# EURONEXT MARKET SERVICES LLC X-17A-5 (2026-03-30) — Broker-dealer annual report - Company: EURONEXT MARKET SERVICES LLC - Form: X-17A-5 - Filed: 2026-03-30 - Period: 2025-12-31 - Accession: 0001719196-26-000001 - 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: Patrick Basilice (Chief Compliance Officer) Original filing: https://www.sec.gov/Archives/edgar/data/1719196/000171919626000001/emssf.pdf --- {0}------------------------------------------------ UNITED STATES SECURrriES AND EXCHANGE COMMISSION Washington, D.C. 20549 | ANNUAL REPORTS | | | |----------------|---------|--| | FORM X-17A-5 | 8-70033 | | | PART III | | | | APPROVA | |--------------------------| | OMB Number: 3235-0123 | | Expires: Nov. 30, 2026 | | Estimated average burden | | hours per response: 12 | FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 FIUNG FOR THE PERIOD BEGINNING 1/1/2025 MM/DD/W MM/DD/W A, REGISTRANT IDENTIFICATION NAME OF HRM. EURONEXT MARKET SERVICES LLC TYPE OF REGISTRANT (check all applicable boxes): B] Broker-dealer [] Security-based swap dealer [:I Check here if respondent is also an OTC derivatives dealer [] Major security-based swap participant "N",NDING 12/31/2025 ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) # 120 W. 45th Street, Tower 45, Suite 2702 | (No. and Street) | | | | | | |-----------------------------------------------------------------------------------------------------|--|-------------------------------------------|---------|--------------------------|--| | New York | | NY | | 10036 | | | (City) | | (State) | | (Zip Code} | | | PERSON TO coNTAcr
WITH REGARD TO THIS FIUNG | | | | | | | Brian Megenity | | (770) 263-6003 | | bmegenity@bdcaonline.com | | | (Name} | | (Area Code – Tetephone Number) | | (Email Address) | | | | | B. AeCOUNTANT 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 | | | TX | 75201 | | | (Address) | | (City) | (State) | (Zip Code) | | | 9/18/2003 | | | 169 | | | | (Date of Registration with PCAOB' | | [PCAOB Registration Number, if applicable | | | | | FOR OFFICIAL USE ONLY | | | | | | | | | | | | | \* Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public 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 | I, Allan Goldstein | , swear (or affirm) that, to the best of my knowledge and belief, the | | | |-------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------|---------|--| | financial report pertaining to the firm of EURONEXT MARKETSERVICES LLC | | as of | | | PM_
J 2Et,_J | iS true and correct, I further swear (or affirm)m;=ompany | nor any | | | pattneF, officer, director, or equivalent person, as the case may be, has any proprietary}intereFt in any account classified solely | | | | | as that of a customer. | /', /
, /
/ | | | Signature: Title: CEO #### This filing++ contains (check all applicable boxes): - a (a) Statement of financial condition - a (b) Notes to consolidated statement of financial condition - B (c> Statement of income {loss) or, if there is other comprehend\n income in the period{s) presented, a statement of comprehensive income (as defined in S 210.1-02 of Regulation S-X). - a (d) Statement of cash flows. - a (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - D (f) Statement of changes in liabilities subordinated to claims of creditors - U {g) Notes to consolidated financial statements - n (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a\_1/ as applicable. - B (i) Computation of tangible net worth under 17 CFR 240.18a-2. - D Ci) Computation for determination of customer reserve requirernents pursuant to Exhibit A to 17 CFR 240.15c3-3 - Q Information relating to possession or control requirements for customers under 17 CFR 24Q.15c3-3 - D (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. - B (a) Reconciliation\$ including appropriate explanation\$ of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a\_21 as applicable/ and the reserve requirements under 17 CFR 240-15c3-3 or 17 CFR 240,18adl, as applicable, if material differences exist, or a statement that no material differences exist - a tpJ SummatY of financial data for subsidiaries not consolidated in the statement of financial condition - B (q) Oath or affirmation in accordance wIth 37 CFR 240.17a-sI 17 CFR 240.17a\_121 or 17 CFR 240.18a\_71 as applicable - n (r) Compliance report in accordance with 17 CFR 240.na-5 or 17 CFR 240.18a-7f as applicable, - a €s> Exemption report in accordance with 17 CFR 240.r7a-5 Of 17 CFR 240.r8a-7, as applicable. - B it> Independent public accountant's report based on an examination of the statement of financial condItion - D (u) Independent public accountant's report based on an examination of the financial report or 6nancial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12/ as applicable. - a (v} Independent public accountanfs 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. - B fw} Independent public accauntanf s tepoa based on a Feview of the exemption report under 17 CFR 240,:17a-5 or 17 CFR 240.18a-7, as applicable. - a (xI Supplemental Feports on appIYing agreed-upon procedures, in accordance with 17 CFR 240.15c3-le or 17 CFR 240.17a-12 as applicable - n (y> Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit. or a statement that no material inadequacies exist, under 17 CFR 240. Ha-12(k), - D (z} Other: - ++To request con\$dential treatment of certain portions of this Fling/ see 17 CFR 240.17a\_5(e){3) or 17 CFR 2a).18a\_7(d}{2)f as applicable. {2}------------------------------------------------ EURONEXT MARKET SERVICES LLC Financial Statements For the Year Ended December 31, 2025 with Report of Independent Registered Public Accounting Firm {3}------------------------------------------------ ![](_page_3_Picture_0.jpeg) #### Report of Independent Registered Public Accounting Firm To the To the Member and Board of