The gap between fixed income revenues at rival European exchanges Deutsche Borse and Euronext is narrowing, the divide between the two falling by 20% from €100.6 to €79.7 over 2025.
In Q4, Euronext reported €46.3 million in fixed income revenues, down 1% quarter-on-quarter (QoQ) but up 22% year-on-year (YoY).
During the firm’s results call, CEO and chairman of the managing board Stephane Boujnah commented, “Our volume-related revenue grew at [a] fast pace, with great performance especially in fixed income, power trading, and cash equity trading.”
“In our fixed income business, we are above last year’s average,” added chief financial officer Giorgio Modica.
Deutsche Borse recorded €126 million in Q4, up 3% QoQ but down 10% YoY.
During the firm’s earnings call, chief financial officer Jens Schulte commented, “We made good progress on our fixed income roadmap, achieving a 7% year-over-year increase in net revenue without the treasury result. Our OTC clearing and repo businesses significantly propelled this growth, with net revenue climbing by 14% and 44% respectively.”
He also highlighted the upcoming active account requirement, part of EMIR 3.0.
READ MORE: Slow-moving regulation hindering EMIR 3 preparation, industry says
LSEG’s 2025 performance followed a similar trajectory to Deutsche Borse, albeit on a grander scale. The exchange reported €444 million in Q4, up 3% QoQ and up 8% YoY.
“Fixed Income, Derivatives & Other revenue primarily comprises Tradeweb,” the group stated in its 2025 preliminary results. This categorisation has generally inflated the exchange’s revenues in this category.
READ MORE: FI revenues make big yearly gains at European exchanges
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