not going to do curve global, that's good to hear. I think the incumbents have a big competitive advantage that is cross margining. They have a lot of liquidity on existing products. Does your clearing risk framework with reduced margin is that sufficient to offset that competitive advantage? Can the incumbents respond very quickly with similar products and keep the liquidity? I'm just wondering how you're thinking about competing from that standpoint. And my third question is observing capital markets, asset management, there's a clear trend towards private assets out there. And -- well you haven't addressed this in your strategic plan, but I'm just wondering if there's not an opportunity set out there to help that growth? To address it through whether through CSDs or through Fund Services or whatever it is. Or -- I mean a lot of the private managers are talking about growth in democratizing the private markets, launching retail products, is there an opportunity set for Euronext to help there?

So I'll take very briefly the third question and because it resonates with other questions that were asked earlier, and Fabrizio will cover the value proposition of MTS for DMOs that are not yet using or not yet using enough the MTS platform. And Anthony will cover the questions on the market share on clearing. I just want to remind everyone that it's not like we are embarking into unknown territory. We operate in a very competitive environment for cash equity clearing since March, and in the derivatives clearing environment since -- September. So we are already -- we have already data points, in particular, for cash equity clearing, which is much more competitive than derivatives clearing for the reasons you know. We have already the point about how competitive our value proposition has been. It has been tested. And the third point of private assets. I'm not going to reply in a very specific manner for two reasons. Number one, because the topic you raised touches many people on this stage, and it's a fragmented topic. The other reason is that, this is typically the type of things where we spend time, but where we don't want to promise and where we have all sorts of initiatives. But all initiatives are broken down in four categories. There are things we want to deliver and we are about to deliver and that will impact Q4 or for sure '25. There are things that we are building, where we have an alignment with the clients, with -- the technology resources with supervisors and that we hope we will be in a position to deliver in '25 and '26. We have things that we are designing, some of them are going to deliver short cuts and will be -- will have tangible impact in '24, but probably more in '26 and '27. And what i think is that we call it Imagine, because we want to be granular and not to follow the crowd and not to follow the buzzwords. I mean -- because we are in the business of making money. We are in the business of creating capital. We are not in the business of following trends. I mean we have been there for SPAXS.We were not in Metaverse. We have not spent huge money on blockchain. We are active with Blockchain Solution, but we don't follow things that don't move the needle for real in terms of value creation. So private assets is a new dimension of what market infrastructures -- it's a new dimension of the problems that market infrastructure will have to fix for sure. Making recurrent revenues and profitable EBITDA growth with private asset solutions at Euronext is work in progress. And there are a few areas in the CSD for sure, where we do think -- I mean, it's a part of the growth ambitions of the CSD i bet. But it's not something we decided to showcase just because everyone is talking about it. Because we don't have -- for the moment -- for the moment, solutions that are as compelling and are credible in terms of monetization, as the ones we have presented this morning.So Fabrizio on MTS and then Anthony on clearing.

Yes. So you had 2 questions. On, adoption of primary market tools, so auction tools then how we let's say, make sure that the MTS model is used at it's best by some of the issuers. So on the first one, yes, some of the sovereign issuer use tools that are most of the time deployed by the central banks. And this is where they do their regular auctions. We already have several issuers, sovereign issuers in our network. Remember that we are connected to more than 20 geographies, most of them in Europe and in the Eurozone. And when I say connected -- means that the primary dealers who happens to be more or less, you have 10, 12 primary dealers who are -- participate to the very same club of dealers who access sovereign issuers auctions. So that allows us to deploy auction like sell and buyback, or other types of auctions already that are not the Regular 1 Schedule on a yearly basis. And this is growing. Now comes to the -- us capitalizing on this network in order to announce the way the sovereign issuer use the platform. Well, the example is the one with the next-gen EU bond. So the commission -- European Commission had started to see liquidity building on our platform, when we made available for trading these the EU bonds. At some point, of course, with our help in showing statistics on how this could have developed, they saw the impact that -- their request to do the primary dealer to be more let's say, aggressive on showing tooling prices and ranking them and giving them incentives, has resulted in better liquidity and this request was coming from the buy-side, who ultimately have are the one buying the bonds from supras' and sovereign issues as well as corporate, but supra and sovereign are more reliant on the buy-side clients. So the buy-side clients were putting pressure on the supra in this case, the European Commission to say, "look, if you want me -- to keep on buying your bonds, I need to see more liquidity" and this was the result of our success. So all the other issuers are at the various level of implementing these incentives. The good story is that they are all already connected, especially the primary dealers. So it just needs every year when they recalibrate the way they monitor the activity on the secondary market is to add an extra incentive to see more liquidity. And we are, of course, on a regular basis having discussion. As I said, most of the time, the push comes from buy-side and from the primary dealers themselves, especially the so-called incumbents. So if you have a country where -- there are local domestic who have a share of the market, which is relevant. Of course, these guys will try to protect a little bit, the franchise. But all the others that are becoming more and more important want MTS model to be used as a reference.

