Euronext NV (FRA:ENXB)

€ 86.75 2.2 (2.6%) Market Cap: 8.73 Bil Enterprise Value: -173.43 Bil PE Ratio: 17.45 PB Ratio: 2.21 GF Score: 91/100

Euronext NV Investor Day - Workshop (1) Transcript

Nov 09, 2021 / 01:30PM GMT

Release Date Price: €94

Transcript

Fabrizio Testa

EuroMTS Limited - CEO and Head of Product Development

Good afternoon. Welcome back. I don't know whether there are a few people still at the coffee or suite, but let's start with the MTS workshop.

So a quick history of MTS. Started in 1988. There was an idea of the authorities at the time, Ministry of Finance, Bank of Italy with the contribution of the practitioners. And at that time, it was mainly Italian government bonds. And the great idea was we like the equity model of an order book with market makers that are incentivized to make 2-way prices. This is how MTS started. After a few years, because the market makers go long and short, and they need to fund their position, also the repo market was introduced. And since then, the relationship with the primary dealers via the sovereign issuers has become the way MTS model works.

It stayed in public hands until '97 where it was -- when it was privatized. And at that time, the ownership went to primary dealers. They all had a 5% cap on the stake that they could have, thanks to the management, was the one running effectively

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