Good morning, everyone, and thank you for being with us this morning. On behalf of the managing board of Euronext, all the teams of Euronext, I'm very glad to have you here this morning. What we are going to try to achieve is to share with you the ambition of the new strategic plan, Let's Grow Together 2022. In order to do that, what I would like to do with you is first to remind you briefly what has been achieved over the past three, four, five years. Basically, the fundamental seeds of value creation that have been planted in the European soil to develop Euronext as a leading pan-European exchange. I would like to share with you the ambitions, the framework of what we want to do together with the teams, with our partners, with our clients, with our regulators over the next four years.
We want to go through what are our business ambitions, what are our transformation ambitions, and also to look at not only what is outward-looking, but also what is going to happen internally within the organizations. Very often during a quarterly release, we focus on performance, but we don't have enough opportunities to share with you what's happening beneath, what's happening within the organization. This plan has been developed by the teams. It is a homemade plan. It's a plan that has been developed with workshops involving almost 25%, 30% of the employees of the group. I think among the few things that make Euronext different is the focus on operating performance, but also what it means, which is transformation of the internal organization.
Obviously, we want to spend time discussing the external growth opportunities or the framework of our M&A strategy, because as you can imagine, we need to make sure that the value we create through operating excellence is deployed in a disciplined manner through value-accretive acquisition. There will be a Q&A, which will allow you to ask more specific questions to my colleagues. With me today are all the managing board members, but I will introduce that presentation, then Anthony Attia, the head of Listing and Post-Trade, will join me. We will have various presentations from Simon Gallagher, who runs our cash and derivatives business, Christophe Oppel, the global head of Sales will be here, and Giorgio Modica, our Group CFO.
After the lunch, in the afternoon, we will have dedicated workshops on three key value drivers of the company, the cash equity trading business, where Simon will share with you the drivers of the resilience of this business. Another workshop on how we are going to integrate and take to the next level Oslo Børs VPS, that will be presented by Håvard Abrahamsen, the CEO of Oslo Børs VPS, and Giorgio Modica. We will have another workshop on our advanced data business with Christophe Oppel and Nicolas Rivard. There will be a break of 20 minutes after the section on our business ambitions, and then we will reconvene to cover internal transformation, M&A, and Q&A. This is basically the agenda we are going to cover.
Please feel free to prepare your questions for the Q&A session at the end of this morning, where we will have ample opportunities to give the floor also to other members of the team. The first point I want to cover is to remind everyone the voyage that took place over the past 4 years, where the key drivers of value creation within Euronext were structured. Basically, in 2014, Euronext was a carved-out collection of assets that ICE didn't want to keep, and that we IPO-ed at EUR 20 per shares. What the company is today is a EUR 5.1 billion company, which is a diversified market infrastructure, in part a diversified exchange, which has now global ambitions. What has happened over the past few years is quite impressive. We have significantly diversified the company.
We have significantly invested in innovation, people, and in creating a cutting-edge technology platform. We have significantly improved the generation of value, the delivery of growth, the delivery of yield. Today, Euronext operates in seven local markets, with people in 16 countries. We are the first listing venue in Europe, the first cash trading venue in Europe, and the total revenue pro forma 2018 have reached EUR 734 million, with an EBITDA margin of 57% last year. When we go into the details, I just want to focus on the diversification front on two very important concepts. The first one is that originally, Euronext was a collection of cash equity trading assets. We have significantly diversified the top line of the organizations, and whereas non-volume related revenues represented only 44% of the top line of Euronext at the time of the IPO, today they represent 51%.
This diversification towards more non-volume related revenues is significant. It could have gone faster, it will go faster, but this process has been launched, and we are much less dependent on cash equity trading volumes than we were five years ago. The second diversification is much more straightforward, is on the geographic front. The footprint of Euronext had never changed since the first IPO in 2000. Since 2016, we have significantly increased the footprint of Euronext with the acquisition of FastMatch today, Euronext FX in the United States, then the acquisition of the Irish Stock Exchange and Norway. It's 22% of additional revenues from new geographies that have been created between 2014 and 2018. One of the key messages here is clearly that we have now proven the capability of Euronext to implement cross-border transactions, delivering synergies within the European continent.
One of the key features of Euronext that we are so proud of is the fact that over the past five years, we have been consistently focused at powering pan-European capital markets to finance the real economy. This is one of the features that make Euronext different. Some of our competitors have walked away from listing, trading, or these businesses are sometimes described by them as legacy businesses. For some of our competitors, companies are just the raw material of the business. For us, issuers companies are the purpose of an exchange. That's why we are today the largest equity franchise in Europe with a wide range of issuers.
That's why we are developing intensively our strong sectoral expertise with strong European segments in automotive, in luxury, in chemicals, et cetera, but with the addition of Oslo Børs VPS joining us, the addition of significant expertise in shipping industries, in oil and gas, and in seafood. This focus on issuers, I'll come back to this point, Anthony will cover the point later, is one of the key features of Euronext. The other part, which is sometimes a bit underestimated, is that with the acquisition of Dublin, of the Irish Stock Exchange, the creation of Euronext Dublin, we are now the largest corporate debt listing venue globally, with more than 40,000 bonds listed on Euronext markets. This leadership in corporate bonds offer us the positioning to finance also the market debt of our clients.
The last point I want to underline is that the leading European marketplace in agricultural products position that we have in milling wheat, derivatives in rapeseed, in corn, has been enriched recently with the acquisition of Oslo Børs VPS in terms of salmon and seafood derivative products. This is a very important set of features that mean a lot for the local markets where we operate and that we are very proud of because we believe that you can have resilient, sustainable, exchanges and market infrastructures if you are soil less, if you are not connected to the local communities and the local ecosystem. In addition to that, what we have done over the past four years, is to diversify away from our legacy business. We have invested in fast-growing revenue services and in new asset classes.
What we have done, over the past four years in terms of bolt-on acquisitions of different size, some of them small, others larger, to deploy a family of corporate services, solutions for our clients with Company Webcast, with iBabs, but also to help the corporates and the sell sides in dealing with some market abuse regulations, either list solutions with InsiderLog, et cetera, is a family of products and new solutions that have created all together with, obviously, Euronext FX, EUR 37 million of incremental revenues that were just not there four years ago and that have nothing to do with the core cash equity trading business. I just want to focus on two major developments that took place over the past three years. The first one is the welcoming of Euronext Dublin.
Clearly, when we welcome Euronext Dublin, we welcome a group that had 89% of non-volume revenues in 2018, and a group that is contributing its expertise, as I mentioned earlier, in corporate bonds, that is contributing the positioning as a post-Brexit platform together with Amsterdam and Paris, and where we have deployed the Optiq trading engine in a very determined manner, and clearly the integration has been extremely successful. Later on, Giorgio will walk you through some of the aspects of our numbers, but the speed and the magnitude of the synergy extracted from the Dublin acquisition has been extremely rapid, with already EUR 7.5 million of run rate synergies already achieved.
Turning now to Oslo Børs, it's exactly the same to a larger scale, to a certain extent, with 83% of non-volume revenue in 2018, with leading position that Oslo brings with them in energy, in shipping, and in seafood. With also 48% of the Oslo VPS revenues generated by the CSD. Welcoming Oslo Børs VPS within Euronext means welcoming another CSD and a bigger CSD alongside the one we operate in Portugal, in Euronext. In both those cases, what it means is not only that our federal model, as I will cover in a few minutes, is fit and the perfect framework to allow single country exchanges to be part of a united in diversity model, where we are super united on certain features that require scale, but super diverse, super specific, super local on other dimensions.
In both cases, those exchanges are benefiting from the transfer of the Euronext technology platform and the integrations of the Optiq trading engine that replaces the previous technologies that were outsourced, in one case, in Ireland to Deutsche Börse, in the other case, in Oslo to London Stock Exchange within MIT. They contribute a lot with their core businesses. We bring a lot with the trading engine, and they are connecting all their members to the single liquidity pool of Euronext. Optiq, as I said, has been a major achievement and has been the focus of technology efforts of Euronext over the past four years. It's definitely a premium level performance platform in terms of latency, by far, in terms of stability, in terms of scalability.
It is an engine that is the bedrock of the acceleration of the operating performance of Euronext internally, but also an engine that is available for other exchanges. As you know, today in the planet, there is a minority, a small group of market infrastructure or technology groups that do control their technology future. Probably seven or eight of them max, and the rest, all the other market infrastructures, buy technologies for those companies. We are one of the few who have been able to become technology makers and sovereign in terms of controlling their technology future. This platform will be completely deployed by the end of 2019 on the last segment, which is not yet operational, which is the derivatives market.
One of the last point I want to cover about the achievements of the past 4 years is the amount of energy and effort we have spent on strengthening the human capital. The teams that run Euronext today are somehow different than what they were 4 years ago, in many respects. We have significantly upgraded the talent pool to make it more agile. Some of the previous talents that were more used to work in a cozy market infrastructure have left the group. We have created a profound culture of accountability and a culture of client centricity. We measure Net Promoter Scores. We collect client feedback. We engage into more proximity with clients. We measure client intensity, all sorts of things that were not common in the exchange of the old good days. We have distributed centers of excellence.
We have now a very important center of excellence in Portugal with the Porto Technology Center. We have the center of excellence for debt fund and ETF in Dublin. We have the center of excellence in the making for commodities in Oslo. We have distributed teams across the group that provide the cement of our federal model. We have proven that we can do integrations and post-merger integrations in a very systematic manner, and that comes with 10% of inspiration and 90% of transpiration. It's difficult, but it's now available and scalable. We have created, I think, a lean and agile organization. We have eliminated almost one layer of management across the organizations, sometimes even two. Because the progress and the EBITDA margin don't come without this type of effort. Clearly, this slide is important because it's all about things that you don't see in quarterly results.
It's about the profound human transformation within the organization that are impacting the culture. The culture, it has the strongest resilience despite the volatility of the market. That's why it's very important to bear in mind that this achievement is probably one of the most important seeds for the future of the organization. That translates into numbers that you are all familiar with. First, in terms of revenue growth, the company in 2014 was a EUR 458 million top-line company. It's today, pro forma 2018, a EUR 734 million top line. The dividend has almost doubled from EUR 0.8 to EUR 1.5. The company has been growing through a combination of organic growth and significant improvement in market share and yield, but also through external growth and acquisition, as you are all aware of.
That progress on the top line is commensurate with the progress on the cost base and therefore the EBITDA margin. The EBITDA margin of Euronext in 2013, the last year before the IPO, was 29%, 2-9. In 2014, after six months of IPO, the company had a 41% EBITDA margin. Last year, the EBITDA margin was 57%. Between 2013 and 2018, we have doubled the EBITDA margin of the company. That's not because of luck, not because of one-off, just because we operate Euronext as an industrial company with industrial standards, not like a finance institution. Costs do matter and efficiency does matter, and that's how we have made these numbers resilient. I'll come back to the guidance that you have seen in the press release yesterday. It takes as much effort to move from 41% to 57% as it takes to stay at 57%.
There is no effet de cliquet, as they say in French, to maintain this stronger EBITDA margin. This is the track record that we are very proud of, but that creates also a pressure to deliver. The same applies to our balance sheet discipline. Euronext is super disciplined and much more disciplined than our peers on P&L. Never forget that our numbers have almost no adjustment. When you compare numbers, and if you want to compare apple and apple and not apples to oranges, check what our peers do in terms of adjustment. The same applies for balance sheet. We are one of the most disciplined balance sheet in the industry with a single A-minus rating after the acquisition of Oslo with a stable outlook, with a clear commitment to continue acquisitions. We have been able to create flexibility with a new RCF.
We have been, in terms of liquidity deployment. We have issued two bonds, which give us sort of open field until 2025 and even 2029 for the second bond. We have now new friends, which is an extensive group of bond investors with whom we have a very productive dialogue to get support in case of further material acquisition. The fact that the balance sheet is safe and managed in a disciplined manner, the operations are safe and managed in a disciplined manner, the returns are there, and the focus on operating excellence is there, are very fundamental pillars of the future ambitions of the group. When you look at the numbers, it's very simple. The simplistic way of looking at what Euronext has done with the money of the shareholders over the past four years is very simple.
Over the past three years only, we have generated EUR 1 billion of EBITDA. This EUR 1 billion of EBITDA translated into EUR 600 million of operating cash flow. Half of it, EUR 300 million, was distributed in dividends over the past three years. We have deployed EUR 1.1 billion of investment acquisitions by raising EUR 900 million of debt. This is a very strong cash flow generations that combine with the discipline leverage, has allowed us to do both decent dividend distribution and strong capital deployment. This is Euronext. Some analysts yesterday were telling me, "Oh, it's a bit boring." Okay, this is what it is. We are in the business of making money, and I think, I wish you to invest in other boring businesses with this type of financial profile. That translates into something which is just the way the rest of the world looks at us.
The reference point is the day of the IPO in 2014, and the other lines are our peers or relevant indices. Basically, we have been best in class in terms of share price performance up until July, where LSE announced the merger with Refinitiv, and they passed us. For the moment, we have no idea to compete with this mega deal, so that's why they are 315% of what they're worth at the time of our IPO, and we are 270%. Significantly stronger performance than our European peers. Now, what's the plan? What are we going to do? Basically, we want to build the leading pan-European market infrastructure. In order to do that, I just want to focus for a few minutes on some assets and challenges. Assets that we are going to leverage and challenges created by the landscape.