Directors Euronext Market Services LLC ### Opinion on the Statement of Financial Condition We have audited the accompanying statement of financial condition of Euronext Market Services LLC (the Company) as of December 31, 2025, and the related notes (collectively, the statement of financial condition). In our opinion, the statement of financial conditIon presents fairly, in all material respects, the financial position of the Company as of December 31, 2025, in conformity with accounting principles generally accepted in the United States of America, #### Basis for Opinion This statement of financial condition is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's statement of financial condition based on our audit. We are a public accounting firm registered with the Public 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 applicable rules and regulatIons of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the statement of financial condition is free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. Our audit included performing procedures to assess the risks of material misstatement of the statement of financial condition, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the statement of financial condition. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the statement of financial condition. We believe that our audit provides a reasonable basis for our opinion. We have served as the Company's auditor since 2023. SaMaaf &braY LLC Sanville & Company, LLC Dallas. Texas March 27, 2026 325 North Saint Paul Street Suite 3100 Dallas, Texas 75201 214.738,1998 {4}------------------------------------------------ # Euronext Market Services, LLC Statement of Financial Condition December 31, 2025 #### Assets | Cash and cash equivalents | \$49,353 , 104 | |---------------------------------------|----------------| | Due Rom Parent - Deferred tax benefit | 74,220 | | Accounts receivable | 240, 190 | | Unbilled receivables | 204,397 | | Related party receivables | | | Prepaid expenses and other assets | 14,686 | | Total assets | \$49,886,597 | | Liabilites and member's equity | | | Liabilities | | | Research (28e) liability | \$44,587,208 | | Accrued tax liability | 989,111 | | Due to related parties | 529.278 | | Accounts payable | 31 ,991 | | | | ### Total liabilities 46, 137,588 | Member's equity | 3,749,009 | |-----------------|-----------| | | | ### Total liabilities and memberfs equity \$49,886,597 {5}------------------------------------------------ ### NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION ### Organi7ation and Description of Business Euronext Market Services LLC (the "Company") is a wholly-owned subsidiary of Euronext US, Inc. (the "Parent"). The Company is a limited liability company and was formed under the laws of the state of Delaware in July 2017. On September 10, 2018, the Company became a broker'dealer and as such is registered with the Securities and Exchange Commission (the "SEC") and a member of the Financial Industry Regulatory Authodty ("FINRA") and the Securities Investors Protection Corporation ("SIPC"). The Company was originally approved by FINRA to conduct business as an alternative trading system ("ATS") to trade U.S. corporate debt securities and U.S, Treasury securities, but the Company is not currently actively engaged as an ATS. In addition, the Company provides third party research services as afforded under SEC Section 28(e) safe harbor and section III(H) and (1) of its interpretative guidance issued July 24, 2006. See Note 7 for related party transactions. #### Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") and pursuant to Rule 17a-5 of the Securities and Exchange Commission Act of 1934. The classification and reporting of items appearing on the financial statements are consistent with that rule. The Company does not claim an exemption from Rule 15c3'3 in reliance upon footnote 74 of SEC Release No. 34- 70073 dated July 30, 2013, and as discussed in Question 8 of the related FAQ released by SEC staff on April 4, 2014. The Company does not hold customer funds or securities and does not carry accounts of or for customers. #### NOTE 2 ' SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES #### Use of Estimates Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and habihties and the reported revenues and expenses. Actual results could vary from the estimates that were used. {6}------------------------------------------------ ### Cash and Cash Equivalents The Company considers all highly liquid investments with maturity of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents consist primarily of cash and money market funds held at banks and other financial institutions ### Revenue Recognition The Company accounts for revenue under the provisions of ASC 606, Revenue from Contracts with Customers. Under ASC 606, recognition of revenue occurs when a customer obtains control of promised services or goods in an amount that re£lects the consideration to which the entity expects to receive in exchange for those goods or services. In addition, tIle standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts. In general, the Company applies the following steps when recognizing rewmre from contracts with customers: (i) identify the contract, (ii) identify the performance obligations, (iii) determine the transaction price, (iv) allocate the transaction pace to the performance obligations and (v) recognize revenue when a performance obligation is satisfied. The Company earns fees from its support and operational services provided to its customers in accordance with the related revenue sharing agreements. The Company has customer contracts that have a stand'ready obligation to perform services on an ongoing basis over the life of the contract, typically for periods up to one year, where