Merger and Acquisition Trends in the Financial Sector - September 2025
In the dynamic world of finance, the first quarter of 2025 has seen a flurry of activity as leading players reshape the landscape of European Financial Market Infrastructure (FMI).
Kicking off the year, SIX Group made a significant move by acquiring Swiss Fund Data. Meanwhile, S&P Global and CME Group disposed of Osttra, signalling a shift in their strategic focus.
The Middle East is emerging as a region to watch, with the UAE leading the charge. UAE-based Fundament Capital expanded its reach with the acquisition of 6.86% of Moscow Exchange, while Tungsten Custody Solutions welcomed inbound acquisitions.
In a similar vein, the UAE-based Tungsten Custody Solutions was acquired by Zodia Markets (Standard Chartered) for digital asset custody, marking a significant step in the digital asset sector.
European powerhouses have also been active. Euronext, for instance, has been leading the charge on vertical integration, acquiring Global Rate Set Systems, Substantive Research, Acupay, Admincontrol, and others. The company is also expanding internationally, as shown by its acquisition of TISE.
Euronext's focus on regional influence is evident in its acquisition of Nasdaq's Nordic power futures business and Nasdaq Clearing Sweden's and Nasdaq Oslo's commodities exchange and clearing businesses.
The London Stock Exchange Group has also been active, acquiring Veris for a post-trade processing platform.
SWFs and international public sector investors, such as TCorp, have also been active players, with TCorp's acquisition of 4.92% of Euroclear being a notable example.
Financial sponsors, including KKR, have driven M&A activity, with KKR acquiring OSTTRA for OTC post-trade infrastructure. GIC also joined the fray, acquiring 4.99% of Euroclear.
Euroclear, in response, has been leading the charge on digital transformation, acquiring strategic stakes in Inversis and Marketnode. The company also formed a JV with Digital Asset and World Gold Council to tokenise gilts, gold, and Eurobonds.
In a bid to establish a EU-wide post-trade infrastructure single market, Euroclear has plans to expand its operations by July 2025, which is expected to drive intra-EU acquisitions and JVs.
SIX Group has also made strides, acquiring Aquis Exchange. Meanwhile, LCH and CMU OmniClear have expanded their FX clearing service JV.
CoinDCX has made a mark in the crypto trading sector with its acquisition of BitOasis, while Boerse Stuttgart Digital and Fenergo have formed a crypto infrastructure JV.
SimCorp and Axioma Risk analytics have integrated their offerings, marking a significant step in the risk management sector.
Notably, Societe Generale, Citi, and the London Stock Exchange Group have disposed of their stakes in Euroclear.
In the midst of this activity, it is clear that the European FMI market, while of high value, has not seen a significant increase in volume. However, with the wave of consolidation and digital transformation underway, the future looks promising for this dynamic sector.
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