Just to remind everyone that the world we are getting into is slightly less rosy than the world that we were facing in 2016. Obviously, no need to comment on uncertain global economic growth. Growth prospects are not as rosy as they were in 2016 vis-à-vis 2017. We have meta or macro changes in terms of what climate change and sustainable growth means in terms of changes of investors' preference. I'll come back to that point. At some point of time, some technological disruptions will materialize. Honestly, over the past few years, they have not materialized as disturbance to our markets as they were expected to be. At some point of time, they will materialize.
I want to spend a few more minutes on the third item, which is the unknown impact of low negative interest rates. 75% of the traders have never seen an interest rate increase, and 100% of the traders, 100% of the people in this room, have never seen negative interest rates. The reality is that we are, all of us, a bit disabled to forecast what's happening in a negative interest rates world. We are in a world where if you want to reduce tax or fiscal deficit in France, the best thing to do when you are the government of France is to increase your debt, because you collect EUR 200 million from the people who lend you money when you increase your debt. We are in a world where Greece, where people are paying negative interest rates to get Greek bonds.
We are in a world where Solvency II was invented with strong pressure to invest in fixed income, not in equity, because the rule was that fixed income is good for insurers and for pensioners, equity is bad. Now we are in a situation where all the insurance companies are fighting about what they are going to do to meet their commitments, and how are they going to address their reserves. This is a profound change. I do believe that, at least intellectually, I do believe that equity is the only asset class in the foreseeable future in the low interest rate environment, or even a negative interest rate environment, that produce yield. And there are some people in the planet that need yield and liquidity. I believe that there is a new way of re-looking at the equity world in an environment of low interest rates.
Point four is about the concept of tweets, no need to elaborate on that. Finally, the Brexit outcome, which is somewhere in the environment. All of us thought that Brexit would be a sort of Q1 2019 issue that will be parked. Since it's becoming now a sort of moving target, we have to factor that in a cautious approach of the environment. When we focus more on the industry trends affecting specifically our business, the world of ESG is now absolutely overwhelming. Something fundamental happened in terms of changes on collective preferences. All the asset managers are looking for ESG investment. Everyone wants everyone to be relevant in terms of ESG compliance. Corporates are increasingly using direct financing.
We need to redefine or design our listing business in a world where private equity has both reached big size, and where the reality is that some investors want equity and are willing to give up on liquidity, and are willing to take equity risk in private equity funds. This means that we have to redesign the relationships with the private equity world. We have regulatory pressure and fee pressures on the buy side firms, they are cutting costs. When they cut costs, we are one of their costs. We need to adjust and redefine our relationships with the buy side in an environment where making money for them is more complicated. We are in a world where there is a continuing rise of passive investment, which means, again, a different approach of our cash equity trading business.
We are in a world of a fragmented execution landscape. Again, so far, all those new players have entered into niches or have tried to be focused on some small segment of the business. Still, after MiFID I, which was about opening competition, we have MiFID II, with the reshuffling of the cards within the dark side of the market between systematic internalizers and others. We need to address that. On the data front, the appetite for data is increasing, but the appetite for non-financial data is increasing even further. The appetite for advanced data in terms of smart indices and so on is growing, and this is a reality that we need to address in order to remain relevant. All that is also affected by continuous changing in the regulatory environment.
MiFID II is going to be reviewed just to adjust the impact on cash equity market, which was not exactly the intended objective initially. The impact on SME brokers and on research, equity research for SMEs, which has been negatively impacted in particular. Listing, I believe that revised Prospectus Directive should have a favorable impact on what we do. CSRD framework is being reviewed, too. Sustainable finance is work in progress. All this world of sustainable finance is going to become, sooner or later, a new accounting language, a new set of reference points. We have to live with that. For years, investors wanted yield, growth, value, operating margins, performance. Now they want yield, value, growth, operating performance, and conformance with some environment, social responsibility, and governance standards.
How these IFRS of sustainable growth are going to be created, how long will it take, is a fundamental driver of the years to come. At some point of time, there will be a segmentation on the fintech environment. I believe that one of the core assets that Euronext has to address all those challenges and to take the company to the next level is clearly to leverage its unique federal model. We have something which took 20 years to develop, which has been polished, tested for the past five years, which is this united in diversity model, where basically all those exchanges combine in a very centralized way what requires scale, a single liquidity pool, enabled by a single order book, empowered by a single technology platform.
At the same time, retain locally relationship with regulators, relationship with issuers, relationship with ecosystem, because exchanges have been, for centuries, the tone-all of growth. We want to make sure that this proximity with the local environment remains extremely strong whenever it is more efficient. That balance has been effective. It has been adapted for the acquisition of the Irish Stock Exchange. It has been recognized for the acquisition of Oslo Børs VPS, and that's one of the key features of Euronext for the years to come that we want to take to the next level. To sum up on our assets for the years to come that have been developed very successfully over the past four years.
A cutting-edge proprietary technology platform, Optiq, it's there, but it was not there four years ago. It makes a big difference when you have a cutting-edge, fresh, new technology platform. When you are sitting in a technology. When you look at our peers, they all have their problems, because when you have an aging technology, you pile up layers of patches. It's very different from the very ambition that we have embarked in two or few years ago, which was to start from a white page. We have a strong listing franchise with strong sectorial expertise, with a strong local footprint, also global positions. I mean, EUR 4 trillion consolidated market cap. The reality is that today, the Euronext markets are the largest liquidity pool in Europe.
We have a strong national and ESG indices that are a very solid bedrock for growing our advance data business. We have developed, over the past three or four years, a comprehensive suite of corporate services for issuers and for investors, and it's growing extremely well. The numbers are there. We have an expertise in liquidity and yield management to remain the reference market, and Simon will cover that into details and will tell you how we want to take that to next level. We have a unique culture of efficiency, and the more I'm spending time in this industry, the more I'm convinced that it makes us very different from many of our peers, who are much bigger, but much less focused on operations. We have a discipline and agile capital deployment.
One thing that we have demonstrated in the process of the acquisitions of Norway is that we were able to be bold, disciplined, and agile. That's what the story of the acquisition of Oslo Børs VPS told. This is Euronext. What we want to do for the years to come is, we are determined to take that to the next level. We don't want to stay a successful, perfect bonsai tree, a sort of magnificent, well-performing exchange. The new ambition is, Let's Grow Together 2022. The plan, the ambition, is to build the leading pan-European market infrastructure. What the leading pan-European market infrastructure means is two fundamental things. First, to move from a successful exchange to a leading market infrastructure. A leading market infrastructure is an exchange that is much more integrated downstream, upstream, and with much more ancillary services.
It's a group that remains super profitable on its core business, but which provides its clients with more post-trade solutions, more data solutions, more services solutions, more presence in much more diversified asset classes. It's a bigger company. It's a company which is closer to its clients and much wider parts of the value chains. It's pan-European because for the foreseeable future, for the plan, the focus for the footprint expansion will remain the European continent. There is a place where we can be the backbone of the capital markets unions. There is a place where consolidation is needed and where we are the legitimate consolidator. There is a place in the planet where we have a track record of extracting synergies in cross-border deals.
There is a place where we have been probably one of the few ones who have been able to complete effectively successful cross-border transaction in the exchange world. This is Europe. That's where we're going. It doesn't mean that we will not buy asset outside Europe, but when it comes to exchanges, our focus will remain Europe. We have acquired FastMatch in the U.S., Euronext FX. We will try to extend our FX ambition with other acquisitions, and we will buy assets wherever they are. We have expanded the FX operation in Singapore and alongside the operations we have in Tokyo. We continue to be global. In terms of consolidation of exchanges, our focus will remain consolidation of Europe, where the opportunity is and where we are legitimate. Because our mission is to connect local economies to global capital markets to accelerate innovation and sustainable growth. Why?
No exchange, the big exchanges, have given up to be local. We want to remain local. The smaller exchanges that are local have no means to be global. What we want to do is to find and develop and take to the next level the successful recipe of being super local, but at the same time, scalable at group level to connect our local business communities to the global capital markets. There is a need for that mission, and we can fulfill it, and we have demonstrated that we can do it, but we want to take it to the next level. To accelerate two things, innovation, I'll focus on that point in a minute, and sustainable growth, because we are a neutral platform. We are perceived as neutral by all the stakeholders or clients.
We have a role to play in this migration towards sustainable finance and sustainable growth, where there is a need for a place for reference, standards, provision. That's what it's all about. Let's Grow Together 2022. This will be implemented through a six pillar, which will be implemented over the next six years across the company, the diversification of our local and global infrastructure in terms of new products and new solutions. A significant effort, I will come back after the break on that one, on the client connectivity, because this is the ultimate recipe to protect fundamentally your business. Even in an infrastructure business, even in a flow business, there's a big difference between the ones who spend time with clients and the ones who consider that they are an infrastructure.
I was an investment banker, for a few years in my life, maybe too many years. One of the big lessons of investment banking is that the telephone never rings. If you don't call the clients, they don't call you. Deploying this culture of client connectivity in an infrastructure is really an accelerator of top line. We want to continue delivering operational excellence. You may smile because we are already best in class in terms of operational excellence, but there is no limit. Believe me, there is a lot we can do to do even better and to further increase our operational excellence and to deploy it to other assets. We need to better empower our people to grow, perform, or innovate.
I'll come back to this point, but finding the right nuance between making everyone super accountable, for what he or she says and they'll do, and on the other hand, incentivizing everyone to take risk and there, is very complicated. We need to create a more widely debt culture. We want to enable sustainable finance. I'll focus on that in a few minutes. Obviously, we need to keep deploying our capital in a very disciplined value, creative manner in order to build this Pan-European leading market infrastructure. I will focus on two aspects that are horizontal in the plan, innovation and sustainable growth. Euronext has spent a lot of effort in deploying a very innovative and cutting-edge technology platform. That's an infrastructure project.
What we need to do and what we are going to do and what we are organized to deliver is to distribute innovation across the organization in a much more granular manner. To create the right incentives for people, for the staff to innovate, and to massively deepen cooperation with clients. The concept of co-designing, of offering with clients is going to invade the organization. The second aspect is to leverage digitalization, the same. From the outside, market infrastructure and exchange looks at a super big IT and data company. You would be surprised by the fact that there is a lot to do in the digitalization of processes that are already digitalized in other organizations that are under much stronger EBITDA margin pressure. We need to, and we can, unleash a lot of value by leveraging digitalizations.
We need to accelerate business on innovations in a lucid, calm, but granular manner. We need to be ready if and when tokenization takes off, for listing. We need to be ready, we are going to adjust our offers in a much more innovative manner for the bespoke trading models. Artificial intelligence is anything between a buzzword and reality in terms of impact on our business. For asset managers, it's a reality. For some of our business, the jury is still out. Clearly for advanced data business, it's a reality that requires a lot of changes in our processes and that we are committed to deploy. Finally, we need to further enrich the Euronext core technology capabilities to make Optiq, which is a big success, a big achievement, continuous evolving platform to remain the best in class in the planet.
The last point I want to cover is about this notion of sustainable growth and sustainable development because an exchange by nature is closer to the community than any other commercial organizations. An exchange for a century is a place where people meet and where we fix the problems of the ones who have too much money and no ideas, and who look for yield, and to fix the problem of the ones who don't have enough money, but have ideas and projects. That's what the exchange was created for, to create a transparent price and to create liquidity whenever you had to sell something. It is embedded in the community. It's a place where it's a tunnel of growth. We are the natural partner of the investors' and the issuers' preferences.
The reality is that over the past 10 years, with an acceleration over the past two or three years, there has been a fundamental, profound change of collective preferences of investors and of issuers. We can debate forever about what or where the backgrounds are. The reality is that companies have to comply with non-financial standards related to sustainable finance, sustainable growth. Also, what we do for a living is to finance CapEx. Today, a growing size of CapEx is driven by ecological transitions, climate change transition, and investment in new forms of energy. This is the place to be to raise money to finance these types of projects. We need to adjust also to a new reality, which is that our teams, our clients, our regulators, are also expecting us to play a role in this dimension.
We have decided not to be a follower, but to be the promoter of that transition, because this is our natural purpose. That's why we are going to do things in two ways. First, as a good corporate citizen, to become best in class in terms of compliance and to comply with the sustainable development goals in a very disciplined manner, but also to provide tangible solutions to our clients. The first one is provide much bigger visibility to our green bond business. We have already, when we consolidate the green bond business in Oslo, the green bond business in Amsterdam, in Dublin, and in Paris, a very material and sizable green bond business. We want to take it to the next level, and we will do it to provide visibility to make Euronext the place to raise debt for financing transition.
The second one is the ESG world. We have already a leading ESG franchise. We are going to take it to the next level because this is what our investors want. This is a place where you have niches to be differentiated from the leading global indices and where you can make the difference, and as it will be explained to you later, where our clients have already recognized our specificity. We are going to help issuers as well, which is very important to get ready to comply with this new accounting language. Oslo has led the way in this respect with the support and the guide for issuers to comply with sustainable finance requirements. We will be, over the next three years, the place where sustainable finance and sustainable growth standards are going to be developed or jointly developed.
