# EURONEXT MARKET SERVICES LLC X-17A-5 (2025-03-28) — Broker-dealer annual report - Company: EURONEXT MARKET SERVICES LLC - Form: X-17A-5 - Filed: 2025-03-28 - Period: 2024-12-31 - Accession: 0001719196-25-000003 - CIK: 1719196 - File #: 8-70033 - Type: Broker-dealer - Material weakness: No - Auditor: Sanville and Company - Auditor location: Dallas, TX - Contact: Patrick Basilice - Phone: 646-779-1135 - Email: bmegenity@bdcaonline.com - Website: bdcaonline.com - Signed by: Allan Goldstein (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1719196/000171919625000003/emsauds.pdf --- {0}------------------------------------------------ | | UNITED STATES | | OMB APPROVAL
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12 | | | | ANNUAL REPORTS | | SEC FILE NUMBER | | | | FORM X-17A-5 | | 8-70033 | | | | PART III | | | | | | | | | | | | FACING PAGE
Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | | | | | | FILING FOR THE PERIOD BEGINNING 01/01/2024 AND ENDING 12/31/2024 | | | | | | MM/DD/YY | | MM/DD/YY | | | | A. REGISTRANT IDENTIFICATION | | | | | | NAME OF FIRM: EURONEXT MARKET SERVICES LLC | | | | | TYPE OF REGISTRANT (check all applicable boxes): | | | | | | Broker-dealer | | | ا Major security-based swap participant | | | Check here if respondent is also an OTC derivatives dealer | | | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | 180 MAIDEN LANE, 15TH FLOOR | | | | | | | (No. and Street) | | | | | NEW YORK | NY | | 10038 | | | (City) | (State) | | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | Brian Megenity | (770) 263-6003 | | bmegenity@bdcaonline.com | | | (Name) | (Area Code - Telephone Number) | | (Email Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing" | | | | | Sanville & Company LLC | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | 325 N. St. Paul Street, Suite 3100 | Dallas | X | 75201 | | | (Address) | (City) | (State) | (Zip Code) | | | September 18, 2003 | | 169 | | | | (Date of Registration with PCAOB)(if applicable) | | | (PCAOB Registration Number, if applicable) | | | | | | | | | | FOR OFFICIAL USE ONLY | | | | accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5{e){1}(ii), if applicable. Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. {1}------------------------------------------------ ### OATH OR AFFIRMATION | 12/6/1 | financial report pertaining to the firm of EURONEXT MARKET SERVICES LLC
, as of
, 2024 , is true and correct. If further swear (or affirm) that neither the company nor any | |--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | partner, officer, director, or equivalent person, as the case may proprietary interest in any account classified solely | | | 'as that of a customer.
New York County - NY State | | | | | | Sworn to before me on:
Signature: | | | 03 1271 2025 | | | And And Children Character Children States | | | 7 WE
Tarex & E. Barkataw | | | Morary Public - Scalle of Mew Yor
40.01 22.54 3450
Notary Public | | | Qualified in Niger Your Councy
Commission Sames For . 2029 | | | This filmg** contains (check all applicable boxes): | | | (a) Statement of financial condition. | | | (b) Notes to consolidated statement of financial condition. | | | LJ (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of | | | comprehensive income (as defined in § 210.1-02 of Regulation S-X). | | | LJ (d) Statement of cash flows. | | | [e] Statement of changes in stockholders' or partners' or sole proprietor's equity. | | | [] (f) Statement of changes in liabilities subordinated to claims of creditors. | | | [g] Notes to consolidated financial statements. | | | (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. | | | (i) Computation of tangible net worth under 17 CFR 240.18a-2. | | | ا | | | [k] Computation for determination of security-based swap reserve requirements pursuant to Exhibit 8 to 17 CFR 240.153-3 or | | | Exhibit A to 17 CFR 240.18a-4, as applicable. | | | J (I) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. | | | [] {m} Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. | | | [] (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR | | | 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable.
