Euronext, the European exchange set to merge with the New York Stock Exchange in April, said cash and derivatives trading hit a record last year, pushing total revenues up 14.6% and masking a decline in listing fees in the absence of big floats that dominated the previous year.

In unaudited figures, the exchange said revenues climbed to €1.1bn ($1.4bn) as volumes of cash trading across Euronext's four equity markets rose 36.2% and volumes of derivatives trading rose 21%.