All those ambitions will translate in financial targets that you have seen in the press release circulated yesterday. We intend to grow for the current perimeter as it is today, our revenues by 2%-3% per year in average for the next three years. We intend to grow the EBITDA margin to 60%-plus by 2022. We will remain disciplined in terms of CapEx, with 3%-5% of revenues deployed in CapEx. Never forget that Euronext is a bit old school in accounting because most of our expenses are OpEx, and very exceptional super one-off are CapEx, which means that our numbers are cleaner than many of our competitors' ones. The dividend policy will remain the same, with a strong discipline of distributing anyway 50% of the net income to shareholders and to keep 50% for further investment.
Unless, as I said at the previous plan, which is true, if we are in a situation where we are not lucky, we cannot do big deals, and we pile up cash, then we will consider special dividends in due course. The core scenario is deployment of capital to create value. That's why I want now to give the floor to my colleagues so they can share with you the Euronext business ambition. Business by business, you can listen to what we are going to do and to deliver in the next few years. Anthony is going to cover our listing ambitions.
Thank you, Stéphane. Good morning, all. My name is Anthony Attia. I'm the Global Head of Listing and Post-Trade business, as well as the CEO of Euronext Paris. I've been in the company for a long time. I was there at the creation of Euronext in 2000. In the next 40 to 45 minutes before the break, Simon, Chris, and myself will take you through the different businesses of our current franchise. The value chain of Euronext starts with listing. The listing business is all about financing companies' growth, helping them to raise money, helping them to deploy their business, helping them to create jobs. This is the core of what an exchange should do. The listing business has been quite strong at Euronext and growing in the past three years. We've repositioned it into more diversification with debt, funds, and ETF.
Also, we've given a new dynamic to the IPO business and to the sectorial approach in the equity world, in the IPO world. We also managed to get much closer to our issuers by growing corporate services, and I will take you through all these different aspects. The listing is the first step of the value chain, as I said. The second building block is the trading, and Simon will take you through all the cash equity and derivative business. We have market data and indices that Chris will talk to you about. We have post-trade and technology solutions. Focusing on listing, it represents around 19% of the revenue base of Euronext, and it's a highly diversified, growing. Exchanges in Europe have moved away from listing to concentrate on derivative and post-trade.
We have not done that because listing is at the core of our DNA. It's at the core of our federal model. Today, when we talk about federal model, we talk about a single liquidity platform, but we also have as many listing venues as we have exchanges. We have kept a very close commercial reach in every country where we are present. This allows us to care about our issuers and to make sure that they know that we can bring visibility, liquidity, and we can connect them with local and global investors. This is the core value proposition of our listing business. We have also improved attractiveness of our international listing business, also thanks to Oslo, and I will come back on that.
We have managed to expand beyond the borders of our exchange countries by reaching to Italy, Spain, Switzerland, and Germany in order to prospect for new issuers on our true Pan-European platform. The total money raised last year, across our listing franchise for equity and debt, was above EUR 1 trillion. It's a significant and dynamic business despite challenging market conditions on the equity world. I'm going to focus now on the equity listing franchise. We are the listing venue on equities in Europe with more than 1,400 equity issuers. That represents €4 trillion of total market cap. We are number one in terms of cumulative market cap, and we are leading the liquidity pool of exchanges in Europe on that front. This is a value proposition that is very dynamic and very strong.
As I said, as Stéphane said, despite challenging market conditions, despite the fact that issuers have the choice, when they want to raise money today, they can decide to stay in the private equity world, they can decide to go for a trade sale. As you guys know very well, the regulation has not been too friendly with equity analysts. Our job at Euronext is to maintain the highest level of attractiveness for this franchise and for capital market. How do we do that? We do that, well, thanks to a highly specialized sectoral approach. We are very good at SME listing. We are very good at tech listing, and I will come back on that. We have invested in a series of pre-IPO programs that cover tech companies with TechShare. TechShare is a global program.
It's the fifth year that we are running this sort of pre-IPO MBA program for companies who are considering the IPO but want to get closer to what it means so that the day they have to make the decision between the IPO and another solution, they know exactly what it means for them. We have also developed a program called FamilyShare in France, but it is growing for family-owned businesses because they have specific needs. We also have a very strong and successful program in Ireland called IPOready that is being deployed on different countries. One of the very specific aspect of our listing franchise is the diversity of the sectors that are composing it. So it ranges from IT, to healthcare, to luxury, to oil and gas, to shipping, to fishery, et cetera.
This diversification is also the signal of a healthy and growing issuer space. If you look at every sector of this franchise, you do have tech disruptive companies that are emerging, and some of them are actually listed on our market. Well, I want to focus now on what it means to have a strong tech franchise. There are two misconceptions in Europe about tech IPOs. The first one is that we don't have a European exchange for tech companies. The second misconception is that when you're a successful tech company, you need to go to the U.S. when you want to do your IPO. Well, these are misconceptions. They're both wrong. Euronext has 485 tech issuers listed on our market of all sizes, from startups to mid caps to large caps.
This franchise has grown dynamically in the past three to four years with 140 tech companies that have been added to this franchise. TechShare is deploying our brand and our pre-IPO effort across Europe. We have opened offices, as I said, in Germany, Switzerland, Italy, and Spain. These companies from these countries prefer to choose Euronext rather than their home exchange because we're bringing the best of our world, which is a global platform with Optiq and the global reach of investors as well as a local approach. This is what the tech franchise is, and we are investing in it, and we believe that we are the best positioned in Europe to continue helping these companies to grow these specific business models. Now, what is 2022 look like in terms of equity listing franchise?
First of all, we want to bridge the gap between private market and public market. This is our job to continue helping companies to raise money, and to find the right investors, and to grow through these markets. We're not afraid of the increase of footprint of the private equity. We want to embrace it, and we want to connect with private equity funds in order for them to look at the exchange as a preferred route for exits. We also want to be present there, because that's our job, that's who we are. The second areas of development is to attract more international issuers, more large caps coming from outside Europe. Thanks to Oslo and to Amsterdam and to Paris, we have a growing international listing franchise that is specialized in oil and gas, fishery and shipping in Norway.
We want to take it to the next level and be the venue of choice post-Brexit for international listings in Europe. The third area is about continuing expanding on SMEs and on tech. We're good at that. It's our expertise. In 2022, our platform will be growing, will be expanding, and we will continue to be the leading platform in Europe on this front. The fourth area, Stéphane said, ESG, it represent a key set of expectations for issuers and for investors. We're going to be there for them. We're going to grow our expertise around ESG advisory support and also, we want to support our issuers in ESG guidelines. Last, number 5, we see disruption happening on the digital asset world. We see companies looking for alternative way of financing. You guys have heard of securities tokens and other blockchain-related elements.
We want to be there. We're not thinking that the world is going to change tomorrow. We're thinking that it's more of a long term, so it's a slow disruption, if I can use that expression. We want to be there, because, look, the exchanges in the past 25 years have been disrupted and have been at the core of disruption ourselves, from the floor trading to the electronic market, from monopoly to competition, from local to global. Well, maybe digital assets are just another step of this transformation. Maybe it's exchange 2.0. Moving on to the other asset classes of listing. Before that, I want to talk about corporate services. In the past three years, we have grown much, much closer to our issuers. We worked with them to understand their needs.
We worked with them in order to see what they were expecting from a market post-IPO. This is how we co-designed with them the suite of corporate services that we are growing now. It's a high-growth franchise for us. It went from EUR 4 million revenues in 2016 to EUR 16.6 million last year, and it's growing fast. We build this franchise with a combination of bolt-on acquisitions and organic growth and pushing with a stronger commercial intensity and cross-selling initiative. What are we talking about here? We're talking about four areas where our issuers and also the non-listed corporate need support and need services. We are well-positioned for that because we are a neutral party, we're good at technology, and we're good at deploying solutions with our clients. The first area is within governance with the acquisition and the growth of iBabs.
The second area is about financial communication with Company Webcast. By the way, this investor day is powered by Company Webcast. They are the one organizing all the webcasts and the solution for this investor day. We're also growing to compliance, with the acquisition of InsiderLog, which is a company that provides a solution to report insider list within market abuse regulation in Europe. Last, we're growing into investor relation, in partnership with our ecosystem to provide IR solutions as well as shareholder ID solutions. This franchise is now taking a significant size in our business with 2,500 clients across Europe. Among these 2,500 clients, we have 600 of them are issuers. Not only on Euronext, by the way, issuers on various exchanges in Europe. This franchise, in 2022, what does it look like?
We want to take this recent success in corporate services to the next level. Obviously, we want to accelerate the growth and do more cross-selling and expand it. We also want to continue enriching and deploying this suite of solutions. We're looking at potential further M&A there, but also at more organic growth into more ESG-like solutions. The last part, we want to expand it in other countries such as the Nordic countries, thanks to the Oslo footprint in Scandinavia, but as well as Germany, Austria, Switzerland, U.K. and Ireland. Moving on to the other set of asset classes within the listing business. I'm talking about debt, fund and ETF. They're run by Daryl Byrne, who is our CEO of Euronext Dublin, who has a group responsibility for debt, fund and ETF.
As you can see here, the welcoming of Euronext Dublin into the Euronext family has significantly grown the debt franchise with 40,000 bond listed on our platform. One bond out of two listings in Europe is coming on Euronext. We have this very strong position on bonds. We are also growing the money raised. This is not specific to Euronext, it's a global trend, but corporates are heavily using the debt to finance their growth despite low interest rates. We're also number 4 in terms of ETF in Europe. Now, where do we take this franchise? We want to leverage our position to develop more ancillary services and more solutions, more adjacent services. First of all, in the debt world. Most of the bonds that are technically listed today in Europe don't trade. I mean, they trade in a very fragmented environment.
You guys know that we have hundreds of secondary market venue for fixed income. It's a fragmented market. It's very inefficient market. We want to continue our effort to defragment it, and one of the key projects is to create a true trading facility for Dublin-listed bonds. The second development on the bond side is the creation of a green bond segment. We're already strong today on the green bonds, but we want to put it forward. We want to push a true dedicated value proposition on the green bond world. The third one is the improvement of the distribution of the bond listing on the primary market side through some targeted bolt-on acquisitions. Moving on to the fund side. We have a successful trading facility on the Dutch funds in Amsterdam.
We want to leverage on that in order to scale it up in other locations, and in particular in Dublin, where we are very strong in the fund business. Also, there is a subsidiary of Oslo Børs VPS called Centevo. It's based in Stockholm, and they provide efficient services to asset managers. We want to take Centevo's business and scale it up. Last, our ETF franchise is very much developing into a centralized trading venue for all ETFs in Europe, whether they're listed on Euronext or not. We want to expand that and make it a true European platform. Now, I'm going to hand over to Simon Gallagher, who is our Head of Cash and Derivatives. Simon is going to take you through the central block of trading. Thank you.
Thank you very much, Anthony. My name is Simon Gallagher. I look after our secondary markets in terms of cash trading and the derivatives business. With Chris, we're just going to start talking through the secondary markets, which are built on the very strong listing franchise that Anthony took you through. If we just move first to a snapshot of our cash equity trading business and the health of this asset as it is today. What I'd like to do, Stéphane spoke earlier about the strength of the federal model, and this is just not words. The strength of the federal model actually translates into concrete business terms in the way we operate our cash equities business. We believe the federal model provides a very unique and very difficult thing to replicate in terms of competitive advantage.
It is very difficult for an Aquis, for a Turquoise, for an LSE, for a Deutsche Börse, to replicate the magic we have in terms of the trading business. We believe it's unique for the following reasons. Firstly, in terms of its scale. We operate the largest pool of liquidity for equities in continental Europe. In terms of scope, we operate seven national markets, and we were delighted to welcome Oslo to the family of Euronext exchanges very recently. In terms of customer base, we feel we have a unique base of customers, both in terms of types and in terms of flows. We have unique relationships with the local member communities in each of our markets.
In terms of the flows that come through Euronext, we believe we have a unique mix of flows from the big international flows coming through the City of London to the electronic liquidity provider market maker flows. The key thing that is unique to Euronext is the real economy flows, which come through the members of each of our local exchanges. All of this business sits on one unique rule book and one unique trading technology. On top of this sort of unique asset, we apply a business model which we believe generates sustainable profits for the group. This business model is based on a ruthless pursuit of two KPIs, and these two KPIs are yield and market share.
In terms of market share, over the last strategic cycle, in a very competitive environment, we've raised our market share from 61%-66%, and in the last reported quarter, it was 69%. In terms of yield, which is the average price we charge for trading on equities in Euronext, we've maintained that stable over the last strategic cycle from 0.5-0.51. Again, in the last reported quarter, we managed to get that up to 0.54. I'll explain later in the workshops more of the details about how we do that. In summary, we operate a market model that is at once centralized and decentralized. It's centralized in terms of the focus on yield and market share management, and is decentralized in terms of our focus on local customer needs and local customer flows.
Next, I'm going to move to the volume environment. I spoke about yield and market share, which we have a very strong control over. In terms of the volume environment, this is something which we don't have full control over. You all have your models and your magic formula to work out, we'd all like to have the magic formula to work out what equity volumes are going to be coming forward. We have no magic formula for this, but these are the things we look at, and there are three groups of things I'd just like to comment. The first is that over strategic cycles, over economic cycles, what we observe is that the fundamental driver of equity volumes is economic growth, which translates into corporate performance, which translates into performance of equity markets.