the scope of tbese arrangements is broad and there are no significant gaps in performing the services. These contracts consist of a fixed monthly fee and a transaction based fee component. For these contracts, the Company recognizes the revenue over time for the availability of its monthly service bundle, which represents a stand,ready performance obligation. As the Company bills in arrears for the prior month's services, the fixed fee, and the variabiht-y in the transaction-based fee that does not align with the timing of the billings to the customer may result in the recognition of a contract asset. This can result in a requIrement to estimate monthly transaction based fees each month during the contract term in order to determine the rate for revenue recognition. This variable consideration is constrained if there is an inability to reliably forecast this revenue. Additionally, the Company may occasionally recognize revenue adjustments in the current period for performance obligations partially or fully saas Bed in the previous periods resulting from changes in estimates for the transaction price, including any changes to its assessment of whether an estimate of variable consideration is constrained. {7}------------------------------------------------ Revenue for the year ended December 31, 2025, totals \$4,363,145, comprising reconciliation services fees of \$904,244 and aggregation services fees of \$3,285,927, recognized under ASC 606 as stand'ready obligations over the contract terms with customers. Total revenue also includes \$109,203 in interest, \$61,624 in connectivity fees and \$2,147 in gains in foreign currency transactions. Reconciliation Services Fees: are Company earns \$904,244 from providing trade reconciliation and operational support to unaffiliated broker-dealers 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 \$3,285,927 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., \$380 per client) and transactionbased rates (e.g., 5 mRs 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 recogTtized over time as services are provided Variable consideration may result in adjustments from prior periods if estImates change, though such adjustments were immaterial in 2025. ### !nformaRon OII Remaking Pe(formance 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- {8}------------------------------------------------ The Company records accounts receivables when services are billed to the ctlstorrler. The Company had receivables related to revenues from contracts with customers of \$444,587 at December 31, 2025, consisting of \$204,397 of unbilled receivables, and §240,190 of accounts receivable. The Company expects the entirety of these receivables to be collected in accordance with the invoice terms in 2026. #### 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 2025. The Company does not incur any other contract costs with the exception of the services provided by its Affiliates, At December 31, 2025, the Company owes the Affi11ates \$407,049. 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 di£ferences. {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 taxbene£it 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. #### NOTE 3 - CONTINGENCIES ### Legal Matters From time to time, we may be involved in htigation 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. ### NOTE 4 ' CONCENTRATIONS OF CREDIT RISK The Company maintains its cash balances in one financial institution, which are not insured, At December 31, 2025 the Company's cash balance accounts had uninsured balances of \$49,353,104. The Company has not incurred any losses in itS account. {10}------------------------------------------------ The Company provides its support and operational services to its customers through the Affiliate pursuant to the intercompany services agreement as discussed in Note 7. # NOTE 5' NET CAPITAL REQUIREMENF The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (Rule 15c3'1), which requires the maintenance of minimum reg}rlatory net capital, and requires that the broker or dealer shall not permit its net capital to be less than the greater of \$250,000 or 2 percent of aggregate debit items cornput,ed in accordance with the Formula for Determination of Reserve Requirements for Brokers and Dealers (Exhibit A to Rule 15c3'3, S 240.15c3-3a). At December 31) 20251 the Company had net capital of §3,215,515, which exceeded its requirement of \$250,000 by \$2,965,515. ### NOTE 6 ' INCOME TAXES The Company elected to be taxed as a corporation for federal income tax purposes and is included in its Parent's consolidated federal income tax return. the Company also is included in its Parent's combined state and local income tax returns. the Company has elected to include its allocated amount of current and deferred taxes in its financial statements as if the Company filed a separate federal income tax return. The current and deferred 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 | §610,921 | \$3,410 | \$614,331 | | State and local | ;378.189 | ;2.111 | \$380.300 | | Total | \$989,110 | \$5,521 | \$994,631 | Deferred tax expense represents the decrease in deferred tax assets during 202? due to alnortization of start-up costs that were capitalized for tax purposes and expensed for financial reporting purposes in prior Years. Total tax expense in the Statement of Operations is \$42,793 more than noted in the table ab8ve due to a 2024 tax adjustment that was made in 2025. A reconciliation of the difference between the expected income tax expense or benefit computed at the U.S. statutory income tax rate and the CompanY's income tax expense is shown in the following table: | | Amount | Oja | |--------------------------------------------------------|-----------|----------| | Expected income tax expense at