"Aspiring to be the European Hub, Taking London's Place"
Hear from Euronext's Boss on Europe's Financial Future
In response to the re-election of Donald Trump, Euronext CEO Stéphane Boujnah sees a "wake-up call" for Europe. Boujnah believes that, with the U.S. seemingly making isolationist decisions, Europe must act fast. In an interview with the Börsen-Zeitung, he stressed the importance of European integration and the production of more European champions.
Strengthening Europe's Financial Position
To remain relevant in the global financial markets, Boujnah insists that Europe needs faster decision-making and "bigger players." Under his leadership since 2015, Euronext has expanded from a four-country exchange to a seven-country powerhouse.
Boujnah proposes greater cooperation, like a "single prospectus for IPOs, similar to what the U.S. calls S1-form." This common prospectus would initially be introduced across the Euronext group and eventually extend to other major markets such as Germany and Spain. By adopting a uniform documentation template, Europe aims to compete better with London and boost IPO activity.
Unleashing Potential
Boujnah is optimistic about a more dynamic year for IPOs in 2025, but he cautions, "The lack of capital is our biggest weakness." He suggests the introduction of a capital-funded pension system to increase liquidity in capital markets and establish "a new risk perspective."
A capital-funded pension system, while not directly mentioned in Euronext's plans, could help channel long-term savings from households into capital markets.
No More Joint IPO Platform Talks
Boujnah has abandoned discussions about a joint IPO platform with Deutsche Börse, stating, "It's like building a regional airport that no airline flies to."
The Path Forward
Euronext's plans for the future revolve around various key initiatives aimed at simplifying regulatory processes, enhancing access to European capital markets, and supporting innovative companies. The European Common Prospectus, an expansion of the IPOready program, and the potential introduction of a capital-funded pension system all seek to reduce complexity, boost IPO activity, enhance cross-border investments, and strengthen Europe's competitiveness on the global stage.
[1] European Common Prospectus: [2] Listing Act (June 2026): [3] IPOready Programme: [4] IPOready Defence Initiative (Q3 2025):
- To bolster Europe's competitiveness in the global market, Boujnah suggests implementing a single prospectus for Initial Public Offerings (IPOs), similar to the US's S1-form, which could initially be introduced across the Euronext group and then extend to major markets like Germany and Spain, aiming to compete with London and stimulate IPO activity.
- In an effort to increase liquidity in capital markets and establish a new risk perspective, Boujnah proposes the introduction of a capital-funded pension system, while not directly mentioned in Euronext's plans, which could potentially channel long-term savings from households into capital markets.