Thank you Anthony?

So Arnaud, your question was about the opportunity for cross margining, as part of the value proposition for our fixed income derivatives. So maybe zooming out, so what makes a derivative market successful or derivative product launch successful is linked to several factors, and that's what we call the value proposition. So first of all, you need a clearing house. That's something we discussed about. Second, we mentioned that earlier, but I don't think the market want any copycat contract. I mean this has been tried, it doesn't work. There is a form of maturity in the existing [ blockbusters ] contract on derivative, and that's not what we are aiming for. And so as part of the value proposition, you need to resolve an issue where the market expect a transfer of risk, that is on the specific assets, specific type of clients through derivative contract. And our job is to propose a contract specification, a trading platform, market-making liquidity that makes it attractive to trade on an order book. On the clearing side, the value proposition is composed of several things. Obviously, we have the fees, but we also have the risk model and the margin model. The efficiency of the margin model doesn't depend on cross margining or doesn't only depend on cross margining. You have the efficiency of the risk model in itself. And the risk model that we have built based on value at risk, and that we are tuning together with our client is extremely efficient intrinsically. So it's bringing efficiency compared to others by itself. The choices that we are making also in the way we manage default funds, and today, we have 2 default ones in our clearing house, one for cash equity and all derivative products, including commodities, and the second one for repo and fixed income. And there will be a third one on [ power ] derivative. But the large default fund where we have cash equity and derivative allows for significant cross margining opportunities. So sorry for this long answer to your question. But yes, we believe we have a competitive edge with the existing critical mass of our clearing house. And that's one of the benefits of this migration that we have completed early September.

So there was a question here with -- a gentleman with the nice tie.

It's Mike Werner from UBS. Two questions, please. We've heard a lot about on the CSD side, about the opportunity to benefit from the current fragmentation in the market. I see kind of the migration from T+2 to T+1 is something that's being really discussed now quite heavily amongst regulators. In that environment, is that an opportunity for Euronext? Is that a challenge for Euronext? And how do you plan to take advantage of that? That's number one. And then number two, I heard quite a lot about in different markets -- in different asset classes, the ramp-up in algo trading or automatic trading. I was just wondering if you could give maybe some stats where we are in terms of adoption across different markets? Where it currently is in some of the more mature markets like cash equities, for example. And also -- whatever -- what are -- what's Euronext doing to encourage that type of activity?

So I suggest that Pierre Davoust takes the first question on T+2, T+1. And then maybe on the push on algo, two of us could answer those questions in different asset classes. First, Nicolas Rivard -- I don't know whether precise stats are available, but you can illustrate the point. And Camille, if you can help us understanding the new dynamic on power and on ForEx?

