Morning, and welcome to the Euronext third quarter 2025 results conference call. On today's call, we have Stéphane Boujnah, CEO and Chairman of the Managing Board, and Giorgio Modica, CFO. Please note this conference is being recorded, and for the duration of the call, your lines will be on listen only. However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing pound key five on your telephone keypad to enter the queue. I will now hand over to your host, Stéphane Boujnah, to begin today's conference. Please go ahead, sir. Quarter 2025 results call. I'm Stéphane Boujnah, CEO and Chairman of the Managing Board of Euronext, and I will start with the highlights of this quarter of the year. Giorgio Modica, the Euronext CFO, will then develop the main business and financial highlights of the quarter. As an introduction, I would like to highlight three points. First. Q3 2025 is Euronext's sixth consecutive quarter of double-digit top-line growth. This quarter of revenue and income grew by 10%+ 6% compared to Q3 2024, to $438.1 million. Or just a bit emerging, increased also double the increase by 1.2 points to 63.2%. This strong performance was driven by the expansion of non-volume-rated business. Driven also by resilient trading and clearing revenues, and also driven by continued cost discipline. Second, during this quarter, we were very proud to announce the inclusion of Euronext within the CAC 40 index. This milestone demonstrates that when Europeans decide to succeed together, they can transform European capital markets and the financial infrastructure landscape. This inclusion in the French Blue-chip index will have a positive impact on the liquidity of our stock. Third, we are at a cornerstone moment for the development of the group in terms of industrial developments. All the Euronext teams are fully engaged to deliver the ambitious targets of the Innovate for Growth 2027 strategic plan. Progress accelerates with all our clients and partners to achieve these objectives and to create more competition in the European markets. We recently launched the first fully integrated European marketplace for ETFs, with substantial efficiency gains for the entire value chain, including issuers, market makers, distributors, custodians, and investors. To boost retail participation, we have introduced the first-ever mini-sized cash-settled futures on main European government bonds, and we were pleased to see that they have been trading from day one. We are providing the innovative and competitive post-trade solutions that the European market needs. This is reflected in the growing momentum with clients that actively commit to support our CSD expansion program, a key requisite for the success of this initiative. Let me give you now a quick overview of the Q3 2025 highlights on slide four. As I said earlier, Euronext delivered double-digit revenue growth in Q3 2025 for the sixth quarter in a row. This quarter revenue and income grew by +10.6% year-on-year, up to $438.1 million. Our non-volume-rated revenue reached 60% of total revenue and income and posted a strong performance overall. This = 12% increase of non-volume-rated revenue year-on-year was driven by sustainable growth in custody and settlement and the first full quarter contribution of Admincontrol. This quarter, we reached a new record level of EUR 7.5 trillion in assets under custody, driven by growth in equities and bonds. That tells a lot about the strength and the growth of our post-trade business. Second, volume-related business was fueled by double-digit growth in fixed income and commodities trading and clearing. Euronext continues to record robust volumes and revenue capture in cash equity trading and clearing, driving revenue up + 11.5% year-on-year. Our underlying expenses, excluding D&A, were at EUR 161.4 million, up + 7.3% compared to Q3 2024. This increase reflects our consistent growth, investments in innovation, and human capital, and the impact of acquisitions. In February. This year, we announced an underlying cost guidance of EUR 670 million for 2025. Thanks to this continuous rigorous cost discipline on recurring expenses. Euronext today upgrades its underlying operating cost guidance for 2025 to $660 million. As a reminder, this guidance does not include Admincontrol. Our Q3 2025 adjusted EBITDA grew by + 12.6% compared to last year, reaching $276.7 million. Euronext adjusted EBITDA margin increased by 1.2 percentage points to 63.2%, reflecting strong top-line growth and cost discipline. Adjusted net income was $169 million. Reported EPS was EUR 1.49 per share, and adjusted EPS was EUR 1.68 per share. As a reminder, and this is quite important for comparison purposes, last year, Euronext received a dividend of $23.4 million in Q3. This year, this dividend was received in Q2. Therefore, net income and EPS are not really comparable year-on-year. In our continued commitment towards leveraging net debt to last 12 months, adjusted EBITDA was 1.5x at the end of September 2025 from 1.8x at the end of June 2025. The last decrease compared to Q3 2024 reflects our strong operating leverage and ability to generate cash flow. The leverage is in line with our target range between one and two times announced as part of the Innovate for Growth 2027 plan. On the basis of this strong financial position, and in line with our capital allocation