When Euronext completed its ambitious and challenging data centre relocation from the UK to Bergamo in Italy, ESG was among the key drivers. The move not only expanded trading possibilities for colocation clients, but also enabled them to increase their ESG performance. In this article, we explore the environmentally friendly features of the new Core Data Centre, and their impact on the Euronext ecosystem.
Moving Euronext’s core system from Basildon in the UK to mainland Europe, and in particular, to the Aruba Global Cloud data centre in Bergamo, Italy, took just 14 months.
It was a bold initiative that offered a host of benefits. They ranged from taking advantage of the skilled teams with valuable experience of operating data centres and colocation services, inherited as part of the acquisition of Borsa Italiana in 2021, to insulating the only pan-European exchange from the potential side effects of Brexit.
The Bergamo facility was chosen because it provided a perfect opportunity to leverage existing talent and resources while ensuring a smooth transition for Euronext’s clients. During the design phase, the relocation team made sure the technology would allow the company to manage its colocation service in-house in a manner compliant with MiFID II RTS 10.
But it wasn’t just compliance. Another important benefit is the data centre’s geographic location. The fact that it is on EU territory means that Euronext’s clients will be unaffected if the union imposes limits on trading for exchanges based in third countries. In addition, moving the data centre into Italy and the European Union brings it into line with Euronext’s European DNA.
However, the final key factor in making the decision was the facility’s excellent ESG credentials. They align perfectly with Euronext’s “Fit For 1.5°” climate commitment.
As a result, the new Core Data Centre enables both Euronext and its clients to take a concrete step toward fulfilling their ESG goals.
Planning for the future of trading, and the future of the planet
Euronext’s experts immediately found the Bergamo site appealing. It met the strict requirements for a Rating 4 classification according to ANSI/TIA-942-B-2017. As the top tier of classification for data centres, this identified it as a high-end facility in terms of network architecture, security, electrical design and, importantly, its green credentials.
Using a carefully designed building management system and energy-saving hardware, the centre guarantees operational efficiency that helps cut its energy usage whilst maintaining powerful output. It benefits from reduced power consumption thanks to very efficient cooling systems using geothermal and dynamic free cooling, and the use of cloud computing to reduce the number of servers. With geothermal cooling, groundwater is used as the main cooling energy source to reduce energy waste, while dynamic free cooling uses the outside air to cool the server room.
In addition, 100% of the power used to run the Aruba Global Cloud data centre is renewable. It comes from sources that have been certified by the European Guarantee of Origin (GO) standard, much of it self-produced by the data centre itself. This includes hydroelectric power from the centre’s dedicated plant located on the River Brembo, and photovoltaic power courtesy of the 10,258 m² of installed roof solar panels.
Relocating the Euronext Core Data Centre to Bergamo was challenging. But making this decision was easy when considering the enormous ESG benefits it provided.
Helping clients reduce their carbon footprint
With many clients also focused on reducing the environmental impact of their own operations, being able to run their trading operations from a green data centre is a huge positive. ESG-conscious investors want to know how the companies in which they invest are planning to reduce carbon emissions. They want to know what companies are doing to slow climate change, reduce energy usage and prevent pollution while conserving natural resources. By moving to a facility that runs sustainably and allows clients to tap into that benefit, Euronext provides a route toward better ESG performance. The reduction in carbon emissions and increased efficiency has an immediate positive impact on companies’ non-financial metrics.
As a further bonus, as Borsa Italiana continues to become integrated with Euronext, colocation clients with connections to both the Euronext legacy markets and to the Italian markets are able to consolidate their infrastructure, reducing the amount of hardware needed and therefore again improving their carbon footprint while reducing their costs.
There will be no better time to take action
For Euronext, environmental performance plays a key role in helping it deliver its “Fit for 1.5°” climate commitment. The strategy comprises an ambitious commitment to developing services and products that help to curb the increase in global temperature as part of the United Nations Climate Change “Race to Zero” – something thrown into sharp relief by discussions at the recent COP26 climate summit and the record-breaking heatwaves across Europe.
In 2015, the Paris Agreement set a goal to limit the rise in global temperatures to well below 2° compared with pre-industrial times, and pursue efforts to limit it to 1.5°. This is why Euronext is committed to creating a framework in which the organisation, its partners, its clients and the entire European economy can support the changes needed to keep the global warming to within 1.5°.
For this reason, Euronext set science-based quantitative climate targets, and these targets will inform each of its efforts going forward. The relocation of Euronext’s Core Data Centre is a key element of this plan.
The move to a new green data centre by Euronext plays a key role in the company’s “Fit for 1.5°” strategy. Providing a method for reducing both Euronext’s and its clients’ carbon footprints is a step towards a more sustainable future for all parties involved.
There is no doubt that the Aruba Global Cloud facility has taken the preservation of our environment to heart. It is powered by 100% renewable energy sources, as well as implementing smart and efficient cooling systems.
To learn more about “Fit for 1.5” and Euronext’s ESG commitment, visit the dedicated ESG page of the website.