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Euronext purchase of ISE brings new opportunities

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Commenting on the news that Euronext has expanded its ‘Federal Model’ with the EUR137 million acquisition of the Irish Stock Exchange (ISE), Benjamin Fussien, head of ETFs and funds at Euronext describes it as ‘a fantastic opportunity’.

The acquisition is in line with Euronext’s long-term strategy, and sees Ireland become its sixth core European country. Euronext intends to position Dublin and the ISE as a centre of excellence for the Group in the listing of debt, funds and ETFs.

“There are strong synergies,” Fussien says, “it’s an extension of our Federal model and we are united in diversity. We truly look forward to working with our new colleagues.”

The deal should be closed and up and running by the end of the first quarter of 2018 and the new centre will focus on funds and ETFs. Deirdre Somers, the current CEO of ISE, will join Euronext’s Managing Board with group‐wide responsibility for debt, funds & ETFs listing.

Fussien explains that ISE brings 226 ETFs to the Euronext stable, which added to Euronext’s existing 828, brings them to over 1,000 ETFs. In terms of funds, ISE has 5,220 investment funds.

“We are going to gain new ETF issuers who are not presently on Euronext,” Fussien says, listing WisdomTree, Pimco, DB XTrackers and BMO as among ETF providers who will now have Euronext ETFs.

“This significantly strengthens our offering in terms of number of products and variety of issuers,” he says. “It’s a massive improvement for us as Dublin has been known for a long time as a centre of excellence in funds.”
The new ETF and funds team will be equally split between Paris London and Dublin. “We are perfectly positioned post-Brexit as a strong alternative for London-based ETF issuers.”
Euronext brings ISE its strong infrastructure in terms of technology to trade ETFs and 2018 will see the launch of its new pan-European platform.

Fussien also comments that despite the low volatility conditions which have existed over 2017, the exchange has managed to on-board a number of new trading members. The current team totals six, including new hires Isabel Moessler from ETF Securities and Serge NGoube from Blackrock.

“We are confident that MiFID II will be a boost next year and that volatility will likely be up at one point again,” Fussien says.
 

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