principles, I am pleased to announce the launch of a EUR 250 million share repurchase program to be executed from the 18th of November until the end of Q1 2026. Moving to slide five, today, Euronext is ready to contribute to the next level of consolidation of markets in Europe. Our offer for ATEX Group is a step towards this consolidation of European market infrastructures to support European listings and economic growth and create an even deeper liquidity pool in Europe. Euronext expects to deliver significant synergies from the integration of ATEX into its European market infrastructure, into its single liquidity pool, single order book, single technology platform. We expect EUR 12 million of annual cash synergies to be targeted and delivered by the end of 2028. This combination is fully aligned with our investment criteria. To have a return on capital employed above the work of the company in year three to five after the closing of the transaction and post-synergies. The transaction is expected to be equity for shareholders following the delivery of synergies from year one. The deal provides major benefits for the Greek market, which is going to become much more integrated into European flows and into global flows. This transaction is clearly a sign of confidence in the recovery of the Greek economy. I now give the floor to Giorgio for the business and financial review of Q3 2025. Thank you very much, Stéphane, and good morning, everyone. Let's now have a look together at the strong financial performance recorded in the third quarter of 2025. I am now on slide seven. I like this slide because it shows how we have truly increased the share of our revenue that is not related to volumes. Capital market and data solutions are today the largest contributor to our top line and a sustainable source of recurring revenue growth. This is also the case for security services, driven by another quarter of double-digit growth of custody and settlement. Total revenue and income in the third quarter of 2025 reached EUR 438.1 million, up 10.6% compared to last year. Today, non-volume-related revenue represents 60% of our top line and covers 162% of underlying operating expenses, excluding D&A. Let's take a closer look at the key drivers behind this performance, beginning with non-volume-related revenue and income, and move together to slide eight. Starting with security services, revenue was at EUR 77.3 million, marking a solid 6% increase compared to the third quarter of 2024. Custody and settlement revenue reached EUR 70.6 million, an 11.8% increase compared to the third quarter of 2024. The strong performance was driven by the growth in assets under custody that reached another record at EUR 7.5 trillion. This double-digit growth was also supported by resilient settlement activity and continued growth of value-added services. Other post-trade revenue declined 32% compared to the third quarter of 2024 to EUR 6.7 million. This, as discussed in previous quarters, stems from the migration of derivative clearing from LCH SA to Euronext Clearing and the internalization of the related treasury income into the net treasury income line of our P&L. Net treasury income was up 23.8% compared to the third quarter of 2024, benefiting from the expansion of Euronext Clearing that I just mentioned. As announced during the previous results, we have successfully migrated Italian markets to a harmonized clearing framework at the end of June 2025. These important milestones offer Euronext Clearing clients material risk management benefits and operational efficiency and helps them to optimize their total trading cost. This optimized clearing system provides clients with resilient, stable, and efficient infrastructure. It will serve as the pillar of all new products and services Euronext Clearing is developing, notably for our repo expansion initiative. Turning to capital markets and data solutions, I'm now on slide nine. Revenue reached EUR 168.4 million, reflecting a 13.9% increase compared to the third quarter of 2024. Primary market generated EUR 46.2 million of revenue, up 3%. Euronext maintained its leading position for equity listing in Europe, with a solid rebound in the third quarter, recording 20 new listings. Advanced data solution revenue grew to EUR 66.2 million, up 6.5% compared to the same quarter last year. This good performance was driven by steady growth in our data solutions, thanks to rising demand for diversified data sets and increasing interest from our retail clients. Corporate and investor solutions and technology services reported EUR 56 million of revenue in the third quarter of 2025, up 37.3%. This outstanding performance reflects the full quarter contribution of Admincontrol, alongside the growth of investor solution and colocation services. Moving to our volume-related activities, I'm now on slide ten. Revenue of fixed markets reached EUR 81.9 million, marking an 11% increase compared to 2024. Revenue for fixed markets includes fixed income trading and clearing. Whose revenue grew 14.7% to EUR 46.8 million, driven by the continued strong volumes. In particular, MTS Cash average daily volume was up 29.5% year-on-year at EUR 44.8 billion. MTS Repo term-adjusted average daily volume reached EUR 585.6 billion, up 23%. The strong performance was also supported by the expansion of our D2C segment and the