So on the T+2, T+1 question. So today, what happens in Europe is you trade on Monday, you settle on Wednesday, right? And it was the case in the U.S. as well. But in the U.S. since May, you trade on Monday, you settle on Tuesday. And that will happen in Europe as well. And that's actually a catalyst for our project. And I will tell you why. With this reduction of the time between trade and settlement, the whole financial system will be under more pressure. So banks, market maker, market participants, custodians, et cetera, will have far less time to manage all the processes that need to happen between the trade and the settlement, which includes FX, securities, lending and so on and so forth. So there will be a big pressure to improve the efficiency of the front-to-back chain. Europe, is known as a place where it's fragmented and complicated. So banks have to manage multiple connections to multiple CSDs and that pressure that already exists will intensify a lot with the shortening of the time to do all the processes. So what our clients are telling us is "please do that before T+1 comes in" because then as a client, we can enjoy the benefits of consolidation before it's too late. So I see that very much as a catalyst for our project. The good news is, timing-wise, there has been no decision made yet on T+1 in Europe, but the general expectation is that this new regime will enter into force somewhere between 2027, 2028. So we are right on a -- good window of timing to roll out our project consolidate, simplify ahead of the T+1 implementation.

So maybe on your question on algo trading and maybe more, as an example on how it worked on the cash equity world before handing over to Camille. So clearly, algo -- I mean, as you said, on the cash equity market, algo trading is fairly mature. However, we see a number of entrants and shift in power -- and algo trading. The way it has worked over the last 10 to 15 years is algo traders were initially were behind large brokers -- you name them, you know them. They were then more and more active in the market. And that was also -- we launched the program, which we call Omega, which allow algo trader to -- without being a member of Euronext to benefit from a number of the incentives. And then they became direct members of the market once they were comfortable with the market and so on and so forth. So this is clearly a trend we have seen over the last 10 years. We have most of the large [cord phone] and algo trader -- obviously, connected on Euronext. Some of them are part of our flagship liquidity program. So they are bringing liquidity of the market. And also -- so what we have developed and deployed on both Borsa Italiana we are creating Borsa Italiana, that's what also we will show you this afternoon in the workshop, how we have improved the liquidity, the quality of the market and at the end, the volume gate. And so -- and the last point I want to mention is that, yes, it's important. But I insisted on this -- this morning. So the diversity of flow on the market is fundamental. So we are not looking to a market, which is 100% algo trading, it doesn't interest us. What interests us, is the diversity, is the different type of flow of investment of strategies that we have the market, which creates the best quality for our clients.

Thank you, Mike, for the question. So on FX, it's the same as for equity. So I will not elaborate. This is not a new trend. What is a new trend that we are witnessing over the last couple of years, I think, is for commodities and for electricity trading. So on commodities, if you take the volumes we have this year, they are increasing roughly 30% versus last year. I would say that a significant portion of that is related to the growth of algorithmic trading. This is actually additive to the order book, because this is bringing more liquidity, reducing spreads on our products. When it comes to power trading, this is also quite recent trends. And this has come up with the rise of our continuous trading business, that I was elaborating on during my presentation earlier today, which is about the continuous market by a position to the auction market, the continuous market being a new way to trade electricity, shorter to the delivery of the physical electricity. And this has been a trend that we have seen increasing with the rise of renewables coming to the grid, bringing more intermittent energy, delivering more volatility into prices. And therefore, this market by becoming liquid, is attracting more and more algo traders that are also doing some models around the weather forecasting, using big data, et cetera. This trend is -- significant. It's there to last. If you take the volume growth that we are having this year in power trading, the intraday growth is around 100%. I would rather say that probably half of that is related to algorithmic traders. So yes, we are defining incentives. We are working with them, because they are bringing value to our order books. Both for energy and also for commodities.

So we have two questions here.

It's Hubert Lam from Bank of America. I've got three questions. Firstly, sorry to go back to that 5% plus revenue target or guidance. For the 5%, what assumptions are you making there -- are volume related businesses in terms of revenues or volumes? Just wondering how conservative that is and maybe where the upside comes from as more driven by the volume side of things -- to get to -- get higher revenue growth higher than that? Second question is around revenue mix. We've seen today you have a lot of new initiatives across all the different segments, both volume and non-volume. Just wondering if everything goes successful, how do you envision the revenue mix by 2027? How is it changing from today to then? And lastly is on data and analytics. That's one of the opportunities you see around growing around data index -- analytics. You've seen the other large exchanges team up with big tech to integrate -- to move migrate -- more of the data to the cloud to get greater access and improve analytics. Is this something that you want to do and need to do to better monetize what you have?