As Stéphane said, we're certainly entering more uncertain economic times, but we believe with the recent announcements of the ECB, that economic cycle is certainly going down, but it's going to remain positive and favorable to our business going forward. The second group of drivers are drivers of much more short-term volume movements, and this is very much based around volatility. We all know that equity market volumes are no longer reacting to the tweets, to the trade wars, to the Trump tweets and so on, as they did in the past. It seems like we're having a different relationship to volatility than we did in the past. We believe this, as Stéphane referred to, the rise of passive management, but it's also to do with the huge automation of these passive management strategies.
It feels in the market these days that the unemployment announcements, the jobless rates, and so on, are very much already priced in by the algorithms and the automated strategies of the big hedge funds. We're beginning to have a different relationship with volatility. Certainly over the last quarter, we have saw volumes really boosted by volatility, but it's going to be less of a driver going forward. The final thing as we move forward into the next cycle, we think we've got some positive trade tailwinds from the recent announcements of the European Central Bank in terms of quantitative easing and interest rates. As Stéphane referred to earlier, low to negative interest rates environments, we believe, will create a positive environment to operate our business from. That's it for the macro environment going forward.
I'll now turn to the industry trends. This chart simply lays out the equity volumes and how they split up in Europe. In the blue at the top, you have the dark bilateral OTC spaces, and at the bottom in the gray, you have the lit multilateral type markets. There are just three things I'd like to highlight here. Since 2012, overall, the balance between dark OTC and lit markets from which we extract value has remained broadly stable. You see where this gray line goes. Nothing much has changed since MiFID I, and not a lot has changed since MiFID II.
Within that lit category, the thing that is very striking is that the percent of business being done on the MTFs, on Cboe, Turquoise, Aquis, and so on, has not managed to pass more than a third of European lit volumes. This has been a very stable, stagnant segment of the market over the last seven years. We see nothing that's going to make that change going forward. You hear a lot of noise about periodic auctions, and you can barely see it. There's a small black line here about periodic auctions, and we'll address this this afternoon. This is a very minor feature and nothing to be too concerned about. We could launch periodic auctions in two seconds tomorrow. There's nothing special about this functionality, but the fact it is just not material enough to address and to be in this space.
Going forward Sorry, and the last thing after MiFID II, you've heard a lot of noise about systematic internalizers. All the innovation and fragmentation that has occurred after MiFID II has occurred in the dark and OTC and bilateral space. We've seen a big recategorization of OTC volumes to broker-driven SIs. Within that, there are a small group of ELP SIs, which only make up around 2%-3% of business. Overall, we think in terms of the secular trends and the way volumes are breaking down, we're in a pretty good shape with respect to our core multilateral businesses. Next, I'd just like to talk about where we're going to take this business going forward under the Let's Grow Together 2022 plan.
The first thing I want to emphasize is that in terms of focus on yield and market share, it's going to be more of the same. We're going to have a ruthless, obsessional preoccupation with the maximization of the product of yield and market share. This is the core of what we do. There are three very different twists and things we're going to implement on our core equities business going forward to support the new 2022 strategy. The first is to do with the federal model and really reinforcing this as a source of competitive advantage. In the trading business, we're going to interpret a very strong restatement of the federal model. What does that mean? It means a focus on real economy flow.
Of course, the flow from the global brokers and the market makers is going to remain what it is and very important. We're going to focus on real economy flow, on institutional flow from the buy side, and on flow from retail end investors. Second, what does this mean in terms of customer priorities? Of course, the big sell side firms and the ELPs are going to remain at the core of our preoccupation, but we will have a renewed focus on the needs of the communities of the seven markets we operate in. These are a unique customer base, which are customers that which our competitors will have a very hard time replicating. That's for the federal model.
Just to give you an idea of one example of we do in the federal model, we have secured every single retail broker on Euronext is connected to our service called Best of Book. We provide a one-stop shop for retail flow. This has secured retail flow at the heart of Euronext, and the amount of business coming from retail firms has gone up from 5% to 7%, and we will carry on doing this type of thing. The second is to do with the value chain. Stéphane spoke earlier about the contraction of the value chain, about how the buy side is becoming closer and closer to the market infrastructures at the other side of the value chain.
We believe this provides us, in a very pragmatic way, to form new touch points, be they either commercial, tariff, product driven, with the customers of our customers. We will do this in partnership with the large sell side firms who will remain the gateways to our markets. One example of this, recently, we were the first exchange to introduce a direct fee scheme, so our direct commercial arrangement for the largest hedge funds sitting behind our sell side firms. This type of fee scheme, it's called Omega, creates a win-win situation in which the sell side intermediary gets more commissions. We incentivize incremental volumes from the hedge fund behind. One of them tripled their volumes on our markets, and we get more market share, albeit potentially at yield, a neutral level. The third thing is to do with the market models we operate.
The operation of multilateral lit markets will remain the core of what we do. It's our bread and butter. There's been some interesting opportunities opened up by MiFID II, and we're just starting to explore new market models in the gray bilateral OTC space, which will complement our core markets. We believe we can do some very interesting things there to improve the SME liquidity, which Anthony referred to earlier, which is so important, and we are going to do this in partnership once again with those communities of trading firms around each of our seven local markets. That was it for the equities business, and now I'll move to the equity derivatives business. The equity derivatives business we operate is built on the very strong position we have on the equity underlyings in the secondary market.
This is a very solid material franchise, generated EUR 44 million in trading fees last year, and EUR 55 million in clearing fees under the clearing contract arrangements we have with our post-trade provider. Really the strength of this business is built on three pillars. The first pillar are the big index future contracts we have on the national indices we operate, especially the CAC 40. The CAC 40 future is the second most liquid future in index future contracts in Europe. The second group of contracts we operate is the French individual equity options business, which tends to be traded more by institutional customers. Again, there we have a strong market share to which we have added five market share points over the last month in some changes we've made to market model there. Didn't cost us anything.
The third key component of this business is the unique franchise we have in the Netherlands. In our Dutch options market, it's unique in Europe, there is a unique interest from end retail customers in that market. Those retail firms, those retail customers, will be placed at the core of the strategy going forward. In terms of where we're going to take this derivatives business going forward, it's going to be very similar to the cash business. More of the same, striving for excellence in yield and market share. Most importantly, our customers are going to undergo a step change in their experience with Euronext before the end of the year. As Stéphane and Anthony referred to, we're going to upgrade our core trading technology for derivatives to the new Optiq trading platform.
This is going to really unleash new possibilities for our market makers. There's going to be no longer threshold limits on the amount of orders firms can submit to our market. We strongly believe the quality of liquidity in these contracts is going to improve. Second, we're going to secure the natural retail flow wherever we can, and we've already started work on that in the Netherlands. Most interestingly, in terms of product launches, we're going to be very pragmatic. Where we are in a position of strength, so in a CAC 40 contract, we have started to launch and will continue to launch adjacent products around that pool of liquidity and crucially around that pool of open interest at the clearing house. One thing we've done recently with the CAC 40 franchise is to introduce Total Return Futures.
This is going to be a very big material market for us going forward. There are eight customers already trading. This provides real value for the customer because they can leverage the clearing efficiencies. Similar story for Single Stock Dividend Futures. We launched those in the last few weeks with huge success. That will be the theme going forward in the derivatives markets. If we just take a step back and we imagine ourselves in 2022, where would this franchise sit overall for cash and derivatives? First, as I said, we will maintain our excellence in yield and market share management, but we will have developed new points of differentiation, which will generate returns for shareholders. The first will be deeper relationships with our local firms in each of our markets. Second, more variety in the market models we offer.
Third, more innovation from positions of strength in the product group. On that note, I would like to hand over to Chris Topple, who is CEO of London and Head of Sales, who's going to talk you through the commodities and data businesses.
Thank you, Simon. Thank you, Simon. Yes, in addition to my sales responsibilities, I also manage our commodities business, our Forex business, and advanced data services, which I will run you through today. Following in line with what Simon said in terms of the cash and derivatives business, the outlook for the three business we're going to talk through now is that they are all strong franchises off the back of which we can develop new sets of suites of services and products. Firstly, the commodities business. The commodities business is the preeminent, the leading European marketplace for agricultural products, and it remains the source, the global reference price, for European agricultural contracts. Really driven by three core derivatives contracts, the corn, wheat, and rapeseed. This is a very liquid market, 580 million tons traded in 2018, over four times the underlying wheat production in Europe.
The core to this market is really our proximity to our underlying customers. The underlying customers who trade on this market are the corporates, the food producers, and the consumers of the core underlying product. The reason why we managed to retain the franchise with these core corporates is the delivery locations that we have. Having delivery locations around France allows us proximity with those underlying clients. Off the back of that, we're now developing new pricing franchises to deliver this franchise for new financial entities. How are we going to grow this franchise going forward? When we look at what the market developments are, there is an increased core requirement for electronic delivery platforms, for the demand for agricultural cash-settled products, and also for real estate futures. In order to defend the core franchise, we are taking four key steps in terms of delivery.
Firstly, is to develop the electronic delivery platform. This will allow us to defend and grow the core franchise to allow trade finance, repos, and location swaps to drive revenue diversification, and most importantly, allow for new products to expand our delivery network. Secondly, is to develop cash-settled products. The majority of our agricultural products at present are very much physically delivered. They are physically delivered products, which are very appealing to the underlying core producers and end users, but do not attract the hedge funds or the financial counterparts. With LCH, we are delivering cash-settled products. The first of this has been the delivery of the real estate futures, which we launched earlier this year. The third section is around diversifying our product set.
With the integration of Oslo Børs, as was alluded to earlier, we have a strong salmon and a salmon derivatives franchise, which we will continue to grow on. Oslo is a center for commodity excellence in terms of oil, gas, and shipping, and it gives us the ability to then be legitimate owners for further assets, in the commodity space. Lastly, to diversify our client approach in terms of looking to increase this franchise outside and beyond, as I said, the core corporates that we operate to target new customers outside of that core franchise. Targeting new geographies, specifically up in Northern Europe, Eastern Europe, and into the U.S. In terms of new geographies, that is really what our next business is around. Our FX business.
Here we have a strong spot franchise with plans then to deliver and diversify the client base through product and geographical expansion. If you recall, Euronext purchased FastMatch in 2017, and it was rebranded as Euronext FX earlier this year, which really completed the integration of this platform. Since the integration, Euronext FX has continued to grow volumes, it's continued to grow in market share, and it's increased profitability during a period of historically low volatility in the FX market. It remains the number one pure FX spot venue globally, with over EUR 20 billion traded on a daily basis, and now managed out of four matching engines. As part of our increased investment in this platform, we launched a new trading engine in Singapore earlier this year.
You see in the bottom chart, the continued transition from the legacy central limit order books and direct bilateral platforms across to the ECNs that we operate. We believe our superior technology enables us to further leverage this transition and this trend that we are seeing. How are we going to further develop the FX suite of products? Firstly, in terms of what we're seeing, there has been a dramatic increase in the electronification of FX derivatives trading. We've also seen the evolution of Singapore becoming the FX trading hub for Asia, and then a growing request for data. In terms of launching new products, as I said, Singapore has provided us with a framework to then launch new derivatives products in 2020. We will go live with derivatives and NDFs in 2020.
We'll also continue to expand our data offering and capitalizing on the leading technology solution that we have. Expanding into derivatives also enables us to expand our customer base. Cash, the spot FX, is very much being focused on the banks and they call it liquidity providers. Extending into derivatives allows us to then go after the hedge funds, the asset managers, to further diversify our client base. A key thing on Euronext FX and FastMatch, I think Stéphane alluded to our ability to integrate core assets into the Euronext Group. What FastMatch or Euronext FX has demonstrated, that we're able to also demonstrate to integrate non-core assets into the Euronext platform to invest in them and to diversify them, and to leverage the client base that we have across Euronext to further expand these businesses. Moving on to data.
Data, again, one of our core pillars of Euronext, a robust business in terms of close to EUR 120 million of top-line revenue, represents around 20% of the top line of the firm, based off a very robust infrastructure. You see by the numbers, over 120 million, 120,000 screens in 120 countries, distributed by over 440 different vendors. We've also, off the back of this core data, has enabled us to develop a broad suite of indices with over EUR 7.5 billion of ETFs launched off the back of the Euronext indices. We also continue to diversify the products and integrate the new acquisitions that we have, most recently, Euronext Dublin. We will do the same for the Oslo Børs going forward. How are we capturing the value from the market data that we have?
Euronext itself retains some unique selling points in terms of being the reference price for over 1,300 stocks and 500 indices. We have access to the unique depth of the order book on all of these securities and the golden copy of all the corporate actions. What we're doing now is looking at what products and sets of data we can produce. With the transition of the equity markets onto the Optiq platform, enables us to deliver low latency market data feeds, to further develop products. One of the most recent products we launched, the Market Flow product. This is the aggregation of the orders coming into the order book for onward distribution to the low latency players of quant funds and hedge funds.