growing volumes outside of Italy, with significant growth in Portugal and Spain. Commodity trading and clearing revenue increased 11.3% to EUR 27.6 million in the third quarter of 2025. This reflects record intraday power volumes and the recovery of volumes on agricultural commodities trading and clearing. FX trading revenue reached EUR 7.5 million, down 8.3% compared to the same quarter last year. This reflects lower volatility and the negative currency impact on the U.S. dollar. Like-for-like, revenue decreased only 2.5% despite an 11.8% decrease in volume, thanks to proactive revenue capture management. Continuing with our review of volume-related revenue, I'm now on slide 11. Equity market revenue saw a 6.6% increase compared to the third quarter of 2024, reaching EUR 93.7 million. Cash equity trading and clearing revenue grew 11.5% compared to 2024, reaching EUR 82.5 million. This reflects a 14.8% increase in average daily volume traded to EUR 11 billion. This quarter, Euronext reached solid average revenue capture on cash trading at 0.53 basis points. Lastly, financial derivative and trading and clearing revenue was at EUR 11.2 million, a 19.4% decline compared to 2024. This performance mostly reflects lower volatility. Following clearing migration, certain clearing fees are now reported in the other post-trade revenue, and as such, is not fully comparable with the third quarter of 2024. Now I move to slide 13 with the EBITDA bridge. Euronext reported EBITDA for the quarter grew 13.9% to EUR 275.2 million. Mainly thanks to EUR 29.5 million of additional revenues at constant perimeter and EUR 13.2 million of additional revenue generated through acquisitions. This was offset by EUR 4.3 million of additional cost at constant perimeter and EUR 7.1 million of additional cost coming from the change of scope. Non-underlying expenses, excluding depreciation and amortization, were at EUR 1.5 million. This is slightly lower than the third quarter of 2024 due to the completion of the Borsa Italiana Group integration last year. Euronext adjusted EBITDA for the quarter grew 12.6% to EUR 276.7 million, with an adjusted EBITDA margin of 63.2%, up 1.2 percentage points compared to 2024. The underlying operating expenses, excluding depreciation and amortization, increased 7.3% compared to 2024, mostly related to the growth investment for the delivery of our strategic plan and acquisitions. In parallel, we remain highly disciplined in managing our recurring expenses. I'm now moving on slide 14. Adjusted net income this quarter reached EUR 169 million. Please note, as Stéphane already reminded, that the Euroclear dividend was received the second quarter this year and not in the third quarter as last year. Depreciation and amortization accounted for EUR 49.3 million, up 4.4% versus the third quarter of 2024. PPA related to the acquired businesses accounted for EUR 19.7 million. Euronext reported net financing expense of EUR 6.8 million in the third quarter of 2024, compared to EUR 2.9 million of net financing income in 2024. The variation reflects decreasing interest rate, lower cash position after the redemption of our EUR 500 million bond, and the impact of currency variations. Please note that it also recognizes non-cash interest expenses related to the convertible bonds. Income tax for the third quarter of 2025 was EUR 58.5 million. This translated into an effective tax rate of 26.7% for the quarter compared to 23.8% in the third quarter of 2024. As a reminder. In the third quarter of 2024, the tax rate was positively impacted by the tax-exempt EUR 23.4 million dividend received from Euroclear. Share of non-controlling interest amounted to EUR 11 million, correlated to the resilient and performance of MTS and Northpool mainly. As a result, the reported net income share of parent company reached EUR 149.7 million. Moreover, adjusted EPS was at EUR 1.68 per share this quarter, compared to EUR 1.74 per share in the third quarter of 2024. Reported EPS was EUR 1.49 per share. I continue with cash flow generation and leverage. I'm now on slide 15. In the third quarter of 2025, Euronext reported a solid net cash flow from operating activities of EUR 401 million compared to EUR 237.4 million in the third quarter of 2024. This increase mainly reflects higher working capital. From Euronext Clearing and Northpool CCP activities this quarter. Excluding the impact of such a change in working capital, the net cash flow from operating activities accounted for 99.9% of EBITDA this quarter. As Stéphane already reminded us, net debt to adjusted EBITDA ratio was at 1.5x at the end of the quarter, right in the middle of our long-term target range. I'm now on slide 16. I wanted to say that at our Investor Day last year, we have announced that we would have proactively assessed special shareholder returns according to our capital allocation principles. In line with this principle, Euronext has decided to launch a share repurchase program of a maximum of EUR 250 million, which represents around 2% of Euronext's outstanding share capital. The share repurchase will start on. 18 November and is expected to be completed by the end of the first quarter of next year. This program underlines a strong confidence in the growth prospect of the group. It will not impact our strategic flexibility to invest and capture market opportunity. This