Euronext CEO dismisses 'super exchange' merger with Deutsche Börse—for now
The idea of a European 'super exchange' is back in the spotlight after recent comments from Euronext CEO Stéphane Boujnah. While discussions about merging Deutsche Börse and Euronext have resurfaced, both companies insist they are not pursuing a deal. Boujnah instead emphasised the need for businesses—not politicians—to lead Europe’s financial future.
Talks of a merger between Deutsche Börse and Euronext have taken place before, but no agreement ever materialised. This time, Boujnah made it clear that Euronext is not for sale. Deutsche Börse has also stated its intention to remain independent.
Despite ruling out a merger, Boujnah sees potential for collaboration between the two exchanges. He argued that Europe’s progress should come from businesses working together, rather than waiting for political direction. As examples, he cited leaders like Ursula von der Leyen, Friedrich Merz, and Emmanuel Macron—figures he believes businesses should not depend on for action. German Chancellor Friedrich Merz has previously pushed for a unified European stock exchange. However, Boujnah revealed he has yet to meet Merz in person. The debate over a 'super exchange' continues, but for now, both Euronext and Deutsche Börse are focused on their own paths.
The possibility of a merger remains off the table, with both Euronext and Deutsche Börse standing firm on independence. Boujnah’s comments shift the focus toward business-led initiatives rather than political intervention. For now, the idea of a European 'super exchange' stays unresolved.
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