Okay. So I'll give the floor to Giorgio to answer your first two questions. Plus 5%, as always said is the guidance, so don't expect another one. And it's a blended guidance. We don't provide fragmented guidance. But i will tell you in an illustrative manner, how the things have been shaped and also the direction of travel and the ambition. The reason why we are reporting differently going forward, starting in Q1 '25 -- our businesses with a clear distinction between volume-related businesses and non-volume-related businesses is precisely because our ambition is to grow as much as possible the non-volume-related business, even if our volume-related businesses are growing very successfully in a diversified manner. So Giorgio will answer your questions. And then on the on the connection -- on the data business, I'll leave the floor to Daniela -- more strictly as to partnership with global players. We have always remain cautious -- at this stage because I'm always skeptical about what we call in French "the bacon and eggs joint venture" where the chicken goes to the pig and say we are going to make a lot of money with bacon and eggs. So I'm the chicken i will contribute the eggs. What about you, the pig contributing the bacon. And I'm always very, very cautious about teaming up with large players. When you have fundamental asymmetry in terms not only of resources, but of focus because a successful partnership is when things you do together are as important for your partner as they are for you. And anything those guys will do with Euronext will likely to be a periphery project. And -- we don't want to have a significant part of the future in the hands of people who are stronger and to consider what we do together is a perphery project. So that's the starting point. Now you may call it cautious. You may call it that we give up dream. But just like -- whether the guidance is shy or not, we are not in the business of making you dream. We are in the business of making you rich. So on to dream, there are plenty of opportunities to do it. If you want to get rich, you're in the right place. On that note, I give the floor to Giorgio.

So thank you very much. Let me try to answer your questions. So first, we have 4 new segments. And each of those 4 segments is able to meet our target in terms of growth. So this is step one. Step two, if you look a lot of the initiatives that we have presented are within some of those pillars. So that -- there are certain pillars that will grow more than others. And if you look at the FICC, it includes a lot of the initiatives that we have discussed. There is, for example, there is MTS and others. So what I'm trying to say is that some of our greatest goal are excellent opportunities but are on the more volume-related side of things, even though within markets, that have experience and are supposed to experience or are anticipated to experience high long-term growth like fixed income. Finally, volumes. So we are not very good. Our crystal ball is not that much better than the one you have energy, which is revenue capture and market share. So when it comes to making plans, we use consensus -- a bit revised, but still consensus. And this is the same thing we have done in this plan and the previous one. So you should not anticipate any specific deviation in our assumption with respect to whatever type of market consensus -- on evolution of volumes.

Daniela on data.

Thank you for your question. Okay. As I said already in the presentation, it's obviously our will to expand our quant analytic offering. We have -- our intention is to expand our quant analytic offering based on non-public appropriator data. And also, we will -- we have already a quant research team that we have established a few years ago. It's a strong team, and we have built over the last few years, strong client relationships. So in the future, what we wanted to do is to expand further this quant analytics offering, also to new asset classes. Also because the algo trading is obviously a driver, a supporting driver for it. And that's it. That's the -- we wanted to expand to -- yes, this is something an area that we will invest on.

So there is a question here, please.

It's Andrew Coombs from Citi. Three as well, please. One follow-up on to you. Sorry to labor the point on this one, but on the financial targets -- by using the greater band for both the revenues and EBITDA, you've left it open to interpretation. So just to be precise, are you expecting EBITDA to grow in line with revenues? Or do you see EBITDA growing faster than revenues? That's the fast and simple question. The two more detailed ones. On CSD, you talked about a 73% market share of T2S across CSD volumes. Can you give us an idea for what that contributes as a percentage of your overall volumes within CSD today? Just so we can try and size up the opportunity. And then on the clearing repo opportunity, if I take the $27 trillion notional cleared, I think your just shy of 1/10 of what repo clear does. We can see what repo clear revenues are. is therefore should we be thinking in that context? Is it a single digit -- low single-digit million revenue opportunity? Or do you see it bigger than that?