concludes my presentation, and with this, I give back the floor to Stéphane. Thank you, Giorgio. To round things off, we have delivered very strong third-quarter financial results. This quarter's results reflect the strength of our diversified business model, with increasing diversification both in volume-related revenues and in non-volume-related revenues, and our ability to collaborate effectively with our clients, with our partners, on their evolving priorities in order to create new offerings and in order to create more competition. Since the beginning of the year, we have demonstrated a sharp focus on the execution of our strategic plan. We are today in an ideal position to deliver or innovate for Growth 2027 targets. We are confident in our ability to achieve our strategic objectives and to deliver sustainable long-term growth. Our unique integrated value chain has once again proven its strength. We are very pleased to share that we have kicked off the last quarter of the year on an even stronger note. Our assets under custody reach another record at the end of October 2025. Across the business, we continue to benefit from elevated volatility and long-term structural growth drivers as we speak. Our ongoing offer for ATEX further reinforces our position as the consolidator of European capital markets and creates further attractive growth prospects for the group. Thank you for your attention, and we are now ready to take your questions with Giorgio Modica and Anthony Attia. Ladies and gentlemen, if you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw a question, please dial pound key six on your telephone keypad. The first questions come from the line of Michael Werner of UBS. Please go ahead, sir. Thank you very much for the opportunity to ask questions. Congrats on the results. Two questions from me, please. In terms of the Q3 costs, they were certainly below, I think, consensus expectations. You brought down your guidance for costs for the full year. I was just wondering, is this a scenario where maybe you pushed out some of the investment spend that you had anticipated just because of changing dynamics in the marketplace, or is this something more sustainable? That is the first question. Then the second question, I think, Stéphane, you mentioned at the beginning in terms of the consolidation of the post-trade space, that there is a growing list of clients that are supporting this effort. Is it possible to kind of give an indication as to the number of potential custodians you have signed up or what other signposts we should be looking for when it comes to measuring the progress of the CSD opportunity? Thank you. Thank you for those two questions. Giorgio will answer the question, and of course, I will answer the question on the CSD expansion project. Let me be a bit blunt. I mean, we are implementing an industrial project which has a certain timeline and a certain pace of execution, and we talk once every three months about the financial results. Now, there is sometimes a disconnect between the pace of financial results every quarter and the pace of delivery of those industrial projects. Let me be a bit more specific. The go-live will happen in September 26. We are in the process of signing all sorts of market participants, custodians, issuers, other critical people in the project. At the moment, the process of cementing those and signing this support is ongoing. Our intention is to share with the market an interim status update whenever it's ready, let's say within the next few months, irrespective of the timing of the quarterly result, financial results announcements. I can't be more specific. If you want me to be roughly correct, but unprecisely wrong, I would tell you that things are going in the right directions. We're in the process of signing the relevant people. Before sharing with the market where we are, we want to have a sort of critical mass of homogenous signing to be shared and to be communicated. Unfortunately, I can't be more specific at this current moment. Yeah. On course for the third quarter, the message is that this does not come at the expense of investments. We are going full speed to deliver things as quickly as we can. There are three elements that I would like to highlight just to give you a sense of what is happening in the third quarter. There is an element you're all aware, which is the seasonality in the third quarter, where we record lower salary expenses linked to the holiday season. This is something that you're aware of. The second element that I would like to highlight because it's meaningful and not necessarily well seen is that w hat we have recorded in the third quarter is a reduction of social contribution related to our long-term incentive plan, which is driven by the share price performance. We have recorded extremely high increases in the share price in the first and second quarter and more muted dynamic in the third quarter, which has resulted in a less steep increase of that line of cost. The last element that I would like to highlight is that our cost base, as you know, is largely fixed, but it is not entirely fixed. There is a small component of cost of sales, and as the revenues of the third quarter were lower than the previous quarter, we record some savings. To make a long story short, this performance is sustainable. 