Stéphane Boujnah

Stéphane Boujnah
Nationality	French
Occupation	Business executive
Title	CEO and Chairman of the Managing Board, Euronext N.V.
Known for	CEO and Chairman of the Managing Board of Euronext N.V.

Stéphane Boujnah is a French business executive who has served as the Chief Executive Officer and Chairman of the Managing Board of Euronext N.V., the pan-European stock exchange operator, since 2015. Over the course of a decade at the helm of one of Europe's most prominent financial market infrastructure companies, Boujnah has overseen a significant transformation of Euronext from a largely Franco-Dutch exchange group into a continental exchange operator spanning multiple European countries. Under his leadership, Euronext has pursued an ambitious acquisition-driven growth strategy, expanding into new markets while maintaining a focus on its core exchange business. Boujnah is also a member of the Trilateral Commission, an international policy forum. As he has prepared to step down from Euronext in the coming years, Boujnah has become an increasingly vocal commentator on the state of European capital markets, the competitive dynamics between European and American financial systems, and the need for greater consolidation among European exchanges.

Career

Leadership of Euronext

Stéphane Boujnah became CEO and Chairman of the Managing Board of Euronext N.V. in 2015. His tenure has been defined by a sustained strategy of organic growth and targeted acquisitions aimed at building a unified pan-European market infrastructure. By late 2025, Boujnah had led the company for a decade, a period he reflected upon in an interview with Markets Media, discussing how the exchange had undergone a substantial transformation during that time.

A central element of Boujnah's strategic vision has been the expansion of Euronext's geographic footprint across Europe through a series of acquisitions. The company grew from operating exchanges in a handful of countries to becoming the operator of regulated markets in France, the Netherlands, Belgium, Portugal, Ireland, Italy, Norway, and Denmark, among others. This expansion was achieved through several landmark transactions over the course of his tenure.

Acquisition Strategy and Core Business Focus

One of the distinguishing features of Boujnah's leadership has been his deliberate decision to keep Euronext focused on its core exchange and market infrastructure business, rather than diversifying heavily into data services and technology platforms in the manner of some of its competitors. In a February 2026 interview with Financial News London, Boujnah stated that Euronext "may have missed the Titanic" by not pursuing an LSEG-type data deal, suggesting that the company had benefited from staying true to its core business model while rivals shifted into data.

This strategic positioning was further elaborated upon in a February 2026 article in The TRADE, in which Boujnah stated that the company "chose not to follow the crowd." The article noted that Euronext had achieved seven consecutive quarters of double-digit growth, a performance Boujnah attributed in part to the company's disciplined approach to its business model.

European Exchange Consolidation

Throughout his tenure, Boujnah has been a prominent advocate for greater consolidation among Europe's stock exchanges. In an October 2025 appearance on CNBC, he stated that he was open to greater consolidation among European exchanges, including with the London Stock Exchange. This position aligned with broader proposals championed by German policymakers and other European leaders seeking to strengthen European capital markets in the face of competition from the United States and Asia.

Boujnah's consolidation efforts continued into late 2025 and early 2026 with Euronext's pursuit of the Athens Exchange Group (ATHEX). In July 2025, Euronext submitted an all-share voluntary share exchange offer for ATHEX as part of its strategy to expand its presence in southeastern Europe. By November 2025, the proposed acquisition was described as "a landmark opportunity for Greek markets" in the Greek press, with Euronext aiming for the full acquisition of the Athens Stock Exchange. The ATHEX bid represented a continuation of Boujnah's long-standing strategy of building a federated model of European exchanges under the Euronext umbrella.

In a January 2026 interview with Financial News London, Boujnah indicated that he wanted to complete a significant deal before his departure from Euronext, which was anticipated for the following year. However, he stated that such a deal would not be in the United States, noting that the US under the presidency of Donald Trump had become "unrecognisable" in his view.

Commentary on US and European Markets

In addition to his role as an exchange operator, Boujnah has become a prominent commentator on macroeconomic and geopolitical trends affecting capital markets. In a July 2025 appearance on the Bloomberg podcast Merryn Talks Money, Boujnah argued that the policies of US President Donald Trump had transformed what had been called the "great rotation" in markets into a "global reallocation of trust," with investors increasingly turning toward Europe and away from the United States. He characterised the US as starting to resemble an "emerging market" in certain respects.

These comments reflected Boujnah's broader thesis that the political and regulatory environment in the United States under the Trump administration had created an opportunity for European capital markets to attract greater investor interest. His remarks were consistent with his long-standing advocacy for strengthening European market infrastructure and reducing the continent's historical dependence on US-centric financial systems.

Planned Departure

By early 2026, it was publicly reported that Boujnah was preparing to step down from Euronext the following year, after more than a decade as CEO. His planned departure raised questions about the future strategic direction of Euronext and the continuation of its acquisition-driven growth model. Boujnah's stated desire to complete a major transaction before leaving indicated that the company's consolidation strategy was likely to remain active in his final period at the helm.

Memberships and Affiliations

Boujnah is a member of the Trilateral Commission, an international nongovernmental organization founded in 1973 to foster closer cooperation among North America, Europe, and Asia.

Legacy

Stéphane Boujnah's tenure at Euronext has been characterised by a sustained effort to build a pan-European exchange infrastructure through organic growth and acquisitions. When he assumed the role in 2015, Euronext operated in a limited number of European markets; by the mid-2020s, the company had expanded its footprint across the continent, with operations or acquisitions pending in numerous countries including France, the Netherlands, Belgium, Portugal, Ireland, Italy, Norway, Denmark, and Greece.

His strategic focus on core exchange operations, rather than diversification into data and technology services, distinguished Euronext from competitors such as the London Stock Exchange Group and Intercontinental Exchange. Boujnah's characterisation of this approach—suggesting that Euronext "may have missed the Titanic" by not following the data-centric strategies of peers—reflected a deliberate contrarian philosophy that he argued had contributed to the company's sustained financial performance, including seven consecutive quarters of double-digit growth by early 2026.

Boujnah's advocacy for greater European exchange consolidation, including his publicly stated openness to working with the London Stock Exchange, positioned him as one of the more vocal proponents of a more integrated European capital markets ecosystem. His commentary on the shifting dynamics between US and European markets, particularly his description of the US as beginning to resemble an "emerging market" under the Trump administration, contributed to broader debates about the future of global capital flows and the relative attractiveness of European financial markets.

The ATHEX acquisition bid in 2025 represented one of the final major strategic moves of Boujnah's tenure, reflecting his continued commitment to expanding Euronext's reach into southeastern Europe. As he prepared to depart the company, the question of whether his successor would continue the same acquisition-driven, Europe-focused strategy remained a subject of interest within the financial industry.