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The chief executive of Europe’s largest stock exchange operator, Euronext, has declared that the exodus of listings to the US markets is exclusively a “London problem” that does not affect continental Europe.
Stéphane Boujnah emphasised on Wednesday that European markets remain robustly positioned to retain and attract listings on their primary exchanges, despite occasional US listing considerations from companies like TotalEnergies.
The stark contrast becomes evident as London grapples with the departure of prominent stocks such as Flutter and CRH to American markets, with Ashtead’s December announcement of its planned New York listing transfer adding to the capital’s woes. The UK market witnessed fewer than 20 new listings last year, marking its lowest point since the 2009 financial crisis.
Boujnah highlighted the superior liquidity across Euronext’s seven European stock exchanges compared to London, noting that daily trading volumes range between €9bn-€12bn, approximately double that of London’s exchange. This liquidity advantage, he argues, continues to make continental Europe a more attractive destination for listings.
While some French enterprises, including oil major Total and asset manager Tikehau, have expressed interest in New York listings, these decisions largely reflect sector-specific considerations rather than a broader market exodus. Total’s potential move, for instance, stems from US investors’ greater receptiveness to oil and gas industries.
The Euronext chief expressed confidence in the face of private equity activity, viewing it as a potential catalyst for future listings as funds seek exit strategies. Under Boujnah’s leadership, Euronext has significantly expanded its presence through strategic acquisitions of Irish, Norwegian, and Italian exchanges, with the executive indicating openness to further expansion opportunities in Spanish and Nordic markets.
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