0.1 does not come at the expense of investments and i s explained mainly by the element that I just mentioned. The next question comes from Enrico Bolzoni calling from JP Morgan. Please go ahead, sir, and unmute your microphone. Hi, good morning. Thanks for taking my question. One question on MTS volumes. They seem to have plateaued a little bit. I was looking at the statistics for October as well. I just wanted to ask you, what should happen for volume growth to be picking up again, basically? Related to that, do you think that the current situation in France with the political instability and clearly the yields having gone up increases a bit the probability of French debt being migrated near-term to MTS? That's my first question. The second question is on technology. There's been a bit of. Rumors, a bit of conversation around the potential disruption that blockchain could bring to post-trade services, for example, by making instantaneous settlement of trades or accelerating the velocity of collateral within clearing houses. Can you just give us some color? What are your thoughts there? Is it something that worries you, something you're investing in to protect the business, or you think these fears are a bit inflated and actually nothing will materialize anytime soon? Thank you. Thank you. Anthony will answer your question on the technology impact of the post-trade. Giorgio will answer your question on MTS volumes, and I'm going to answer your question on the French dynamics around the way the French Republic is managing the liquidity and the trading and the secondary trading of its sovereign debt. On that particular point, we have an ongoing dialogue with the French debt management office and with the relevant ministers in charge. To demonstrate the benefits of the MTS solution to increase liquidity and to reduce spreads on the French sovereign debt. For the time being, the French Republic is still focusing on the primary dealers-only type of structure. We have a dialogue. Where you have a point is that things have changed significantly. One year ago, actually last summer, the tenure for France was more expensive than Germany, but cheaper than the one of Portugal, Spain, Greece, and Italy. The tenure for France is now more expensive than Greece, Portugal, Spain, and Italy. There is an ongoing analysis within the French Ministry of Finance about what can be done in this new environment, which is fundamentally different from what the situation was 18 months ago. When they will agree to migrate to a form of MTS solution, whether they will do it, how it will be implemented, I can't be specific because I can tell you that there is a dialogue, and that clearly the more French debt, French sovereign debt looks like the Italian sovereign debt, and the numbers are, at least in terms of tenure costs, are clear, the more the situation is similar, the better the chances that things will roll. At this current moment, there is no decision taken. Giorgio on the MTS volumes, and then Anthony on the impact of technology on post-trade. Yeah, absolutely. What I can say is that if I look at the current trading, I see that quarter to date, we are above 30% up with respect to where we were last year. If I look at the month to date, the increase in excess of 50%. I now have the statistic of the 5th of November where the volume traded on MTS was EUR 65 billion. What I'm trying to say is that the volume remains extremely elevated. What I can comment is the fact that the market condition remains highly constructive going forward, and we do not see any reason for a change in the short to midterm. Elaborating more on what are going to be the volume the first quarter next year and the trend is difficult, but again, the message is that the performance remains very strong and the market condition is highly constructive. Good morning. This is Anthony. Thank you for your question. On the impact of the ET on post-trade and in particular on clearing houses. To make a short answer, w e believe that the impact is neutral to positive with some opportunities. The longer answer is we need to look at the impact of the ET by asset class. The role of the clearing house is to provide guarantees and manage potential defaults. The fact that we have some market demands, some market trends to tokenize collateral is actually a positive thing, and at Euronext we are working with the market to look at that specific technology change and test it. It is positive, sorry, because it would create some fluidity in the way collateral is allocated and in the way margins are called. That is the positive part. Now, this is true for derivative market, OTC clearing market. Now, if you move to cash equity, the move towards T+1 gets us closer to a form of same-day settlement or, some would say, instantaneous 1. We're not there yet in terms of real-time settlement because we would lose the netting effect. Some less liquid asset class could benefit from DLT nuclear settlement, if you wish. In the market that we operate, where it's highly liquid asset classes, the market still benefits from netting effects. I don't believe there is a negative effect there. The next question comes from the line of Hubert Lam, calling from Bank of America. Please go ahead, sir. Hi, good morning. Thanks for taking my questions. I've got three of them. Firstly, on European exchange