In addition, there has also been, with increased scrutiny from a regulatory standpoint, we have developed tools and systems where they ease the customer burden to comply with the rules that are required in this space. Lastly, Euronext again, is a very different animal than it was before. It's a far broader set of products and services that has been developed through the acquisition of different assets. As a result, we have a far greater access to a greater set of data. We'll continue to develop analytic products based off the new data that we have. A good example being Dublin, in terms of the fixed income franchise that we have there, and our abilities to have access to that data and provide data sets for monetization. Lastly, the index business.
Again, the idea here is that we will build off the recent successes that we've had in this space. Currently, Euronext runs two of the top five underlying indices for structured products in Europe. The futures on the CAC 40, as alluded to by Simon, are the second-most traded future in Europe, with the AEX being the fourth. We have the strong presence in ESG indices. We are the leading provider of ESG indices in France, and also run the largest, or the number one ESG ETF in Europe by AUM, currently at about EUR 750 million. The next stage of the development of our index business is to expand the geographical scope of our products to launch global indices. We'll be launching U.S. and Asian indices, specifically targeted towards our European customer base.
We'll continue to accelerate the development of the ESG-based indices, also invest in technology to roll out and be more agile in terms of our speed of delivery of new indices to the underlying clients. All three of these businesses, the message here is that they are sound, robust businesses. The commodities, the Forex, and our data businesses, off the back of which we will deliver new products and services and extend our product reach in doing that. None of these products and the products alluded to by Simon are possible to run without sound technology and a sound clearing solution. I'll hand over to Anthony to outline our expertise in post-trade and technology.
Thank you, Chris. This is the last building block of our value chain. I'm going to talk about post-trade, and I'm going to talk about technology solutions. Another misconception of our industry is to think that without a clearinghouse, you don't have any post-trade business. It's not true. Let me walk you through our different post-trade assets. The idea we want to share with you today is that you can go from a collection of post-trade assets to a true business line, and we can grow that business line even if we don't own a clearinghouse. We want to take that step by step. First of all, the post-trade franchise at Euronext today covers around EUR 130 million revenue. It's 18% of the top line base. We do have a post-trade business, and it comprises of two CSDs, so two central securities depository.
One is Interbolsa in Portugal, and the second one is VPS in Oslo. These CSDs are deeply rooted into their local ecosystem. They provide vital services to issuers, and investors, and financial sector actors. Both of them cover around 1 trillion of assets under custody, which is usually the threshold point in this industry where you can start building services and you can start expanding. We touch 175 direct clients. Usually it's participants with CSDs banks. We also have 1,600 issuers of equity debt and other products who are using on a day-to-day basis the CSD services. Moving on to our stakes, we have strategic stakes in Euroclear and in LCH SA, with governing rights. We are present at the board. We also have around EUR 10 million of equity stake revenues every year from these participations.
Two years ago, we have rebooted our relationship with LCH SA, and now we enjoy a 10-year long-term partnership with them. That is the provider of around EUR 55 million of derivative clearing retrocession revenues. This is a collection of assets, and our ambition, our goal, and we have a plan for that, is in the next three years, we're going to take this collection of assets through a true business line. We're going to take it step by step. Several areas. The first one is the European landscape, in terms of CSD, is highly fragmented. You have roughly 30 CSDs in Europe that are all dependent on CSDR and a lot of them are TARGET2-Securities. This creates a lot of inefficiencies and this creates a high cost of infrastructure and back-office processes for our clients.
Our ambition is to use our DNA, to use our own knowhow in terms of operational excellence and technology, and the ability to create services to the local ecosystem and connect them with global players in order to take the CSD business into the Euronext of CSD value proposition in Europe. The second objective of the 2022 Let's Grow Together plan on post-trade, is to leverage our client relationship and technology to deliver a range of post-trade solutions. We see a huge demand from clients for more automation, for more streamlined processes, more digitalization of post-trade processes. You don't need to be regulated, you don't need to have a banking license in order to do that. We want to develop that, leveraging on our relationship with the ecosystem. The third area is obviously to capture opportunities rising from digital assets. We talked about that earlier.
We have two stakes in two very strong players in the digital asset disruption. The first one is LiquidShare, that we co-founded with some actors from the ecosystem. LiquidShare is aiming at providing a blockchain post-trade solution for less liquid instruments. The other one is Tokeny Solutions, where we took a stake and strong governance right in this very successful primary issuance into securities token offering. This is, again, as Stéphane said, we don't know if our whole industry is going to be disrupted by that, but we want to be there if it happens. We also believe that there are really strong benefits in digitalizing some of the post-trade chain, then this is what digital assets are made for.
Last, we have a strong influence in the landscape of post-trade infrastructures in Europe through our relationship with Euroclear and LCH SA, and also our stakes in EuroCCP, and we want to continue pressing on this area. Post-trade is exciting. It's not what it was before. It was like the business on the side 20 years ago. Today, post-trade is one of the key growing assets of our industry, and we want to be present there. All this can only be enabled if we are good at technology. Today we are good at technology. We're good at trading technologies, and we're good at developing in-house solutions in order to empower our clients and our services. I'm going to cover our technology solutions business, which is actually a historical business of Euronext.
We always sold our matching engine solutions to other exchanges or to banks. Today, we have around EUR 36 million revenues coming from the provision of network solutions, colocation solutions, reporting facilities, and of course, trading system solutions. This is an established business. Today, we have 12 clients, exchanges, or banks who are using our matching engine. Among these 12 clients, seven of them have already signed to migrate onto Optiq, and one of them is live. Optiq will be the cornerstone of the transformation of this technology solution business, because Optiq is unique. This is a geek moment of this presentation. Optiq is great, and Optiq is unique because, of course, it's highly performant. We talk about 15 microseconds of round-trip latency, so it is the fastest trading system that we have in the planet. I'm not exaggerating. It's true.
Optiq is also very flexible and very scalable and enables us to cover all sorts of asset classes, from equities to derivatives, from FX to cryptos. We want to leverage on that, obviously. Optiq also enables us to support all sorts of market models, not just European regulation-based. The idea is to leverage on Optiq and leverage on our cloud capabilities on data in order to create this community of users around Optiq, whatever the size. Small exchanges, big exchanges, crypto exchanges, banks, et cetera. All this community of users can leverage the power of this platform and will be the supporting ground to grow our technology solution business in the next three years. Now I'm done with the series of presentation of the building blocks. I'm going to hand it over to Stéphane, who's going to do a wrap-up before the break.
I'm not sure it's a wrap-up, just it's more housekeeping remarks. We have 15 minutes, one five, for break. We'll reconvene here in just 15 minutes sharp to cover three topics, which I think are very important. What is happening within the engine to transform the company, and what we are going to accelerate in terms of transformation of the engine to continue creating more growth and to make more acquisitions. The second thing is to share with you the status update of the integration of Oslo and how value is going to be unleashed from the acquisition of Oslo Børs VPS. The third topic will be the framework for our M&A ambitions and the deployment of our capital discipline. We will have a Q&A with the speakers of today, and if necessary, we will involve some colleagues.
Enjoy the coffee break, and let's please reconvene in 15 minutes sharp. Thanks. Welcome back. What I would like to do for the second part of this morning session is to spend some of your time on what we are doing internally to transform Euronext and what we want to do to accelerate that transformation. What you see on quarterly release on numbers is the output. This is performance. In order to make that performance resilient, real, we need to spend a lot of time and effort on the real pillars and drivers of performance, which are people and processes. We want to spend some time on that one. The first thing that we need to do and that we are going to accelerate is the empowering of our people to grow, perform, and innovate. Beyond the buzzwords, there is something very concrete.
Five years ago, when I joined, it was very difficult to convince someone to resign from a good job to join Euronext. We were a small company, we were, by the way, operating under the shed of the mega-merger of Deutsche Börse going to merge with LSE, which prevailed until March 17. It was difficult to attract top talents. The world has changed completely. We have great people resigning from good jobs to join Euronext, because this is where the momentum is. That's going to be a massive enabler of the growth for the years to come. The way we are going to unleash the energy coming from those new guys, joining forces with the very strong, reliable, robust teams that are committed to the growth of Euronext for years, is by focusing on the execution with excellence.
The excellence of the execution, the obsession on operations, is what makes Euronext very different from the peers. Euronext is an integrated operating company. It is not a combination or conglomerate of assets. Because we spend so much time on processes, so much time on people, we can unleash value that others do not unleash. That's why we have this continuous focus on execution with excellence. The second thing is collaboration. Again, beyond the buzzwords, there is something very fundamental. We are a distributed company. We speak every day within Euronext, Portuguese English, French English, Belgium English, Dutch English, Norwegian English, British English, Irish English. We need to work a lot, we need to polish, to focus on the cross-cultural management of the teams. Collaborations with us means a lot because it's more needed than in any other organization. You know what?
When you are successful in managing, in a very subtle manner, cross-cultural interactions among peoples, you unleash more value because people don't operate in silos as in other larger conglomerates. The third thing is risk. I mentioned that at the beginning of the speech. This is absolutely fundamental. The recipe for success is where do you put the needle between, on the one hand, the fight against bullshit, the making people accountable. Basically, when you say something, you are committed by your words. On the other hand, giving them space to try things. We are going to try harder. We are going to test more innovative things. We are not going to promise as much as we may have done in the past, when you try and you innovate, sometimes you are successful, sometimes you fail.
We want to make sure that there is a framework and a set of incentives for people to be incentivized to be accountable and to be incentivized to take risk. Believe me, that requires time, attention, and micromanagement at team level. The other aspect is to empower people. Euronext has been able to be more efficient and to cut massively cost by almost eliminating one layer of middle management and by fast-tracking a lot of talents. We promote people. We give to guys not only the job of their boss, but in many cases, the job of the boss of their boss. This is the only way you can unleash appropriately the energy within the organization. This is the only way we were able to be agile and bold, more than some of our competitors.
The fifth point that I mentioned that to you is the obsession of clients. I made a few jokes about the way investment bankers have to be close to the clients to survive. This is the same approach that we are using. I'll focus on that in a few minutes. Euronext is not a place where you can go. There are companies in our sector where if you want to increase revenue, you show up to the office in the morning, and then you send an email to the client say, "Going forward, the prices are 20% higher," and you are increasing the top line. We don't have the luxury of having those price-making businesses. We have to be more specific, more granular to create value.
The way we have been so relevant in terms of cash equity trading, as described earlier this morning by Simon, is an illustration of the fact that even in a very highly competitive segment, we can find ways to segment the offering and to adjust the solutions to protect this business. Finally, we have to adopt, and we are going to adopt what we call a positive performance culture to better reward people for success. When I joined, 9% of the members of the Euronext teams had long-term incentive plans. We are now close to 25%. We are going to continue creating incentives. We have more people closer to success sharing. These are things that you don't see again in the models of analysts. That, behind the scene, are the glue of performance.
The difference between one-off cost-cutting exercise, i.e., oh-ho, they have been lucky, oh-ho, they have done only the low-hanging fruits, and making the cost culture and the operating performance culture a reality. The glue is the fact that it translates into the approach of the teams. The second thing I want to cover and to focus on is the time we are going to spend to take to the next level the relationship with clients. First, we have a new client coverage model. The main weakness and difficulty of large market infrastructures is that they have silos. They have people from different companies within the group visiting the same client or the same buying centers five times in a week. Integrating sales with distributed buying centers and fragmented product offering is very complicated. Investment banks try to do it as much as they can.
We have to be super disciplined and successful. It's complicated, but we have no other choice than understanding more intimately the clients. There is a big inertia in being successful. It takes time because you need to educate the clients, and you need to discipline your own teams. When you can do that, you can anticipate the needs of the clients, and you can create this incremental relationship that makes the commercial bond more sticky than if you have no such a relationship. The second element is the co-design culture, which is absolutely important. If you want to keep clients, you need to make sure that what you sell them is what they want and that they are willing to pay. If you want to avoid the, "Oops, we missed the target," the best way to do it is to pre-sell stuff by being closer to their needs.
This co-design culture of the offering is the most effective way to reduce execution risk when you want to innovate. It's the other coin of innovation culture. The third part is the increase of the client intelligence by deploying new tools. As I told you, we are efficient, we are a data company, but you would be amazed by the fact that we could do much, much better in terms of deploying within companies like Euronext, the tools that are used sometimes in B2C companies. When we started to measure the net promoter score, like an e-commerce company, some people joked, but now it's part of our DNA. We are going to continue using tools that are deployed in much more highly competitive environment with much lower barriers to entry, because again, this is the best way to protect your clients.
The final point is to have an agile digital strategy, because it's a never-ending story. When you are in a low profitability industry, you make efforts to digitalize your process much more than when you are in a high profitability industry. When you look at the details of how our peers operate, you would be amazed by the fact that with very few exceptions, the digitalization of client relationship is not harmonized. You know what? Because it's difficult, and when you sit in price-making businesses, it's so easy to increase the revenues by increasing prices, then you don't focus on these sort of things. We don't have any other choice than focusing on these sort of things. Again, this type of focus on relationship with clients, just like the focus on people development, are the glue that make sure that the DNA of cost efficiency is resilient.
The third point I want to cover is the focus on the delivery of operational excellence. One of the very important ambition is calibration of processes. The more you acquire companies, the more you run the risk of having fragmented profitability, the more you have your risk of giving up integration discipline. Post-merger integration discipline, calibration up to the average Euronext standards is what we are going to do. We are successful at doing, but the big challenge is going to be in the years to come when we are going to change scale further and when we are going to make much bigger acquisitions. That requires something which is somehow ambivalent, but complexity is what we do for feeding our families.
