Euronext N.V. is the first truly multinational exchange operator in Europe. It provides services as an organiser of regulated markets in five different countries: Belgium, France, the Netherlands, Portugal, as well as the United Kingdom, especially for derivative markets.      Euronext is in the process of integrating these markets across Europe in a way that will deliver the full benefits of integration for the market users: benefits in terms of size, liquidity and synergies. Euronext will eliminate the cross border costs for trading for its own range of services. At the same time Euronext's concept is to preserve the strengths of the home markets. Euronext provides the solution for integrating Europe's fragmented markets by using local markets as building blocks, thus creating a true European marketplace.      Euronext's aim is to set the standard for quality of service, technology, efficiency and innovation. In terms of the volume of equity-related transactions executed through the central order book, Euronext is the largest exchange organisation in Europe. With Clearnet acting as a central counterparty, Euronext is the only exchange operator to offer a full netting service for all its markets and products.      Euronext is an integrated provider of all the services used by participants in the financial marketplace. These services range from listing securities on behalf of issuers to providing trading facilities for cash securities and derivatives. Euronext provides clearing and netting services and settlement services, the latter will be provided through the partnership with Euroclear. Furthermore Euronext provides technological solutions for capital markets users, and financial information products. Euronext offers straight through processing. Euronext's customers are: — members, institutions that have direct access to our markets; — listed companies, whose shares are traded on our markets, companies that can use our market to raise capital; — professional and retail investors, which use Euronext's markets for the purpose of asset allocation; — other organisations, which make use of our technology and our services; — consumers of financial information.        As the leading pan-European exchange, Euronext's activities are well diversified, which helps to protect its revenues from the vagaries of the financial markets and the economy at large. Its acquisition of LIFFE this year further broadened the group's financial base. The acquisition will increase the group's revenues from derivatives trading from 12% of total revenues in 2000, to approximately 26% on a comparable basis enhancing a stable mix of revenue sources.