consolidation, which has now been brought up by Chancellor Merz, how realistic do you think this is for further and broader consolidation within Europe, including Germany? Second question is on costs. As you said, you improved your cost guidance for this year while you continue to invest. How should we think about cost growth now into next year? Should we expect cost growth to be slower just given a lot of investments assumed are kind of front-loaded? Lastly, on the question on ATEX, if I look at the implied offer price today, it is close to the spot price. Just wondering if you would consider increasing your offer, and if not, how confident are you in terms of getting the required take-up for your offer? Thank you. Okay, I will answer your question on ATEX and your question on the European exchange consolidation, and Giorgio will answer your question on cost. On ATEX, let me reiterate that we do not intend to change the price of the offer and that we will communicate on this offer in accordance with appropriate requirements under Greek law. We do not intend to change the price of the offer. As you know, the offer is open until the 17th of November. We are intensively communicating and sharing views with all the relevant groups of shareholders in order to convince them that the premium we are offering is very attractive and to make sure that they understand the value proposition of making ATEX business, the Greek capital markets, part of an integrated European project. So far, the dialogue is very constructive. As I said, the offer is open until the 17th of November, and we will communicate the results of this tender offer on the 19th of November. On the European exchange consolidation, three remarks. We welcome the comments or the aspirations expressed by the German Chancellor that echoed with the ones of Mrs. Christine Lagarde, the President of the European Central Bank. We share that vision, and we are available to contribute to the next phase of potential consolidation within Europe. Euronext today is the backbone of the capital market union, is the backbone of the integrated equity markets, because, as many of you know, the aggregate market capitalizations of companies listed and traded in Euronext amounts to approximately EUR 6.5 trillion, which is more than twice the aggregate market capitalizations of companies listed on the London equity markets, and which is more than three times, almost four times, the size of the Frankfurt equity market. This is just because we have focused for years on the equity markets. Even if at group level equity trading represents within Euronext 17% of our top line, it is still a multiple of what the other players in Europe, the large players in Europe, are doing. One of the reasons why this vision makes sense is that for all sorts of good historical and corporate reasons, we have found ourselves as focusing historically on equity markets and in fixing the equity financing ambitions of local stakeholders, whereas other players have been focusing in diversifying away from equity markets, sometimes in a very intense way. By the way, this difference of focus on equity markets is also reflected in the difference of valuation multiples historically, because markets tended for long to value a diversification away from equity markets more than focus on equity markets. This is the difference between investors' preferences and stakeholders' aspirations. We are in a situation where we have been able to build in Europe. A platform that raised 25% of the equity in Europe, which is probably the backbone of any future consolidation, because we have the federal governance which is available. We have the integrated processes that are available. We have the strategic focus which is available. We have the operational performance which is available to be what Mr. Merz and Mrs. Lagarde want to happen. Now, why it is not taking place and why it may or may not take place is that because when you do M&A, you operate into a consenting adult game. To do an M&A transaction, you need a willing buyer or willing consolidator, and Euronext is a willing buyer and is a willing consolidator, but you need also a willing seller. For the moment, there is just no willing seller. I think you should not ask us whether we are available. You should ask Deutsche Börse whether they are willing to enter into this type of conversations. As always in Germany, what the Chancellor says in Berlin is interesting, but what is decided in Frankfurt by Deutsche Börse and in Wiesbaden by the government of the Land of Essen, which is the supervisor of Deutsche Börse, is much more relevant to deliver the output. That is where we are for the German situation. We are available, but the answer is in the hands of decision-makers. On the cost, what I can say is that we will follow the usual timeline for cost guidance, which means that we will share with you costs for next year in February next year. The reason is simple, and it is the fact that we have not concluded the budget process, which will be approved in December. It would be a little bit complex to share and commit with you before having secured approval from our governance. The next question comes from Ian White from Autonomous Research. Please unmute your microphone and go ahead, sir. Hi there. Thanks for taking my questions. Three from my side as well, please. Just a