We need, on the one hand, to calibrate what can be calibrated, to integrate the technology platforms as much as possible, while at the same time, not suffocating the assets we onboard by giving them space to remain performing in what made them different and unique before we acquired them. It's easier to tell than to do. We have been successful so far. We have made a few mistakes. We have learned from those mistakes. Because the big difference between the ones who learn from the mistakes and the ones who don't learn from the mistakes is when you spend time on accepting, because when you run from one acquisition to the others, hoping that the market will forget the performance of the previous one to focus on the new ones, you don't do this sort of thing. This is not the way we work.
We try to fundamentally integrate in a disciplined manner each acquisition, and that is going to be both a focus and a challenge that will take a lot of our time. The second one, as I said earlier, I won't cover that point again, is the focus on the client service integration, which means many different things, including accelerating and making the client journey smoother. Improving the time to market. One thing most exchanges are bad at is being quick, being agile. We've tried to be agile. On many dimensions of our business, we are agile, but on a few others, we are still slow. In the areas where we are slow, we need to change gears and to find a way to invent shortcuts or to reinvent completely the processes. Again, when you are a large combinet, you don't focus too much on this sort of things.
This focus on time to market is what is going to make the difference between beating the niche players and bearing their actions. I mentioned earlier, the client journey becoming more efficient. That, at the end of the day, translates very strong pillars. Believe me, we spend as much time in what I've described today as we do on what we have described this morning, because without that, the performance is a combination of luck and lonely wolves drive. What the difference between you have seen this morning and a resilience 60%-plus EBITDA margin is success on that. If we fail on that, we won't have 60%. If we succeed on that, and I think we will succeed on that because we are organized and minded, because what I'm describing to you is the mindset of the company, completely differently from the others.
If we are successful, we will do 60%-plus of EBITDA margin. Those three work streams are to enhance the core practices to become more agile, and agility is a never-ended effort. By default, companies are not agile. By default, people do more of what they are good at and don't try complicated things. By default, companies become slow. Agility is more pressure to people, more relevant incentives, better portfolio governance. The most complicated things in any industrial company is portfolio management. It's PMO. It's PMO and project management. We are spending a lot of time to upgrade, to take to the next level project management, because we need to do that. Particularly in terms of portfolio management, we need to make sure that this same culture is shared across the group. The second work stream is about leveraging the new technology backbone.
We have invested a lot of money, a lot of effort, a lot of focus, a lot of management time, a lot of nerves, a lot of energy on developing Optiq and deploying it across market data dissemination, cash equity trading, and in a few weeks time, derivatives. This is a unique asset because we are one of the few exchanges owning our own technology platforms, because we are the only exchange with such a brand-new, white page, freshly produced technology backbone, and also because it offers plenty of possibility to attract value beyond and over just the fact that it's an acquisition currency, that wherever we will step in terms of other exchanges, we have this embedded, very powerful synergy, which is not debatable, which is the switch from the previous legacy aging technology to the fresh Euronext in-house technology.
We need to use that to create a completely new digital infrastructure. Finally, we want to expand the entrepreneurial and federal culture. The federal culture of Euronext is its most valuable asset. The way we are capable of having people in Oslo, in Dublin, in London, in Brussels, in Amsterdam, in Lisbon, in Porto, in New York, feeling part of the same group in a very coordinated manner. Never forget that we are not a huge international organization. We are a small organization of 1,000 people. We need to spend time making sure that people are bound by the project. If we are successful in doing that, we are one of the most powerful organization because we can make cross-border acquisition successful.
We need to expand the digital culture across the organization, and people don't like to enter what they have done over the day in a system. They need to feel that if you report something, it exists. If you don't report it does not exist. This is only by the sharing of information that we will transform the organization. I keep telling the guys, "If you know something and Euronext doesn't know it, you know nothing." That's absolutely fundamental. You cannot run an integrated operating organization without that strong focus on information-sharing. It's not enough to put a CRM in place. All of your organizations have great expensive CRMs on the screens, and hopefully 10% of your staff uses it, and the rest feel too smart to waste time on that. We want to make sure that this culture is deployed.
The first material test is going to complete the Oslo Børs VPS integrations, where we are very enthusiastic to work with our new Norwegian colleagues who are showing a lot of enthusiasm to become part of Euronext. Because it's the largest cross-border deal we have done so far, with a significant number of employees, with a diverse group of assets, where we need to focus in deploying all this dimension. Without any further delay, I want to give the floor to Giorgio, who is going to share with you the ambitions in terms of growth in Oslo and beyond in our M&A framework. Giorgio, over to you.
Good morning. Hello. Good morning, everyone. I'm glad to see how many of you joined us today in Paris for our Investor Day, and too bad for the one who didn't, as they will not enjoy with us one of the few free lunch after MiFID II. I am Giorgio Modica, the Chief Financial Officer of Euronext. I speak Italian English, and I like my job. One of the reason why I like my job is because I spend time with you, with analysts and with investors in the roadshows and conferences, and we discuss about the strategy, and we always end up speaking about external growth, so this is the subject I will cover today. Before focusing on the wider ambition of Euronext and on the integration of Oslo Børs VPS, I would like to ask myself a few of the questions you often ask me.
The first question is why Euronext is so successful in the cross-border domain where other exchanges fail. As you know, the battlefield of cross-border mergers is a very tough one. So far we've been very successful. In 2018, we have acquired Dublin. Now it's fully integrated. In 2019, we have acquired Oslo Børs VPS. The reason of the success in my view is simple. First, we are more motivated than other exchanges because this is key for us. The second element is because we are better prepared. We work harder. Last one is that we have a model that works better. We have a better value proposition. The federal model is not only alive, but is, as Stéphane says, a source of competitive advantage, which is sustainable. It is international and decentralized by design.
The second question that goes together with the first is, why are you interested in making so complicated transaction? The answer for that is simple. We have a vision. We want to build a coherent pan-European market infrastructure to better serve our ecosystem. The second reason is that because we want really to strengthen public and transparent market against private market, which are emerging today. Finally, because every time we buy an asset, we are better owner for that asset, which means that we can improve liquidity, improve the operational efficiency, and this means that we can create value for the shareholders. Oslo Børs is a perfect example of that. Let me go through some of the key highlights of this transaction.
Oslo Børs has leading position in oil, shipping, fixed income, and commodities, and we will leverage those elements to make even stronger Euronext as a central hub for the financing of the real economy. As Anthony mentioned, we have the ambition to strengthen Euronext in post-trade, and in this respect, we will create the Euronext of post-trade or CSDs, as Anthony says, and we will invest and we will develop solutions and value-added solutions for our local and global clients. We will make the Oslo Børs VPS market more relevant because we will improve the liquidity not only for the large cap, but as well for the SMEs, and we know how relevant and important it is to finance SMEs. The fourth element is that we have strong ambition for the Nordics and Oslo Børs VPS is going to be our launchpad for the Nordics.
Finally, but is one of our key priorities, is that we want to develop a common mindset and culture. Today, Oslo Børs VPS is a subsidiary of Euronext. We want to make it as quickly as possible an integral part of the Euronext group. Now I believe that there is a moment you've been waiting for a while, the numbers on synergies, but you have been waiting for a couple of months. I will let you wait a couple of minutes more, if you don't mind. I believe that the way we got to the numbers is equally important to the numbers themselves. We started from the principle that Euronext is a bottom-up joint venture of regulated markets, and we design an integration process which is aimed at giving equal representation to Euronext and Oslo Børs VPS.
It is long, sometimes painful, but is a source of value. This effort is led by Håvard, the CEO of Oslo Børs VPS, and myself, and the same principle of equal representation is carried out throughout the whole process at all level and all steps. This is key for the common mindset that we want to develop. Euronext is about empowering local ambition rather than replace those ambition. This is also important for you because it de-risks the delivery of the synergies. Those synergies you will see in a moment, don't flip the page on screen, are bottom-up synergies, and therefore, in terms of deliverability, I believe the level is quite high. The numbers that I will show with you are EUR 12 million of run rate cost synergies, slightly above 20% of Oslo Børs VPS and the loan, EUR 18 million of restructuring costs.
Clearly, the objective of having a return on invested capital higher than the cost of capital in year three is maintained. There will be three elements key to deliver those objective. The first one is technology, the second is operational leverage, and the third one is cross-sell. Let me start with the first one. Migrating to Optiq is much more than a technology upgrade. It's about getting access to the Euronext liquidity pool, which is the largest liquidity pool in Europe. This means key value for Anthony in order to attract and retain company on the listing front. This is key as well for Simon to improve trading. Moving to the operational leverage, it's clear that Oslo Børs VPS will be able to leverage Euronext financial resources, IT resources, and all the support functions.
Finally, we will be able to sell a wider range of services to a wider list of clients. This is going to be key. Oslo Børs VPS, it is a success. The ambition of Euronext goes above Norway. The element that I would like to confirm today is that M&A is going to remain one of the key ambition of Euronext for the next 3 years. So far, through M&A, we've been able to diversify the business mix, optimize the financial structure of Euronext, give opportunity to our employees. Today, Euronext is much better position to deliver growth than it was in 2016 when we launched Agility for Growth. This is not sufficient. We remain small. Our ambition is to get larger, increase scale. We would like to grow and diversify.
The first element that I would like to highlight is that we would like to complete the transition from a leading pan-European exchange to a leading pan-European market infrastructure. We believe that we are a better market operator at the time where market infrastructure in Europe remain fragmented, lacking of liquidity, and operating at the level of efficiency, which is suboptimal. This will give us opportunities. We want to increase scale to reduce the gap with our peers. We want to increase scale because, as you know, we operate a fixed cost business, and scale means more profitability. We also want to diversify. We want, as you see on the screen, to take the recent success to the next level, especially in corporate services, FX, index, and market data.
We want as well to develop new growth areas, especially in the domain of post-trade, as we discussed, investor services, and other asset classes. Our ambition does not end with bolt-on acquisition, but we are also looking at transformational deals, both in terms of expansion of the federal model and looking at pure diversification. However, our ambition is very strong, but we will remain disciplined. M&A will remain a tool and not an objective per se, which means that we will commit two things. The first one is that we will not invest in any asset that we will not be able to deliver a return above the cost of capital based on a conservative business plan. The second one is that we commit to maintain a strong investment grade.
This means that depending on the size of the target, we will consider as well equity financing in order to maintain a balanced financing mix for our organization. This is as far as I can get in giving you guidelines. The reason for that is that, as you know, M&A is volatile by definition. We cannot say when is going to be the next deal or whether the next deal is going to be growth or diversification. Deals that are signed today might never close. Assets which are not available today might become available tomorrow. This volatility, to a certain extent, did teach us the fact that we need to be prepared. This is the last commitment I can give you, is in the next three years, we will be ready to execute when the time comes.
Before giving the floor to Stéphane for his final remarks, I would like to thank you all in this room, the one that follow us online, and the teams in Euronext, because your support has been key to deliver the results that we've been able to achieve so far. Please stay tuned. The best is ahead of us. Thank you. Stéphane.
Thank you very much. We are going to have a Q&A session. I think what we have tried to convey is both simple and a source of energy and enthusiasm for all of us. The simple part is that we have achieved a lot. We have a company today which is massively more robust, more stronger, and more self-confident than what it was four years ago. We have all the pillars, all the seeds of success, and what we want to do is to accelerate. To accelerate growth, to deliver scale to what we are trying to achieve, and to make sure that in terms of post-merger integration, we really are in a position to integrate much bigger assets going forward, to diversify our top line, or to grow significantly in the consolidation in the European market.
This is a combination of preserving, protecting, fostering, defending the core cash machine of Euronext and being available, agile to strike and to capture any transforming opportunity that can come if and when they come. I think the way we deploy that across the organization, we share it at every single level of the organization, makes us very different from the other players in our industry. Euronext today is nothing that anyone would have imagined at the time of the IPO. Believe me, no one in this room can imagine what it will be four years from now. Without any further delay, I'll ask my colleagues to join me on this floor, and we'll take all your questions. I understand that there is an arrangement for people who are following us on webcast to ask questions if they wish. Gentlemen.
The floor is yours for your question. I don't know who wants to start. Not Arnaud Giblain. Give it. All right, give it to Arnaud Giblain.
Maybe for the benefit of the group, you can just, when you take the floor, mention your name and your organization so that people You all know, but maybe for the rest of us.
Thank you. Yes. It's Arnaud Giblain from Exane. I've got three questions if that's okay. One by one.
Can you speak closer to the microphone?
You talked about trying to go into trading of corporate bonds. A number of your peers have actually launched platforms to trade corporate bonds, and those have been unsuccessful. What lessons have you learned, and what are you doing differently to try and make yours a success? Is there perhaps any external growth opportunities to try and accelerate that growth in corporate bond trading?
Okay. Anthony is going to take that question.
As I explained earlier, the trading of corporate bonds is highly fragmented. You have hundreds of platforms out there, in Europe, in the U.S. We have learned a lot from our past initiatives around BondMatch and others. We understand that in order for liquidity to be aggregated on the world of corporate bonds, we need to have the right market models, which obviously is not disintermediated, but needs to answer to buy-side needs. We also need to have the right targeting of the product and the client base. This is why we want to focus on the Irish listed bonds in order to focus and build success around that before extending it to other markets if relevant.