[] (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net | | | worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 | | | CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences | | | exist. | | | [] {p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. | | | [q] Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. | | | [] (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. | | | ا | | | [t] Independent public accountant's report based on an examination of the statement of financial condition. | | | [] {u} Independent public accountant's report based on an examination of the financial statements under 17 | | | CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. | | | LJ (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17
CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. | | | ا {w} Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 | | | CFR 240.18a-7, as applicable. | | | L.J (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17-12, | | | as applicable. | | | ් (y) Report describing any material inadequacies found to existed since the date of the previous audit, or | | | a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). | | L | (z) Other: | {2}------------------------------------------------ EURONEXT MARKET SERVICES LLC Financial Statements For the Year Ended December 31",2024 with Report of lndependent Registered Public Accounting Firm {3}------------------------------------------------ ![](_page_3_Picture_0.jpeg) # Report of lndependent Registered Public Accounting Finn To the Member and Those Charged With Governance oi Euronext Market Services LLC ## Opinion on the FinancialStatement W'e nave audited the accompanying statement of financial condition of Euronext Market Servicas LLC (fre Company) as of December 31, 2024, and the related notes (collectively, the financialstatement). ln our opin'ron, the fnancial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2024, in conformity witr accounting principles generally accepted in 8re Uniied States of America' ## Basis for Opinion This financial statement is the responsibili\$ of the Compant's management, Our responsibility is to express an opinion on the Company's financial statement based on our audit, We are a public accounting firm registered with the fuOtic Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the appticable rules and regulations of the Securities and Exchange Cornmission and lhe PCAOB. We conducted our audit in accordance witr fi"re standards of the PCAOB. Those standards require that we plan and perform the audit to obbin reasonable assurance about whether the financial stalement is free of material misstatement, whether due to enor or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its intemal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporiing but not for the purpose of expressing an opinion on the effectiveness of the Compan/s intemal mntrolover financial reporting. Accordingly, we express no such opinion. Our audit induded performing procedures lo assess the risks of material misstatement of the financial statement, whether due to enor or fraud, and performing procedures that respond to lhose risks. Such pmcedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement' Our audit also included evaluating the accounting principtei used and significant estimates made by management, as well as evaluating tire oveiallpresentation-of the financialstatement. We believe that our audit provides a reasonable basis for our opinion. Sark"r%z { \*,\*\*\*\*o //4 t/ // We have served as the Company's Suditor since 2023. Dallas, Texas March 25, 2025 > 325 North Salnt Paul Street Suite 3100 Dallas, Texas 75201 214-73A.l^998 {4}------------------------------------------------ # Euronext Market Services, LLC Statement of Financial Condition December 3l,zAU ### Assets | Cash and cash equivalents | s26,063,176 | |----------------------------------------|-------------| | Due from Parent - Deferred tax bcncfit | 79,747 | | Accounts receivable | 62,230 | | Unbilted receivables | 283,439 | | Related parLy receivables | 211,729 | | Prepaid expenses and other assets | 21,614 | | Total assets | s26,721,929 | | Liabilites and member's equity | | | Liabilities | | | Research (28e) liabiliry | 922,204,060 | | Accrued tax liability | 335,648 | | Due to related parties | 14,549 | | Accounts payable | 20,261 | | Total liabilities | 22,574,518 | | Member's equity | 4,147,411 | | Total liabilities and member's equity | s26,721,929 | {5}------------------------------------------------ #### NOTE 1. NATUR-E OF OPERATIONS A}ID BASIS OF PRESENTATION # Organization and Descriprion of Business furone"t Marker Services LLC (the "Company') is a rvholly-owned subsi&ary of Euronext US, h:rc. (the "Parent"). The Company is a limited liabiliry company and rvas formed under the laws of the state of Delau,are inJuly 2017. On September 10, 2018, the Company became a broker-dealer and as such is registered with the Securities and Exclange Commis.sion (the -S C") and a member of the Financiai Industry Regulatory Aurhoriry fFINRA") and the Securiries Investors Protecrion Corporarion (-SIPC"). The Company was originally approved by FINRA to conduct business as an alternatire trading sysrem (-ATS") to rrade U.S. corporate debt securilies and U.S. Treasury securiries, but the Company is not currently acrively engaged a9 an AIS In addition, rhe Company provides rhird party research senices as afforded under SEC Secrion 28(e) safe harbor and section III(H) and (I) of its interpretative guidance issuedJuly 24,20A6. See Note 7 for related Parry transaclions. ## Basis of Presentarion the ,c.