Okay. So general comments, and then I'll give the floor to Giorgio on the guidance, and then the floor to Pierre on your question about CSDs and to Anthony and Fabrizio on the Repo business. The guidance is what the guidance is. When we say above, we mean exactly what I said in a non Capital Markets Day language, which is that we promise above 5%. We are going to try more than 5%, hence above. And clearly, the intention is definitely -- and the ambition and the way the company is organized is to deliver an EBITDA growth above the growth of the top line. That's what we have done in the past. That's we are intending to do. But again, there is a difference between what we promise and what we try. And it's clear for us that the ambition of value creation is all about making the company scalable, i.e., generating as we have done in the past, higher EBITDA than growth than top line growth. But I'll give the floor to Giorgio to comment in a maybe more specific manner, but that's the general ambition you should be totally aware of, when you think about what's the mindset of the management team. And then Pierre and then Anthony and Fabrizio.

So briefly on that one. If there was a trade-off in between short-term margin expansion and long-term EBITDA absolute growth, we would be on the second one. The second element is that if you are afraid that we have lost operational leverage, that is not the case. We are building a larger platform to exploit operational leverage. Then final comment, when you are at the level of profitability we are, which means -- last 12 months, it's close and above 60%. We believe it is more value accretive for Euronext to push the top line higher rather than further expanding into spaces where you get closer to 63%,64% and 65%. For all these reasons, we have a platform to develop, we would create more value with -- more value with top line growth and the fact that we want to maximize exit EBITDA, then this is the objective. And again, that doesn't mean that we have given up on operational leverage -- quite the contrary.

So on the question on settlement. So we don't give the detailed breakdown of the revenues of Euronext Securities per revenue driver. But I explained already in the workshop we had in 2021, and I will explain again in the workshop this afternoon that, as you probably know, the biggest revenue driver in CSDs is assets under custody, right? The value of assets recorded in our books. And settlement is the second largest revenue driver, but much smaller. And actually, the way we look at settlement -- it's an enabler or trigger for custody, because what happens is market participants they keep their assets where they need them and they need assets where they buy or sell, so where they settle. So we see very much that development on cross-border settlement even more -- like an operational KPI to show that we are going across borders. And therefore, the growth of our assets under custody, instead of being limited to Italy, Portugal, Denmark and Norway, where we started the business, is now potentially much bigger because we tap into a European wide market. So that's the relevance of this KPI on settlement, a trigger for growth of assets and our custody across Europe.

On repo clearing, so I'm not sure I recognize the numbers on repo clear from LCH, but we're not here to comment on their performance. What I can tell you is that the -- the value capture on repos is linked to fees and to net treasury income. The EUR 27 trillion number that we shared is the current size -- annualized of what we capture today on the Italian repos. Repos on Italian debt. Italy is a bit of a specific country in Europe because more than 90%, 9-0 -- more than 90% of the report trades are cleared. But as I explained earlier, the rest of Europe is more on a 50-50 ratio. So half of the non-Italian debt is unclear. And so our opportunities to expand on the unclear space and, of course, is to expand outside Italy. Now we need to build an attractive value proposition. Arnaud's question earlier about margining on fixed income derivative applies here as well. We need to be attractive. So we need to have an efficient risk -- margining model. We need to have -- we need to be very competitive on fees, on haircuts, et cetera. And so it's -- as Giorgio explained earlier, it's a journey that we embark we're going to have to invest and to build. And so it's difficult for me today to qualify the size of the opportunities from a revenue standpoint. But it's a significant project for Euronext.

Not much to add beyond -- in addition to what Anthony said. In the OTC space, let's not forget also private placement that some of the sovereign issuers and supras' -- do, which are currently not clear. So these are the untapped ones that we could attract and most of the time involved the buy-side. So the buy-side is one of the parties that we are targeting for this business as well.

Maybe we can take one last question, if there is any. And then we will proceed for something which is very important in Paris, which is a lunch break. And we don't take that with any sense of humor.

