Global Rate Set Systems (GRSS)

NovitasFTCL advised the shareholders of GRSS on its sale to Euronext

NovitasFTCL acted as exclusive adviser to Global Rate Set Systems (GRSS) on its sale to Euronext

Founded in 2009 and headquartered in New Zealand, GRSS is a mission-critical service provider to the benchmark administrators that produce three of Europe’s critical interest rate benchmarks: EURIBOR® (global, the world’s largest benchmark), STIBOR® (Sweden) and NIBOR® (Norway). GRSS also owns and operates two regulated benchmark administrators that produce CIBOR® (Denmark) and PRIBOR (Czech Republic), and a benchmark administrator that produces the TAB, TADO and ICP indices (Chile). GRSS provides a complete solution for developing, operating, and monetising benchmarks, indices, and other forms of regulated or unregulated market data.

Euronext, the leading pan-European market infrastructure, entered into an agreement to acquire 75% of the share capital of Global Rate Set Systems (GRSS). The acquisition significantly strengthens Euronext’s index franchise adding very strong capabilities in contributed data indices from a highly respected provider and positions Euronext as a leading player for calculating and administrating Interbank Offered Rate (IBOR) indices.

In partnership with GRSS management and its founder, Euronext aims to reinforce the positioning of GRSS to become the go-to provider in the contributed data and indices space, leveraging on Euronext’s global leadership and recognition. This acquisition contributes to the growth of Euronext’s fixed and subscription-based revenue.

  • Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:

“The acquisition of Global Rate Set Systems is a new milestone in broadening the Euronext data and indices offering. Euronext is today one of the leading providers of flagship equity indices, such as the CAC 40®, AEX® and OBX®. This transaction allows us to further expand Euronext’s offering to interest rate benchmark indices and contributed data indices.

GRSS has a strong track record of continued revenue growth and high-quality service. We are glad to welcome to Euronext the existing GRSS management team, who will contribute to taking GRSS to the next step and further globally expand Euronext’s index capabilities.”

  • Craig McIvor, Co-founder and Chief Executive Officer of GRSS, said:

“The acquisition by Euronext of a majority stake in GRSS underlines the high quality of its services towards 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 indices space, which GRSS will complement by contributing GRSS’ expertise in interest rate benchmarks and contributed data indices.”


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