-mpanytng financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") and pursuant ro Rule 17a-5 of rhe Securiries and Exchange Commission Act of tq34. the ciassificarion and reporring o[ items appe'aring on the financia] statements are consisEent with that rule. The Company does not claim an exemprion from Rule 15c3-3 in reliance upon footnote74 of SEC Release No. 34- 7OO7t dated July 10, 2013, and as discuised in Question B of the related FAQ releasedby SfC staff on April 4,2014. The Company does not hoid customer funds or securiries and does not carry accounts of or for customers. #### NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ## Use of Esrimates Management uses estimates and assurnprions in preparing these tinancial ,t ,t..ri"ttt. in accordance with US GAAP. Those esrimates and assumptions aflect rhe reported amounts of assets and liabiliries. the disclosure of contingent- assets and liabfities and the reported revenues and expenses. Acrual results could vary from the estimates rhat were used. {6}------------------------------------------------ ## Cash and Cash Equivalents The Company considers all highly licluid investments r,vith mamrity of\_thre-e months oi Lir at the rime of purihas. to be cash equivalents. Cash and cash equivalents consist primarily of cash and money market funds held at banks and other ttn ancial ixsfi ruri ons. ### Revenue Recogition The Comparry accounts for revenue under the provisions o{ASC 6}6,Ra'uueJrom Contrdcts with Customers. Under ASC 606, recogrriAon of revenue occurs when a customer obtains control of promised services or goods in an amount that reflects rhe considerarion to urhich rhe enriry expects to receive in exchange for those goods or services. In addition, the s[andard requires disclosure of the narllre, amount, timing, and uncertainty of revenue and cash flou,s arising from customer contracts. In general, the Company applies the follou4ng steps when recognizing re-venue from conrracts witl customers: (i) identify the conlract, (ii) idenrify the performance obligarions, (iii) determine the transacrion price, (lv) allocate the iransaction price to rhe performance obligations and (v) recognize revenue rn'hen a performance obligation is satisfied- The Company earns fees from its support and operarional services provided to its customeri in accordance with ttre-related reYenue sharing agreements. The Company has customer conrracts that have a stand-ready obligarion to perform serviies on an ongoing basis over the life of the contracr, typicaliy fol p\_eriods up to one year, where-the-sco1x of these arrangements is broad and there are no signiiicant gaps in perfomr.ing the services. These contracts consist of a fked monthly fee and a Eansaction based fee component. For thcse contracts, rhe Company recognizes the revenue over time for the availability\_ of its monthly serviie bundle, u,'hlch represents a stand-ready performance obligation. As the Company bills in arr.\*J for the prior month's services, the fixed fee, and the variaLiiiiy in rhe ilansacrion-based fee that does not align with the timing of rhe biliings to the cusromer nnay result in the recognition of a conrract asset. This can result-i., a rcquirerlent to esLimate montl'rly rransacrion based fees each monrh during the conrract term in order to determine tfie rate for revenue recognirion. this tiariable consideration is consrrained if there is an inabiliry to reliably fore cast this revenue. Ad&rionally, rhe Company may occasionally recogni=e revenue adjustrnenrs in the currenr period foi performance obligarions partially or fully sahsfied in the previous pi.iod" re.rlting from changes in estimates for the Eansacdon price, including any changes to its assessment of \$'hether an estrmate of variable considerarion is consrraiaed. {7}------------------------------------------------ Revenue for the year ended December 31, 2024, totals \$3,045,572, comprising reconciliation services fees of \$1,500,113 and aggregation services fees of \$1,431,336, recognized under ASC 606 as stand-ready obligations over the contract terms with customers. Total revenue also includes \$66,096 in interest and \$48,017 in connectivity fees. Reconciliation Services Fees: The Company earns \$1,500,113 from providing trade reconciliation and operational support to unaffiliated brokerdealers under the Revenue Sharing Agreement with Euronext Market Services LLC. Fees include fixed monthly amounts and variable transaction-based