U.S. statutory tax rate | \$614,331 | 21.0c70 | | State and local income taxes, net of federal benefit | ;380,300 | 13,C)cyo | | Total | \$994,631 | 34.0% | {11}------------------------------------------------ The Parent's group returns for calendar years 2022 through 2024 are subject to federal, state and local examination. The Parent's group return for the 2025 calendar year has not been filed yet. ### NOTE 7 , RELATED PARTY TRANSACTIONS 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 \$143,428 to the Company during the year ended December 31, 2025. Additionally, Euronext Markets Americas LLC, a subsidiary of the Parent, allocated compensation expenses of \$355,773 to the Company as part of the administrative services agreement during the year ended December 31, 2025\_ The total expenses of \$143,428 are re£lected in the Company's Statement of Operations, which consists ofintercompany support services of \$124,508, occupancy of \$15,054 and insurance expenses of \$3,866. Effective December 1, 2019, the Company entered into an intercompany services agreement with the Affiliate. Pursuant to the agreement, the A£Eiliate provides accountkrg, reconciliation, and retention services of soft dollar transactions uploaded and systemized through the affiliate's trade reconciliation technology. Expenses incurred under the agreement totaled \$677,185 consisted of a client service fee of \$454,685 and software maintenance of \$222,500. Related party transactions: Parent ' Euronext US Inc AffiLiate 1 – Euronext Markets Americas LLC Affiliate 2 – Commcise Software Limited | | | 2025 | | |--------------------------------------------------------------------------------------------------|----------|--------------------------------------------|--| | Purchase of services from related parties:
- Parent (a)
Affiliate 1 (b)
Affiliate 2 (c) | \$
\$ | 143,128
355,773
677,185
1,176,386 | | | Receivables due from related party:
- Parent (d) | \$ | 0 | | {12}------------------------------------------------ Payables due to related parties: | ' Parent (e) | \$
122,229 | |-------------------|---------------| | ' Affihate I (f) | 293,925 | | - Affiliate 2 (g) | 113,124 | | | \$
529,278 | | | | - a) Consists of recharges for employee compensation7 group supporting functions7 and office space and other facility fees. - b) Consists of recharges for employee compensation. - c) Consists of recharges for client services fee and software maintenance. - d) Consists of the receivable of the deferred tax assets from the Parent. See Note 6 - Income Taxes for additional information - e) Consists of the balance owedunder the administrative services agreement and allocated for current income taxes. - f) Consists of the balance owed under the administrative services agreement. - g) Consists of the balance owed under the client services fee and software license fee agreement. ### NOTE 8 - SEGMENr REPORt[NG The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of providing third party research services as afforded under SEC Section 28(e) safe harbor and section III(H) and (1) of its interpretative guidance issued July 24, 2006. The Company has identified its chief executive officer as the chief operating decision maker ("CODM"), who'uses net income or loss to evaluate the results of the business, predomInantly in the forecasting process, to manage the Company. Additionally, the CODM uses net capital (see Note 5), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or pay distributions. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities 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 accounting policies. # NOTE 9 - SUBSEQUENr EVENTS In preparIng these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. {13}------------------------------------------------ ![](_page_13_Picture_0.jpeg) #### Report of Independent Registered Public Accounting Firm To the To the Member and Board of Directors Euronext Market Services LLC We have reviewed the accompanying Exemption Report of Euronext Market Services LLC (the Company) as of and for the fiscal year ended December 31, 2025, in which management asserts that: 1. The Company did not claim an exemption under any paragraph of 17 C.F.R. § 240.15c3-3(k); 2. The Company is filing this Exemption Report in reliance on Footnote 74 of SEC Release No. 34-70073 because it limited its securities business activities to receiving transaction based compensation for providing technology or platform services throughout the fiscal year ended December 31, 2025 exclusively to the activities described in that footnote; and 3. Throughout the fiscal year ended December 31, 2025, the Company: (i) did not receive, hold, or owe funds or securities for or to customers (except amounts received and promptly transmitted in accordance with 17 C.F.R. S 240.15c2-4(a) or (b)(2)); (ii) did not carry accounts of or for customers; and (iii) did not carry proprietary accounts of other broker-dealers. Management of the Company is responsible for the assertions in the Exemption Report and for compliance with the applicable requirements. We conducted our review in accordance with attestation standards established by the Public Company Accounting Oversight Board (United States). A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's assertions. Accordingly, we do not express such an opinion. Based on our review, nothing came to our attention that caused us to believe that management's assertions referred to above are not fairly stated, in all material respects, based on the requirements set forth in Footnote 74 of SEC Release No. B1-70073 and related provisions of Rule 17a-5. sd?graf D%'T HE SanviRe & Company, LLC Dallas, Texas March 27, 2026 > 325 North Saint Paul Street Suite 3100 Dallas, Texas 75201 214.738.1998 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.