Cleary Gottlieb represented its long-time client Euronext, the pan-European securities exchange, in the rationalization and outsourcing of its key IT operations to a joint venture vehicle jointly owned by Euronext and Atos Origin (a leading international IT services company). The transaction involved the merger of the parties’ existing AtosEuronext joint venture, which currently provides IT services for Euronext’s cash trading platform NSC in continental Europe, with Euronext.LIFFE Market Solutions, which primarily services Euronext’s derivatives business. The combined company will be known as Atos Euronext Market Solutions and, with expected annual revenues exceeding €350 million, results in the creation of one of the largest exchange and clearing house technology service providers worldwide.
Using technologies like the NSC cash trading platform and the LIFFE CONNECT® derivatives trading platform, Atos Euronext Market Solutions will provide IT services to all of Euronext’s exchanges as well as various other exchanges. LIFFE CONNECT®, for example, is used by many exchanges such as the Chicago Board of Trade and the Tokyo International Financial Futures Exchange. Among the exchanges using the NSC platform are the Toronto Stock Exchange, the Boston Options Exchange, the Warsaw Stock Exchange and the Beirut Stock Exchange. The joint venture will seek to expand licensing to additional third party exchanges.