Okay, thank you. My second question is on indices. Could you give us perhaps an update of what's happening with Morningstar? I think you had reached an agreement to develop indices with them. Is there anything happening on that front?
Which part?
Morningstar Indices.
Indices?
Yeah, with Morningstar.
Morningstar.
I think we've taken lessons that we learned from Morningstar. That was an initiative that we launched to diversify our index products. As I think you saw from the presentation, we've successfully done that in terms of pushed out into both launching some of the most distributed indices for the structured products in Europe with some of the number 1 ranked index there, and also branching out into the ESG. The specific initiative with Morningstar, I think did not develop in the way that we hoped. I think that what we learned from that is we need to, one, develop products ourselves. I think we have the capability, we have the underlying data to be able to develop those. Two, to partner with very large organizations where perhaps it wasn't such a priority for them versus what it was for us. I think we've learned from that.
We did the analysis from that and decided that we have a far more powerful franchise in terms of what we can do individually ourselves.
Okay, thank you. My final question is on. You talked about tech SME IPOs. Can you give us maybe a figure of what market cap you currently have listed coming from Germany, Italy, and Spain?
Sure. Thank you for your question. We have invested in creating a pipeline in four non-domestic countries, which are Germany, Switzerland, Italy and Spain. Each of these different countries have different ecosystems. As you guys know, to build an SME market, you really need to tailor maybe offering depending on the ecosystem. What we see in Italy and Spain is we have a high success rate in terms of transforming this pipeline into IPOs. They are small IPOs because we need to start with that. Guess what, the capital market is not just for large caps. It's taking more time in Germany and in Switzerland, just because the ecosystem needs to get used to have the choice. We are confident that we're going to transform that into a bigger pipeline in the coming month and year. This investment is here to stay.
There will be some larger caps that are coming to the market. Obviously they're waiting for the IPO window to be reopened.
Okay, thank you.
Yeah. Hi. It's Albert Ploegh, ING. Two questions, one on M&A, one on your outlook for growth in terms of the revenues. On M&A, on the transformational side, I hear what you're saying, and we all know it's difficult to predict anything in terms of timing. You also mentioned, let's say, potential equity raising. Of course, if something happens, it would happen in the short term, I understand. Has this plan or, let's say, ambition already been discussed with your reference shareholders and are they on board and potentially willing to dilute, for example? That's the first question. The second one is on the revenues. One interesting comment you made on, let's say, the overall financial targets that you basically going to promise less in terms of absolute number of targets and make the communication more simple.
I know in the past you had this Agility for Growth program where you got every quarter a question on where you were and what was going well and what was going wrong. If I look at your 2%-3% target, and Innovation is still high on the agenda, so how should I look at that in terms of level of conservatism? What do you build in there in terms of, let's say, the innovations and where you want to bring the group to? I appreciate it will not be a quantitative answer, but a preferable or, let's say, a qualitative answer will be helpful as well.
Okay. I'll answer all your questions. The numbers you have in terms of top-line growth as well as for EBITDA target are blended numbers for the existing perimeter, including the quote, unquote "legacy business" and innovation products. The big difference, as you pointed out between Agility for Growth and this plan, is that we are focusing more on overall blended numbers and less in granular targets as we have done for last time for selected organic growth initiatives. Well, since you are referring to Agility for Growth, let me use that opportunity to remind everyone that we have delivered all the targets except some of these small selected growth initiatives one year ahead of schedule. We're supposed to deliver EUR 20 million of cost reduction by the end of 2019, and we delivered EUR 22 by the end of 2018.
We were supposed to deliver for the core 2014 business, 61%-63% of EBITDA margin by the end of 2019, and we delivered more than 61% by the end of 2018, et cetera. The process of learning has been extremely fruitful. We are going to innovate as much as even more than we have done last time. We are going to try new things more, but when we are not sure about whether we will be able to migrate the liquidity to those new ideas, we will be more cautious and therefore we won't create expectations. I don't know whether this answers your qualitative questions, and whether my qualitative answer is satisfactory. It's a blended number including innovations, and including innovations that will be successful and innovations that will fail.
On your first questions, we have a dialogue with our reference shareholders, which is consistent with applicable laws and regulations in the Netherlands, to make sure that they are not private to the market. We have been clear to the markets that if and when we have an opportunity to do a significant transforming transaction, we will first saturate the amount of debt available within the bandwidth that we have shared with you. Today to strong investment grade quote, unquote "BBB+." Then, if needed, we will go to shareholders.
We have significant indications from various sources that some of our investors are very eager to be part of this new phase of the Euronext voyage. The reference shareholders You'll have to ask them the question, I assume will consider that opportunity in the grand scheme of their own home allocation of capital according to their own strategy. I don't want to comment on what they may or may not do.
Thank you.
They are fully aware of where we are, obviously.
Yes. Benjamin Goy, Deutsche Bank. Two questions, please. First, on your cost management, you say best in class. Maybe you can highlight a bit more what you mean in that and how you take the revenue environment into consideration. I guess fast-tracking investments is always possible, but in an adverse case, what are your mitigants? Secondly, you bought another asset, or you bought more pre-tax profit in a country with a lower statutory tax rate than your group. Maybe any thoughts on the tax rate, how it develops also in your former core markets, going forward over the next two to three years? Maybe some color here on the group tax rate. Thank you.
resilience of the cost structure and tax rates. Giorgio.
Let me start from the second one. Clearly, if you look one by one, the different Euronext market, tax rates are expected to go down over time in the next three years. The pace of that might change and there might be some delays, but the direction of travel is an overall reduction of the tax rate, and we will guide year on year as we do usually, depending on the actual evolution and implementation of the reforms in the different countries. With respect to your first question, your question is how are we capable to maintain cost efficiency?
Yeah. To say how much flexibility is in your cost and investment plan depending on the revenue environment, because it feels like.
Absolutely
it's much more linked than-
Absolutely
I don't know, your annual guidance, which is more like in cost in standalone guidance.
What I can tell you is that our cost base is fixed, and the guidance that we have communicated to you includes the plan to grow the company, which means that there is not embedded any cutting to the bone of the muscles that we will need to grow. This is key. The fact that our cost base, it's fixed, does not mean that we cannot improve processes to reduce the overall cost base of the group while maintaining the fixed component. Our key costs are people like technology, which are by definition fixed, and this is what gives us the operational leverage, and the operational leverage is what pushes us to increase the size of the group.
Johannes Thormann at HSBC. Sorry for two follow-up questions on costs and taxes. Could you elaborate at least a bit how you see the 2020 tax rate effectively now with Oslo? On costs, just give us a feeling with the still prevailing small but still existing inflationary trends in Euronext countries, do you expect costs to be on absolute level or rise over the next years? Last but not least, in the intro statement, you said, Stéphane, that you might think about a special dividend. What are the conditions for distributing excess capital? Thank you.
I'll cover your last question, and Giorgio will cover the two previous ones. My comments on the special dividend is a very important comment for the sake of completeness. We believe that our shareholders are better off with us having invested their capital in the acquisition of FastMatch, in the acquisition of the Irish Stock Exchange, in the acquisition of Oslo Børs VPS. Let me remind everyone that the acquisition of Oslo Børs VPS was approved at 100% at the extraordinary shareholders meeting that it was to be approved. I assume that 100% of the shareholders felt that it was a good deal at the right price and better than a special dividend.
In the absence of similar disciplined ways to deploy capital, if in the next, I don't know, 18 months, two years, we continue to pile up cash to deleverage and for all sorts of reasons, because we have been too slow, too unlucky, too picky, too greedy, we have not been able to deploy that capital that we have been created, we will have to consider a form of distribution through share buyback or through special dividends, whatever makes sense at the relevant time. This is not the preferred route because our mandate is not to manage treasury. Our mandate is to consolidate top lines and deploy synergies to create value through operations. In the event we are not capable to capture those opportunities, there will be a form of return of capital to the ones who own it.
That's why I said it's for the sake of completeness.
Yeah. With respect to your question on costs, the guidance of cost is embedded in the guidance of margin and the guidance of top line. There is not a standalone guidance on the cost side. You can imply with the other two targets. When it comes to the tax rate, it's very easy to compute. We have a profit equalization mechanism, which means that all our markets have the same profit. The breakdown that we've provided you with the breakdown of revenues is the breakdown of tax rate. By applying the different tax rate, you can come up with the tax rate for 2020. The reason why I do not comment today is that even still today, there are uncertainties on what would be the individual rates. Once we will have more certainty, we will communicate on the targets on 2020.
Hi, good afternoon. It's Gurjit from JPMorgan. Just three questions. The first one is just on the use of distributed ledger technology in the business. Are you looking at this from an efficiency perspective, whether it's efficiencies in the clearing settlement, or are you looking at it from a product expansion to trade different digital currencies? That's the first question. Second one is you mentioned U.S. and Asian equities as an area you want to grow into. Given the indices business is particularly competitive, the top three have 80% market share globally of indices. What's your USP to offer Asian and U.S. indices to your clients? The final one, just on the foreign exchange. I know you're a reasonably large player in the spot market. How are you thinking about the derivatives space?
Sort of related to that, in terms of clearing, do you see opportunities in the clearing of OTC foreign exchange contracts?
Anthony will answer the first question on blockchain, and Chris will take the two other questions.
Thank you. This is a great question on DLT and blockchain. I think the truth is, I think we're looking at it through both angles. First, the process efficiency. Obviously, if you look at the post trade chain for less liquid securities, for instance, today it's exactly the same chain as for large caps. Do you need to pay the same price for clearing and settlement for an SME? I'm not sure. We look at blockchain as an enabler to reduce costs and compress the settlement time and bring efficiency. It's a long shot because regulation also needs to be adapted because it has been built with a large cap in mind. We also look at it from a business opportunity point of view, and in particular, to see if we can set a foot in the private market world.
This is why we took a stake in Tokeny for non-listed securities tokens.
The question with regard to the indices in terms of looking at U.S. and Asian markets. I think that from our standpoint, it's very much driven by the demand from our underlying clients. They really are the European client base that are looking for structural product distribution to their underlying clients with those underlying. It's not going out and trying to launch some global index to market globally. It's very much off the back of the demand that we have from our structural product providers as they look to expand their products to their underlying clients. I think on the second question with regard to the FX and the rolling out of NDFs. We've seen the electronification of NDFs and derivatives. It's moving again away from the sort of off-order book into a more sort of ECN type driven market.
For us, it's relatively simple to go out and extend our technology in that. We do believe we have some of the fastest technology on the FX matching basis. To roll out NDFs should be relatively easy for us. It requires us to go down a more regulated path. That's the reason why we've created an office and the matching engine in Singapore. That's where we'll be launching those products. There's also the site for the majority of the NDFs out in those sort of Asian countries. The last part in terms of thinking about, we are beginning to see the transition of NDFs into clearing. We are looking at how we can work with our partners.
LCH have a number of products in terms of the FX clearing and how we can partner them in terms of versus the prime brokerage model, which is the second possibility for us in terms of the clearing. It is absolutely very relevant.
Thank you.
Thank you. Mike Werner from UBS. Two questions, please. First on Oslo Børs VPS. Just looking at the CSD business, I think that's about 45% of the revenues. How do you see that business structurally in terms of revenue growth going forward compared to, say, the trading business in terms of cash equities? Do you see this as a faster or slower growing business structurally over the cycle? Second, on M&A, Stéphane, I think you talked about how you guys are very circumspect with regards to your M&A. You learn from your mistakes. Does that imply that we're unlikely to see another transaction in the immediate future now that you're focused on Oslo Børs? What type of, I guess, capacity do you have to take on another deal? Is there going to be an interim period where you're very focused on the Oslo Børs acquisition? Thanks.
Well, I'll take the question on M&A. Giorgio will cover the question on VPS and in the context of our CSD ambitions. We have learned from our mistakes, we have made fewer mistakes than others and maybe because we have missed more opportunities, I don't know. The self-imposed discipline and capital deployment has put us where we are. We have monitored, we have analyzed or screened so far 150, 170 potential acquisitions. We have an investment committee of four hours every four weeks. We monitor very closely the opportunities because you have to be ready when they come.
What we have shown to the market when we did the acquisition of Oslo Børs VPS in a particular set of circumstances at the end of 2018 was possible because we were ready, we had a framework, we knew the asset, and we thought we knew what to do at that time, despite the sort of unusual framework of the transaction. That's why we are ready. I cannot tell you when we will implement a significant deal. I cannot tell you whether it's soon or later. I can tell you that we are equipped and organized to do the integration of Oslo Børs VPS at fast track, irrespective of any other large acquisition. There will be no pause. With a pause will be imposed to us by the circumstances. Again, taking the example of Oslo Børs VPS.
At the beginning of 2018, Giorgio and I, and all that is public information, it was in our offer document. We had a meeting with the CEO and the chair of Oslo Børs VPS. We discussed the potential combination. We were asked to submit to the board of Oslo Børs VPS an offer letter. We sent that offer letter, approved by a supervisory board, fully funded, et cetera. They replied to us in writing on the 2nd of March. They said, "Thanks, but no thanks. We prefer to stand alone, to continue to stand alone and please keep that dialogue confidential," which we've done.