It's Bruce Hamilton, Morgan Stanley. I'll keep it quick. No questions on leverage or revenue growth. On the MTS on a fixed income opportunity, obviously, there's a bunch of ways you can win. So you mentioned the net issuance. It sounds like in terms of sequencing, you've got EU sovereign debt, France next, where thereafter geographically? And also, what about corporate debt? On electronification, where are we now? Because obviously, that's a sort of pretty critical theme, if we think sort of fixed income trading globally. And then in terms of sort of trading protocols, obviously -- TradeWeb's has been pretty successful by being innovative around trading protocols. How do you think about that? How does that feed into your planning as you look forward?

Yes. Thank you. So yes, the sequencing, of course, we are Italian, that are performing well. The -- I didn't mention, but the Spanish are performing well. And now the EU bonds are performing well. And relatively speaking, you have also the Portuguese performing well. And we have other 12 connected -- that market -- that as I mentioned before, are on the brink of moving from an average of, let's say, between EUR 0.5 billion to EUR 1 billion a day to multiples of that. And what triggers it, as I mentioned, is just additional light incentives -- that trigger more activity for the primary dealers. Connected to this, and I refrain from jumping in from the conversation on the algo and now I have the opportunity. What we have -- because this is linked also to the let's say, electronification or the connectivity. So what we have noticed with the Algo and MiFID too has triggered the request for the platform to certify algo or least to provide participate market makers to certify their algos. We have seen that more and more trading -- bond trading, European Government Bond Trading Desk who used to be very much driven by risk takers. There still are, but they now start to bring in the traders from the -- traders from the algo desks, especially to fulfill those market-making commitments that they have with the sovereign issuers, which is part of the virtuous circle of incentives, if you rank high in not only in the primary market, but also in the secondary markets. And similarly to what Camille was saying that the jump of the recent years and months, we link it to additional activity coming from this algo -- so they are not new players, are existing players that are actually starting using more sophisticated tools. Adding to that, what we have seen, and this is the big difference between Europe and in the U.S. while German is only future-driven, the other countries are cash driven. Why? Because you can edge by far better your position along the curve, the yield curve, sorry to go a bit boring -- bond-boring type of conversation. But if you have a 7-year bond, and you only have a 10-year future, you'll have to -- you'll take a risk, right, because you can be long 10-year and shorter 7. So you have a curve, whereas with the additional liquidity on the order book, you can choose a 7-year bond because there are several in that area. And so you edge perfectly your position. And this is what we are seeing happening more and more, again, driven by the algo.

Thank you very much. What I suggest at this point is to conclude because we have eight questions from the webcast, but we will answer them in a detailed manner through calls or through e-mails because otherwise that -- we are going to get late and we want to start the granular workshops at 1:30 in 2 sets of workshops. So before moving to the lunch break for the next 45 minutes or so, I really want to thank every one of you who made the effort to be with us today. I want to thank all the management teams of Euronext that made this moment of explanation sharing feasible, because it's a lot of work, as we say in French, it's like many things that work, 10% of inspiration and 90% of transpiration. But beyond that, I also want to thank the governance of Euronext, so our Chairman or Vice Chairman. 50% of the members of our Supervisory Board are in the room. And the program, the plan you have seen today has been heavily discussed in repeated manner with our governance -- with them representing you, among other stakeholders and debating the right level of risk appetite we could take -- we should take for this new ambition. And I want to thank also our supervisors or reference shareholders, who are also in the room, in particular, CDC, GDP, SAPI, INTESA, because they are rock-solid partners in every ambitious project we may have. We have tested that in the past on many occasions. They are committed partners, and they are enablers and there are facilitators of the growth ambition of Euronext. And obviously, I'd love to thank all of you, but above all the working teams of Euronext because Euronext is a community of supervisors of shareholders, reference shareholders, management, and nothing we have done so far would have been possible without your contribution and your commitment and your interest to what we are trying to achieve. And nothing we will do in the next 4 years will be will be possible without the contribution of all of you. The difference between all of you and us is that we do one single thing in our working day and even in non-working days, which is to think and work for the Euronext growth. You do various other things in your life. But a significant part, some part of your brains is about the success of this project. So I want to thank you for your interest. And if you stay aligned we can -- from this point of view, be more relevant to more people and from the point of view of some of you in the room, we can make you rich. Enjoy the lunch.