follow-up on this consolidation or M&A topic. Can you just say a bit about your openness or otherwise to innovative structures or partnerships to boost scale and liquidity in European equity markets? I know there was a proposed joint project with Xetra, I think, a couple of years ago. Would you revisit something like that, or are you clear that sort of consolidation of European markets in Euronext's own business is the only option you're really sort of thinking about, please? That's question one. Secondly, can I ask a follow-up as well on the drivers of the performance at MTS? In terms of the growth, how much is coming from sort of more trading of Italian govies and how much is coming from new pockets, maybe products outside of Italy, B2C, sort of new trading user types, the algo-focused traders that I think we talked about at the Capital Markets Day last year? Maybe a bit more detail on that would be helpful, please. Finally, ESMA has issued some new proposals regarding commercial practices with respect to selling market data. Particularly with respect to pricing of data across different types of user and restrictions around auditing practices by the exchanges. What's your view on those proposals at this stage, and what impact do you think there might be for Euronext, please? Thank you. I'll take your question on consolidation, and Giorgio will take your question on MTS and dynamic on our market data business. On consolidation, when it comes to equity trading, which is the core of the discussion for the moment because the motivation of the German Chancellor was to secure a proper downstream for the liquidity of all the great companies that are developing in Germany and look for exiting public markets. For equities, consolidation is needed to deliver a single liquidity pool because if you want a single liquidity pool, you need to have a single order book. To enable a single order book, you need a single technology platform. You need to have processes, harmonized rule book, and consolidation is necessary to create scale. Hybrid model and ideas have been very creative. They have not really delivered, not because people were not. Acting in good faith or were not positive and enthusiastic, because it just does not fit with what is needed to create a deep, low-latency, large liquidity pool. We are happy to consider all sorts of cooperation when it comes to, let's say, indices, when it comes to listing initiatives, when it comes to facilitating or using tools that facilitate the retail onboarding in public markets. When you want to create impact, you need more liquidity. To create more liquidity, you need a bigger order book. To have a bigger order book, you need a solid, robust, centralized, integrated technology platform. That is why this is a prerequisite. Okay, yes. Let's start with MTS. You are absolutely right. One of the ambitions of the project is to grow platforms which are different from the traditional dealer-to-dealer and shift more in the dealer-to-client. This platform is something that is performing extremely well. We can see volumes on that platform growing. I would say, exponentially, with growth rates exceeding 50% year- on- year. Still, it is not a huge proportion of the overall revenues, but the direction of travel is very strong. The other interesting feature is that we are expanding into the three key segments of the space of the dealer-to-client. We are seeing very good traction in rates, the beginning of an activity in credit, and we are developing the swap. The results so far are good. The partnership with dealers is performing well, but clearly, this is just the beginning. When it comes to the traditional dealer-to-dealer, Italy remains the largest contributor to the pool. However, as I have highlighted during the presentation, we have seen very good growth coming from countries outside of Italy, namely Spain and Portugal. When it comes to market data, we are a recipient of regulation. We are adjusting ourselves. It's difficult to comment at this stage because the game is not over, which means that we are still analyzing the situation. What I can comment is that we're going to see what is going to be the outcome and who's going to be the actual beneficiary of the change, whether there are going to be the large resellers of data or the smaller players in the market. The next question comes from the line of Arnaud Giblat calling from Exane BNP. Please unmute your microphone and go ahead, sir. Yes, good morning. I've got two quick follow-up questions, please. Firstly, on the p otential movement of OAT on MTS, I'm just wondering—I heard your comments—I'm just wondering in terms of potential competition, who you're facing up to and how well are you positioned to win that business if it eventually comes over? My second question is, again, a follow-up on Euronext securities. I'm just wondering if you can report any progress on getting issuers moved to Italy. Thank you. Your second question. Sorry, Arnaud. Oh, yeah, sure. I think so far, it's just Euronext and Exxon that have shifted their issuance to Euronext securities. Are you seeing any progress with any other issuers? Okay. On the second question, which is basically the pace of CSD expansion. As I said a few minutes ago, following a question of one of your colleagues, we are trying to find the right moment to wrap up what is