00:00Another quarter of our performance. What is the momentum behind the business right now looking like. Well I mean as you said it's a it's quite significant momentum. It's the sixth quarter with the double digit growth. We have a no quite diversified product mix. I mean we have a double diversification. We are super diversified in trading. We are not only a platform that trades equity but we are very active in power derivatives and in power
00:29in power in fixed income in forex in commodities but also non volume related businesses represent now more than 60 percent of the top line. So the combination of non volume related businesses and very diversified volume businesses are creating this this situation. We grow the top line. We control our cost. As you may have seen we have decided to revise our cost guidance from 670 million to 660 million.
00:59Hence we increase the EBITDA margin double digit. We did the EBITDA in absolute terms as well. And we increase our or the leveraging. And that's why we do proceed with with the share buyback as of 18 of November.
01:15Stefan many would argue that the U.S. market looks fairly toppy in terms of valuations. People are looking for diversification trades. Are you benefiting from that?
01:22Yeah indeed. We had two major trends that are continuing. Money from the U.S. moving to Europe because Europe is cheaper in terms of valuation multiples. Money from the rest of the world moving to Europe because they want to diversify away from another concentration
01:40on U.S. U.S. risk which beyond our valuation has plenty of other systemic risk related to the volatility created since the beginning of the year. So it's clear that we benefit from
01:54from from from that flow. And I think when market correction will happen in the U.S. it will be even stronger in terms of inflow into Europe.
02:01Stefan there's been a lot of conversation lately about a pan European exchange. Friedrich Mertz has talked about this quite substantially. He keeps saying that there's a need for one. Some would argue that the Euronext is a pan European exchange but stops just short of Germany.
02:19What are your plans or do you have any to address that issue?
02:23Well we welcome the vision and the aspirations of leaders like Chancellor Mertz or Christine Lagarde at the ECB who promote the idea of a super deep liquidity pool. The reality is that today
02:40Euronext that operates seven markets soon eight if the acquisition of the ethics exchange in Greece is successful already trades in the single liquidity pool in a single
02:51technology platform market with approximately 6.5 trillion of aggregate market capitalization which is more than twice the London equity market and which trades every day 10 to 12 billion average daily volumes which is more than twice the London equity volume.
03:09So we are the largest equity platform in Europe for the moment. Clearly Germany is not part of this ambition because the Frankfurt exchange is part of Deutsche Börsen.
03:21You have to ask Deutsche Börse whether they would be interested in being part of a consolidation process of their of their of their of their exchange business which is a very small part of what Deutsche Börse is today.
03:34But you know M&A is a consenting adult game. It's it's all about a willing buyer or willing consolidator. And we do we are this willing buyer. But but you also need a willing seller.
03:46And for the moment there is no willing seller. So what what Chancellor Mertz say is is very important. What Euronext does is is more relevant.
03:55And what will be defining for the coming months or years is what will be decided in Frankfurt and in Wiesbaden which is the seat of of the government of the London
04:07of Hessen that is the supervisor of Deutsche Börse. So I think these aspirational comments are very useful and very important and well
04:16to welcome them. But the dynamic to make things happen for real is all about unlocking and making actionable a willing seller which which is not yet there at the moment.
04:30All right Stefan we look forward to having you of course give the update should they ever become a willing seller. Talk to us a little bit about further about the Athens stock exchange.
04:38You talked about this as a part of your strategy as well. Just walk us through the percentage Euronext has given in terms of the sixty seven percent threshold that you have thought about meeting.
04:49Would you consider lowering that threshold. We know that there's a legislative process that's involved there. But is that something on your radar.
04:55No we don't make comments on the ongoing offers. And when we make decision we inform the market in your course in accordance with the appropriate laws and regulations.
05:07So I'm not here to make any comment on this issue. Stefan. Are you having any conversations with any of these other exchanges.
05:16Is it. You talk about the fact that it's down to others to sell. Is the conversation started just kind of just very briefly.
05:25Have you had any communication with the Deutsche Boer or the LSE about producing a bigger European exchange.
05:31We have we have ongoing conversations. We done on all sort of issues with all the organizations. We did not have recently any conversation with
05:46with Deutsche Boer on any of those of those issues. And we did not have recently any conversation with the LSE on those issues. But they do know
05:58because we had very precise conversation in the past that should they be interested in making their exchanges business their equity business part of a larger group.
06:08We are available and we have a solution to make them united in diversity and part of a pan European consolidation play because we have already created the critical mass the processes the brand.
06:19brand and the depth of the existing equity pool. And the focus. And it's very important the focus on equity which is probably less important for
06:29for the two players you have mentioned who have diversified in other non equity businesses for years now.
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