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Euronext, which also controls the Italian Stock Exchange, has entered into an agreement to acquire 75% of the share capital of Global Rate Set Systems (GRSS), a provider of services for benchmark administrators. Founded in 2009 and headquartered in New Zealand, GRSS is a mission-critical service provider to administrators producing three of Europe’s leading interest rate benchmarks, starting with Euribor (the global index, the largest benchmark in the world). Other benchmarks for which it offers services include the Stibor (Sweden) and the Nibor (Norway). GRSS also owns and operates two regulated benchmark administrators producing Cibor (Denmark) and Pribor (Czech Republic), and one benchmark administrator producing Chilean indices. Grss provides a complete solution for the development, management and monetization of benchmarks, indices and other forms of regulated and unregulated market data.
«The acquisition of GRSS – continues the note – further diversifies and strengthens the Euronext index franchise, positioning the Group as a leading player in the calculation and management of the Interbank Offered Rate (Ibor) indices. In collaboration with Grss management and its founder, Euronext aims to strengthen Grss’ positioning to become the go-to provider in the data and index provision space, leveraging Euronext’s leadership and global recognition. This acquisition contributes to the growth of Euronext’s fixed and subscription-based revenues.”
The transaction is expected to complete in the second quarter of 2024 and is subject to customary regulatory approvals.
«The acquisition of Global Rate Set Systems – said Stéphane Boujnah, CEO and chairman of the board of directors of Euronext – represents a new milestone in the expansion of Euronext’s data and index offering. Euronext is today one of the main providers of leading stock indices, such as Cac 40, Aex and Obx. This transaction allows us to further expand Euronext’s offering to interest rate benchmark indices and contribution data indices. Grss has a strong track record of continuous revenue growth and high-quality service. We are pleased to welcome the current GRSS management team to Euronext, who will help take GRSS to the next step and further expand Euronext’s index capabilities globally.”
«The acquisition by Euronext of a majority share of Grss – underlined the co-founder and CEO of Grss, Craig McIvor – underlines the high quality of its services to customers. The GRSS management team is very excited about this acquisition and sees strong benefits and growth opportunities arising from being part of Euronext. Euronext already has a leading position in the equity index sector, which GRSS will complement by bringing its expertise in interest rate benchmarks and index data provided.”