Pan-European market infrastructure Euronext today published its results for the second quarter of 2023.

FX trading reported €6.1 million of revenue in Q2 2023, down -15.7% from a strong Q2 2022 and impacted by a negative trading flow mix. On a like-for-like basis at constant currencies, FX trading revenue was down -13.9% in Q2 2023 compared to Q2 2022.

Over the second quarter of 2023, average daily volumes of USD21.6 billion were recorded, down -8.6% compared to Q2 2022 resulting from lower volatility.

Derivatives trading revenue decreased by -12.6% to €13.0 million in Q2 2023, compared to a particularly volatile Q2 2022 for derivatives trading, partially offset by strong performance from commodity derivatives. On a like-for-like basis at constant currencies, derivatives trading revenue was down -12.3% in Q2 2023 compared to Q2 2022.

Clearing revenue was down -6.4% to €29.4 million in Q2 2023, as a result of lower contribution from LCH SA and weaker cash equity, equity derivatives and index derivatives clearing activity, partly offset by stronger bond and commodity derivatives clearing volumes. Non-volume related clearing revenue (including membership fees, treasury income received from LCH SA) accounted for €8.5 million of the total clearing revenue in Q2 2023.

In Q2 2023, Euronext consolidated revenue and income amounted to €368.1 million, down -1.8% compared to Q2 2022, mainly due to the robust performance of non-volume-related activities and better performance of fixed income and power trading partially offset by the strong comparison base for equity-related trading activities and negative FX rate variation effects.

Results from equity investments amounted to €3.2 million in Q2 2023, representing the contribution received from LCH SA, in which Euronext owned an 11.1% stake until 6 July 2023. Following the disposal of Euronext’s 11.1% stake in LCH SA, the Group will not record any contribution from LCH SA from Q3 2023. In addition, Euronext will incur a €40 million tax-exempted non-underlying capital gain in Q3 2023 in relation to this disposal.

The reported net income, share of the parent company shareholders, increased by +0.9% for Q2 2023 compared to Q2 2022, to €120.0 million. This represents a reported EPS of €1.12 basic and €1.12 fully diluted in Q2 2023, compared to €1.11 basic and €1.11 fully diluted in Q2 2022. The weighted number of shares used over Q2 2023 was 106,741,621 for the basic calculation and 106,989,806 for the fully diluted calculation.