French market data outfit Fininfo and pan-European exchange Euronext have entered a joint venture agreement to provide financial information products and services to European banks and brokerages.
The move follows Fininfo's acqisition of a 51% stake in the capital of the Secrétariat des Valeurs Mobilières (SVM), hitherto a 100% subsidiary of Euronext Brussels.
The new joint venture, which will mainly operate on the French, Belgian and Dutch markets, will take on the commitments and commercial relations of SVM and will continue the distribution and management of the existing SVM products and services.
The partnership agreement could be extended to other countries where the two partners may develop activities, say Fininfo and Euronext.
Olivier Lefebvre, executive vice-president of Euronext says: "This operation gives Euronext the opportunity to confirm, close to its own core business, a global competence on information on corporate events, for listed or not listed securities, while benefiting from the expertise of a specialist partner in this field."