the precise status of onboarding. As you know, for making that project impactful, we need to have a combination of conditions. One avenue is to go one by one to migrate each individual issuer, as it was the case of Stellantis or Euronext's company, etc., and we are working with others. This will be also filled with some new IPOs that have the possibility to decide their full post-trade change. That is one avenue. The other avenue is the custodians, and in general, beyond the custodians, all the players who are intermediating issuers with the post-trade change. We are working on it, and I hope that soon, and I cannot be more specific, we will be in a position to share a status of that. As I said, you have to understand that industrial projects do not have necessarily the same pace and timings as all quarterly meetings. We have, in March, the go-live of the power derivatives market that will happen after our full year results. This is a very important step. We had the ETF moment and European ETF listing trading platform that took place in September, at the end of September. These things happen when they are ready, and we communicate when they are ready. Because the go-live for the CSD expansion as a whole is September 26, we need to share with you where we are. We will be in a position to do so soon, but it is not now. On the competition for the French royalty, for the French tenure, I do not know. I think the MTS platform is quite unique. It is European design. It is European proved. It is a good platform to combine. The sort of European primary dealers' culture and practices together with an electronic platform that provides transparency and that has ultimately an impact on spreads. I think as much as the French royalty was perceived as being massively different from the Italian liquidity problems back in the days, just even back in the days, means even 15 months ago. Now, the facts are that French sovereign debt belongs to the same league as the Italian sovereign debt. Therefore, we believe that there is an opportunity to continue this dialog. I know you're asking a question. You're right, but systematically, we continue to explain, to pitch, etc. My conviction is that the more there is a sort of normalization of French sovereign debt around the debt of Italy and countries that have been through similar types of environments, the stronger the likelihood of all solutions being. Considered and then implemented alongside the traditional primary dealers' scheme. The next question comes from the line of Hervé Drouet, calling from CMC Market Solutions. Please go ahead, sir. Yes, good morning. Thank you for taking my questions. The first one is, could you share with us what is the percentage of your cost which is externalized in terms of operation? Could the seasonality we've seen in third quarter be reflected by the fact some of your external costs, either on development or on operations, which are externalized, tends to be lower during that period of time? The second question's on HFX as well. Is there something you can share with us in terms of already what you have secured in terms of acceptance for your open offer for exchange of equity? If there are any, you can communicate at this stage. Thank you. I'll take the question, Alex, and Giorgio will take your question in cost. We will not communicate any interim acceptance level in accordance with applicable laws and regulations. We will communicate the result of the offer on the 19th of November. As you can imagine, we have a close dialogue with the three different constituencies that are owning shares in HFX: the local Greek institutions, the international asset managers, or the international investors that own shares in HFX. The third group is the local retail investors that interact through their brokers. We have a very intense, continuous, and precise, and updated dialogue with those three constituencies. In accordance with appropriate rules and relevant laws and regulations, we will communicate the outcome of the offer on the 19th of November. With respect to your first question, the percentage of activity which is outsourced is inexistent or absolutely negligible. Our business model is based on the fact that we operate what we do. The synergies of the transaction we do are exactly based on that, which means that we take care of others' operations and not the other way around. When it comes to the seasonality, in our P&L, this is more simply the full-time employees of Euronext. When they go to holidays, we do not record part of the cost in our P&L, and this gives the seasonality. It has nothing to do with outsourcing. It is an accounting treatment for holidays across the different countries. What you will see is that in normal countries, this is more June, July. In the rest of Europe, it is more July, August. This is the reason why it has an impact which is stronger in the third quarter. Nothing more to highlight. The last question comes from the line of Greg Watson, calling from ING. Please unmute your microphone and go ahead. Sir, you can unmute your microphone and go ahead. The line is yours. I do not think we have more questions at this time. I will now hand back to our speakers for their closing remarks. Thank you. If there are no further questions, I thank you very much for your attention and for your time, and I wish you a very good day.