Frankly, one year ago, in October, November 2018, we thought that there was no Oslo Børs situation until we got a call in November from Carnegie telling us the majority of the shareholders in Oslo Børs VPS want to sell the company, but they want to do that without the knowledge of the board of directors and the knowledge of the management. We had a few hours to take a decision. We were mentally, governance-wise equipped to take a decision because we did not discover the asset. We recognized the asset. We did not discover the situation. We recognized the drivers of this unusual situation. We are ready to be agile and bold whenever there will be an opportunity.
For the moment, there is no dialogue with anyone, and there is no willing seller of any material asset that gives any reason to believe that this acquisition will happen shortly. Things can change very quickly, but I don't know how and when. That's this mindset. What is very important, and your question connects with what I've said about operations. We can afford the luxury of not pausing because we spend a lot of time on operations and on the deployment of integration plans in a very disciplined manner. Because otherwise, there would be a bandwidth issue, which we don't have because the bandwidth is fully deployed for the moment in making sure that we can move on when the opportunity comes.
On your question with respect to profitability, clearly, we do not disclose the individual target. In terms of order of magnitude, the underlying growth we expect from the CSD business is not too different from the one of the trading business. However, as Anthony explained, our ambition is to widen the product offering and the value-added services for local and global clients. This is part of the, as Stéphane said, the ambition to grow services around our existing businesses, which are included in the 2%-3% growth rate.
Wouter Vijver, ABN AMRO. Two questions from my side. On the M&A side, you said that you could still tap the debt market if that's necessary, that you want to have a strong investment-grade rating there. Have you discussed, have the rating agencies, have they changed their view on what kind of net debt to EBITDA multiple that would employ? Can you share that with us? Secondly, I think that, Stéphane, you were mentioning an acceleration in growth, whereas obviously in your target as a CAGR. Should we then expect in the near term the growth to be slower than 2% to 3% and then accelerate towards 2022?
Okay. Let me be more clearer on your second question. To answer your second question, and Giorgio will answer the first one on rating agencies. The guidance is what the guidance is. There is no contradiction, or if there is a contradiction, I need to fill the gap between this guidance and the concept of acceleration. What is going to happen is the acceleration of transformation of the company and the acceleration of growth operations. Now that we are a EUR 5.1 billion company or EUR 5 billion company, whatever, and now that we are equipped humanly, technologically, financially, to grow more quickly, I know that we will be in a position to catch bigger targets where we will extract more quickly, more synergies than we have been able to do in the past.
My point is that it took us four years to grow the company from EUR 1.4 billion to EUR 5 billion. The next steps will be bigger, therefore, there will be an acceleration in the growth of the size of the company. The organic growth for the current perimeter is what it is. You may call it conservative, you may call it shy. It is what it is, this is the expectations we are happy to live with. There is no big change of paradigm slides in this presentation. There is just a very solid, robust, reliable approach of the growth. Believe me, the key value, the key word within Euronext is credibility. This is the most valuable asset. We want to protect our credibility. That is what it is.
The reality in terms of expectation management is that if we do a deal, it will be bigger than what has been in the past. We will do also small bolt-on deals, but the prospects of transformation is there because we are going to deleverage, and we are going to saturate our debt capacity if we find a large deal, and we believe that there is an opportunity to go to shareholders. In that respect, that will accelerate. Sorry for the confusion between the concept of accelerated growth and what sounds or looks and smell like a shy number of 2% to 3% on the top line growth.
With respect to the question on rating, let me start saying what is included in the rating today, A minus, stable outlook. There is embedded our willingness to keep doing M&A, which means that we have clearly communicated publicly on that, and there is a part of bolt-on acquisition already embedded in the model of S&P. If we look at our current rating, the flexibility we have, which is very well defined in the note from S&P, is, as you know, they would reconsider the rating above 225 net debt to EBITDA, and usually there is a grace period of 12, 18 months, as you know as well. This would give us, roughly speaking, 0.3 of current delta, and then the cash flow of 18 months, it should be around 0.5. We generate 0.3 EBITDA per year.
I would say that the flexibility within the current rating is around 0.7, 0.8. Clearly, strong investment grade is a broader universe than A minus, and clearly, we would have much more room to maneuver moving to the next step, the BBB+.
Is S&P taking into account the EBITDA in 12?
Yeah
remembering this? Thanks.
Hi, it's Bruce Hamilton, Morgan Stanley. Just coming back to the revenue target. I realize you're obviously looking to over-deliver as you have in the past. When you think about the array of innovations and the plans you've laid before us, which are the ones where you feel the 2%, 3% growth is quite a low hurdle? In the divisions or by segment, where does that feel a low hurdle in terms of growth priorities, and where is it a bit more of a challenge?
I take that one. I believe that we have a very strong ambition. Let me not to be specific, it's services. I believe that we have a stronger objective on the overall area of services, which is the part of our business we want to expand to diversify our revenue mix. This includes corporate services, this includes investor services, this includes new services around post-trade, et cetera.
I think you had a question.
Kyle Voigt, KBW. Just a few questions. In an environment where there's no industry volume growth, do you still think that you have levers to pull on new product innovation, on pricing, yield management, et cetera, to still get into that 2%-3% organic revenue growth rate? Another follow-up question would just be on the margin expansion from now to the greater than 60% EBITDA margin. Part of that is related to cost synergies, part of is generated through operating leverage through the organic growth in the business over that time. When we're thinking long-term, you mentioned earlier, Giorgio, about the fixed cost base. How should investors view the incremental margins of the business long term? Is there still room to expand those EBITDA margins further past 60% in the long term? Thanks.
Okay. I'll let Simon reply to the volume questions, and Giorgio, you may take the questions on the margin expansion prospects.
In addition to the general volume growth, there are two segments where we can pull levers. First is in the organic product development area, and second in yield management. In the product development area, especially in the derivatives area, as we've started to do around the CAC 40 franchise, which is very liquid, the product developments we will be doing will build on existing strengths and existing clearing efficiencies in our clearing house partner. The types of product innovation you'll see will not be big fishing hook lines and trying to shift liquidity from a competitor, but very pragmatic product launches from a position of strength. The TRF contract we've launched on the CAC 40 future and the shorter six-month expiries we're doing on the Single Stock Dividend Futures.
We're not going to give guidance on those today, but they're material differences within the range of the percentages that we're talking about. In terms of yield management, this is a never-ending mission for us. The way we approach this is that we segment our customer base and our customer flows in the most granular possible way. For each of those segments, we try and work out with the customer what is the optimum pricing point between the two of us or between that customer segment to maximize a win-win situation. That is based on a deep understanding of the fee volume elasticity. This afternoon in some of the workshops, we'll see how we're going a bit further into the value chain than we have before. We have dedicated fees for retail, understanding the economics of that segment.
We're the only exchange to do this, but we have a dedicated fee segment for the large hedge funds sitting behind the big global brokers. This is the only area where we've put subscription fees in because it works for us, and that unlocks incremental volumes and incremental revenues for us. There's still a lot more work to be done in yield management, which I'm very confident will help us out in this 2%-3% growth target.
Yeah. When it come to cost, I believe that we should separate the exchange business from the CSD business. From the exchange business, what I can tell you is that roughly one third of our costs are IT. Clearly, when we scale up Optiq, those costs are not replicated. This is a source of increased margin if we are able to attach more volumes to the current matching engine. The story is different from CSDs. This is a space that we are just entering in terms of second CSDs. It's new on the one side and is constrained by CSDR. Today, we have two CSDs, one which is already compliant and the other that we'll submit his demand for CSDR in the coming months and years. Therefore, this is something that we are exploring at the moment.
When it comes to the core exchange business, the scalability and synergies are very significant, and every new exchange or any new pool of liquidity we attach to the pool significantly contributes to the margin. Again, the targets you have seen are current perimeter. Any expansion of the current perimeter is not included in that.
Shane Finimore, Manikay Partners. The federal model you mentioned as being a sort of a key competitive advantage, and you've been able to acquire businesses where others may have failed. Yet you have to balance this local regulator, local staff, local customer base needs versus getting costs down and expanding margins. Can you just talk about whether you think that there are limits on the EBITDA margin? Are there constraints on your ability to expand the EBITDA margin that comes from having a federal model versus a single country vertical model?
I will answer your question from the end. Asset facts show that our federal model is unleashing more value and more EBITDA than single country exchanges. We are much more profitable and efficient than any single country exchanges. Even in terms of EBITDA margin, we are more efficient than companies in Europe that are much larger than we are. I will answer your question by saying that, yes, every time a new exchange joins us, there is an incremental level of complexity. Yes, this federal model cannot expand forever. Within this current construct, it has some theoretical limits. I don't know what they are.
What I can tell you precisely for the three years to come, is that one thing we will look more carefully now than we were looking at in the past, when we are more in the expansion process and the proof of concept type of process, is that we look more carefully at the ratio between complexity brought by any new exchange joining the model versus size and impact in the growth of the company as a group or diversification of a top line. If the ratio is not great, we may pass. We are not a buyer of any exchange in Europe.
We are the natural consolidator of single country exchanges that are facing very specific issues, which is getting scale in terms of access to the largest liquidity pool, getting upgrade in terms of technology platform by the access to Optiq, getting connectivity to global markets, while at the same time keeping their local identity. For these exchanges, if they are large enough and if they make a difference, then they are more than welcome to join us. It's very important to realize that every single exchange in Europe doesn't have a put on Euronext to sell. It's very important. We want to consolidate, to build the backbone of the capital markets union, but we are a commercial company and a market infrastructure, and we are a solution for certain exchanges, not all of them. The other question was on No?
You covered.
I think I covered. Okay. Sorry.
Hi, it's Haley Tam from Credit Suisse here. Two questions, please. First of all, I think you've made it very clear, and I think everyone here understands about the federal model for the exchange businesses. I think you mentioned a couple of times about becoming the Euronext of CSDs, and I was wondering if you could help us understand a bit better how that might work, because I tend to think of that as quite a domestic business. Secondly, I realize you set your targets in a very specific way, but if there's any guidance you can give us on the phasing of your targets over the next 3 years, that would be appreciated. Thank you.
Anthony will answer about the ambitions on the CSD, and Giorgio will answer briefly. I know the answer on the phasing of targets.
Look, the concept of Euronext or CSD is simple. Stéphane mentioned earlier in the presentation, we want to go from the lean pan-European exchange to the leading pan-European infrastructure. We need to look at the other part of the chain and see how we can apply all the lessons and all the know-how that we have used to grow Euronext, and particularly in the exchange business in the technology. This combiner for between local ecosystem and global clients, that is our trademark, how we can apply it to the post-trade world. There are similarities between CSDs and national exchanges working on listings and local trading. A CSD is a local business by a position of the ICSD. Today we have two CSDs, maybe in the future we'll have more.
How do you make a common look and feel in these different value propositions that are local? How do you develop services that are consistent in between these ecosystems? How do you connect these ecosystems together? Well, while running a, let's say, harmonized or aligned technology, that is the Euronext of the CSD. Look at what we've done since 2000 by creating the single of the book on the training platform and see how we can get inspired by that, in order to give more consistency while remaining local in the CSD business. That is our ambition.
Does that mean you're investing in a CSD technology Optiq in the past or have that?
Well, today we have CSD technologies. Looking at this technology and see how we can improve it and streamline it is definitely part of the plan.
With respect to your second question on the phasing, clearly, the most complicated things for us is providing short-term guideline. The thing I can tell you is that clearly we are aiming to transform and invest. You have seen that we have disclosed two amounts, one for internal transformation and the other one for the integration of Oslo Børs VPS. You should expect those costs to be rather anticipated in the timeline of the plan and be phased out or nearly phased out the last year of the plan. The rest, I cannot give you further breakdown.
No other question? Okay. Thank you very much. What I suggest is that we proceed now to enjoy a lunch, which is going to be served upstairs. After lunch, which this lunch lasts about an hour, we will have three workshops that are, in my view, extremely important to go to the root of the value drivers of the company. One workshop driven by Simon on how do we make cash equity trading so profitable, so resilient in terms of market share, and what are our views on the growth of volumes and our capability to extract value from volumes, whatever they are. Chris will run, with Nicolas Rivard, a workshop on Advanced Data Services, where we will cover, in a transparent manner, the opportunities and also the challenges.
There were some questions in the market about pricing and regulation, et cetera, but also where we are going to find the niches to continue being relevant and really to find a way to dribble within the legs of the big guys to be relevant in this space even further. Håvard Abrahamsen, the CEO of Oslo Børs VPS, and Giorgio, who runs the integration of Oslo within Euronext, are going to share with you in the third workshop, the fundamental components of the value creation expected or that we are going to deliver out of Oslo, both in terms of cost synergies, as well as the ambitions to make Oslo Børs VPS the hub or the launch pad of Euronext in the Nordic region. Enjoy the lunch. Happy to take informal questions here and there, and I hope you can make it for the workshops.
It's about time to put to an end the webcasting of this session. I want to thank all the ones across the globe who took some time to listen to that long presentation. Let me also thank all the teams who have organized this day and the investor relations team of Euronext, Aurélie, Clément, all the other people within the organizations who work to make the communication easier with our stakeholders are available to take follow-up questions in the event you need more details in the coming days. For the time being, let's focus on the most important part of the day and have a good lunch in Paris.