Euronext has acquired 100% of Substantive Research, a London-based firm specialising in pricing and product comparison for investment research and market data. Founded in 2015, Substantive Research serves over 100 clients globally, offering benchmarking services for asset managers, hedge funds, and other financial institutions.
The acquisition strengthens Euronext’s investor services through its subsidiary Commcise, which provides commission management and research valuation solutions. Integrating Substantive Research will allow Commcise clients access to unique market benchmarks, helping them navigate regulatory requirements with a unified platform. Substantive Research will benefit from Euronext’s scale, enabling it to expand its benchmarking capabilities and vendor offerings.
This move aligns with Euronext’s capital allocation strategy and reinforces its focus on delivering high-quality, recurring revenues while deepening its connection with the buy-side community.
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