charges (e.g., basis points or volume-based rates) derived from automated processing of broker trade data through a proprietary platform. These services facilitate soft dollar arrangements and are billed monthly in arrears, with variable fees estimated and constrained when forecasts are uncertain. Aggregation Services Fees: Aggregation services fees of \$1,431,336 reflect amounts earned under the Custodial Aggregation Services Addendum to the same agreement. The Company, as executing broker, transfers research commissions from designated clients to Euronext to pay third-party vendors for brokerage and research services qualifying under Section 28(e) of the Securities Exchange Act of 1934. Fees consist of fixed annual charges (e.g., \$300 per client) and transactionbased rates (e.g., 5 mils per share domestic, 0.25 basis points international) assessed after meeting specified thresholds, distinct from reconciliation activities. Contracts typically span one year with automatic renewals, and revenue is recognized over time as services are provided. Variable consideration may result in adjustments from prior periods if estimates change, though such adjustments were immaterial in 2024. ### Information on Remaining Performance Obligations The Company does not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. These performance obligations generally relate to the service fee income and are resolved monthly as services are performed under the terms of the contracts. ## Contract Balances The timing of the revenue recognition may differ from the timing of payment by the customers. The Company records an unbilled receivable when revenue is recognized prior to invoicing and it has an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, the Company records deferred revenue until the performance obligations are satisfied. The Company records accounts receivables when services are billed to the customer. {8}------------------------------------------------ The Company had receivables related to revenues from contracts with customers of \$345,669 at December 31, 2024, consisting of \$283,439 of unbilled receivables, and \$62,230 of accounts receivable. The Company expects the entirety of these receivables to be collected in accordance with the invoice terms in 2025. ### Contract Costs Incremental costs of obtaining a contract are capitalized if they are expected to be recovered. Incremental contract costs that have an amortization period of one year or less are expensed as a practical expedient. There were no incremental contract costs during 2024. The Company does not incur any other contract costs with the exception of the services provided by the Affiliate. At December 31, 2024, the Company owes the Affiliate \$12,915. Please see Note 7 for further details. ### Disaggregation of Revenue The Company does not disaggregate revenue other than by service line, as it does not believe any further disaggregation provides meaningful information about its financial performance or position. ### Income Taxes The Company is a single member limited liability company, which has elected to be taxed as a corporation for income tax reporting purposes. The Company is included in a consolidated federal, New York State and New York City group return of its Parent. Since the transactions reported in the Company's financial statements have income tax implications to the Parent, management believes that the Company's financial statements should reflect income tax expense and deferred income tax assets and liabilities attributable to the Company. Federal, state, and local income taxes are calculated as if the Company filed on a separate return basis and the amount of current tax or benefit calculated is either remitted to or received from the Parent. The Company accounts for income taxes pursuant to Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 740, Income Taxes. Deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences. {9}------------------------------------------------ The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset within the Parent's group return. Future realization of the deferred tax benefit depends on the existence of sufficient group taxable income within the carry-forward period. Any change in the valuation allowance will be included in income in the year of the change in estimate. The Parent has evaluated the Company's tax positions and concluded that the Company has no uncertain tax positions that require adjustment to or disclosures in the financial statements. ## Financial Instruments - Credit Losses On January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments . Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13°). The new guidance required an entity to measure all expected credit losses for financial assets measured at amortized cost based on historical experience, current conditions, and reasonable and supportable forecasts as opposed to delaying recognition until the loss was probable of occurring. The Company's assets within the scope of ASU 2016-13 include accounts receivable and unbilled receivables. For these financial instruments within the guidance's scope, the expected credit losses were determined to be immaterial considering the counterparty's credit quality, an insignificant history of credit losses, and/or the short-term nature of the credit exposure. #### CONTINGENCIES NOTE 3 - ### Legal Matters From time to time, we may be involved in litigation relating to claims arising out of operations in the normal course of business. There were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of our operations. There are no proceedings in which any of our management, members or affiliates, is an adverse party or has a material interest averse to our interest. #### CONCENTRATIONS OF CREDIT RISK NOTE 4 - The Company maintains its cash balances in one financial institution, which are not insured. At December 31, 2024 the Company's cash balance account had an uninsured balance of \$26,063,176. The Company has not incurred any losses in its account. {10}------------------------------------------------ The Company provides irs support and operational services to its customers through the Alfiliate pursuanr to the inrercompany services agreement as discussed in Note 7. #### I{OTE 5. NET CAPITAI REQUIREMENT The Company ls subject to the Securifies and Exchange Commission Uniform Ner Capital Rule (Rule l5c3-l), which requires the maintenance of minimum regulatory net capital, and requires that the ratio of aggregate iudebtedness to regulatory net capital, both as defined, shall not exceed 15 to 1. At December 3l,2124,the Company had net capital of \$3,503,207, which exceededits requirement of \$1,503,998 by \$1,999,209. The rario of aggregate indebtedness to net capital was 6.44 to 1. #### NOTE 6 INCOME TAXES The Company elecred to be taxed as a corporationfor federal income tax pulposes and is included in its Parent's consolidated federal i.ncome tax rerurn. The Company also is included in its Parent's combined state and loca.l income tax rerurns. The Company has elected to include its allocated amount o[ current and deferred taxes in its financial statcments as if the Company filed a separate federal income tax return- The current and defened portions of the income tax expense included in the statement of operations as determined in accordance with FASB ASC 740 are as follows: | | Current | Deferred | Total | |------------------|-------------------|----------|-----------| | Federal | \$387.242 \$5,667 | | \$192,909 | | State arrd local | \$239.722 \$3,503 | | \$243.230 | | Total | \$626,e64 | \$e,17s | \$636,139 | Deferred tax expense represents the decrease in deferred tax assets during 2024 due to amortization of start-up costs that were capita.lired for rax puqposes and expensed for financial reporting purposes in prior years. Toral rax expense in the Staiement of Operations is \$31,713 less than noted in ihe table above due to a 2023 tax adjusrment rhar lvas made in 2024. A reconciliation of the difference between the expected income tax exPense or benefit computed at the U.S. starutory income tax rate and the Company s income tax expense is shor,vn in the follor,ving tabie: | | Amount | o/o | |-------------------------------------------------------|-------------------|-----| | Expected income tax ex?ense at U.S. smrutory tax rate | \$392'909 21.0o/o | | | State and local income taxes. net of federal benefit | \$243.230 13.0olo | | | Total | \$636,139 34.Ook | | {11}------------------------------------------------ The Parent's group returns for calendar years 2021 through 2023 are subject to federal, state and local examination. The Parent's group return for the 2024 calendar year has not been filed yet. #### RELATED PARTY TRANSACTIONS NOTE 7 - The Company has an administrative services agreement with the Parent. Pursuant to the agreement, the Parent provides accounting, administrative, office space, human resources and other services. The Parent allocated expenses of \$160,397 to the Company during the year ended December 31, 2024. Additionally, Euronext Markets Americas LLC, a subsidiary of the Parent, allocated compensation expenses related to one employee of \$69,283 to the Company as part of the administrative services agreement during the year ended December 31, 2024. The total expenses of \$160,397 are reflected in the Company's Statement of Operations, which consists of compensation of \$133,466, occupancy of \$6,293, insurance expenses of \$8,638 and professional fees of \$12,000. Effective December 1, 2019, the Company entered into an intercompany services agreement with the Affiliate. Pursuant to the agreement, the Affiliate provides accounting, reconciliation, and retention services of soft dollar transactions uploaded and systemized through the affiliate's trade reconciliation technology. Expenses incurred under the agreement totaled \$828,115 consisted of a client service fee of \$423,165 and software maintenance of \$404,950. Related party transactions: Parent - Euronext US Inc. Affiliate 1 - Euronext Markets Americas LLC. Affiliate 2 - Commcise Software Limited | | | 2024 | | |------------------------------------------------------------------------------------------------------|-----------|-------------------------------------------|--| | Purchase of services from related parties:
- Parent (a)
- Affiliate 1 (b)
- Affiliate 2 (c) | ಕ್ಕಿ
5 | 160.397
69,283
828,115
1,057,795 | | | Receivables due from related party:
- Parent (d) | ್ಕರ | 211,729 | | {12}------------------------------------------------ Payables due to related parties: | - Parent (e) | 1,634 | |-------------------|--------| | - effiliare I (l) | 12,915 | | | 14,549 | - a) Consists of recharges for employee compensation, group supporring funciions, and oftice space and other faciliry fees. - b) Consists of recharges for employee compensalion. - c) Consists of recharges for client services fee and software maintenance. - d) Consisrs of the receivable of the deferred tax assets from the Parent. See Note 6 - Income Taxes for addirionai infonnarion- - e) Consists of the balance owedunder the administrative senices agreement and allocated for current income taxes. - l) Consists of the balance owed under the adminisrrative seryices agreement. #### NOTE 8 - SEGMENTMPORTINC The Company is engaged i6 3 singls line of business as a securiEies broker-dealer, which is comprised of providing third parry research services as afforded under SEC Secrion 2B(e) safe harbor and section III(H) and (I) of its interpretative guidance issued.|uly 24, 2006. The Company has identified its chief execudve officer as the chief operaring decision maker ("CODM"), u&o uses net income or loss to eva-luate the results of the business, predominantly io the forecasting process, to manage the Company. Additionally, the CODM uses net capital (see Note 5), which is not a measure o[ profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or Pay disatbunons- The Company's operations consrirute a single operaring segment and therefore, a single reportable segment, because the CODM manages the business activiries using information of the Company as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounring policies- #### NOTE 9 - SUBSEOUENT EVENTS In preparing rhese financial statements, the Company has evaluated events and rransacrions for potenrial recognirion or disclosure through the date the financial statements were issued. {13}------------------------------------------------ ![](_page_13_Picture_0.jpeg) ### Report of lndependent Registered Public Accounting Firm To the Member and Those Charged With Governance of Euronext Market Services LLC We have reviewed managemenfs siatements, included in the accompanyng Exemption Report, in which Euronext Market Services LLC (the Company) stated that: - 1. The Company does not clairn an exemption under paragraph (k)of 17 C.F.R. S 240.'15c3-3; - 2. The Company is filing an Exemplion Report relying on Foohote 74 of tl,e SEC Release No. 34-70073 adopting amendments lo 17 G.F.R. g 240.17a-5 because the Company limits its business activities exclusively to (1) receiving transaction{ased compensation for providing tectrnology or platform servicesl frroughout the rnost recent iscal year; and - 3, The Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers (oiher than money or other consideration received and prompty kansmitted in compliance with paragraph (a) or (bX2) of 17 C.F.R. \$ 2a0.15c24; (2) did not carry accounts of or for custorners; and (3) did not carry proprietary accounts of broker-dealers (as defined in 17 C.F.R. \$ 2a0.15c3-3) throughout the most recent fiscal year wilhout exception. The Company's management is responsible for its statemenis. Our review was conducted in accordance with ihe standards of the Public Company Accounting Oversight Board (United States) and, accordingty, included inquiries and other required procedures to obtain evidence that the Company limited ib business activities exclusively to receiving transaction-based mmpensation for providing technology or platform services and (1) did not directly or indhectly receive, hold, or othenruise owe funds or securities for or to customers (other than money or oher mnsideration received and promptly transmitted in compliance with paragraph (a) or (bX2) of 17 C.F.R. \$ 240.15c24; (2) did not carry accounts of or for rustomers; and (3) did not carry proprietary accounts of broker{ealers (as de{ined in 17 C.F.R. \$ 240.15c\$3) hroughout the most recent fiscal year without exception. A review is substantially less in scope than an examination, ttre objective of which is the expression of an opinion on managements statements. Acmrdingly, we do not express sudr an opinion. Based on our review, we are not aware of any material modifications thai should be made to management's statements referred io above for them to be fairly stated, in all material respects, based on the provisions set fort, in 17 C.F.R. \$ 240.17a-5, Sarr\*rZh {&,',',f\*,7 /JZ Dallas, Texas March 25, 2025 325 Nonh Sarnt Paul SIIeet Suite 31O0 Dallas, Texas 75201 214.738.1998 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.