Euronext is racing ahead with its plans to create a new European central securities depository (CSD) model, offering a single platform for settlement and custody across the region’s markets, despite facing regulatory obstacles elsewhere.
Uptevia, ABN AMRO Bank, Rabobank and Banque Internationale à Luxembourg have worked with Euronext on the project as the exchange group seeks to offer a European-wide issuance model.
This will give market participants more choice, a larger investor base and better shareholder engagement, the company believes, while cutting down costs, improving cross-border operations and addressing post-trade fragmentation.
Part of Euronext’s Innovate for Growth 2027 strategic plan, this initiative will also support the European Union’s Savings and Investment Union (SIU) project, the company notes.
Pierre Davoust, head of Euronext Securities, commented, “[This] expansion marks a major milestone in our commitment to building a more unified and efficient European capital market. We are unlocking new opportunities for issuers and investors, strengthening Europe’s financial infrastructure.”
Euronext Securities will be the CSD of reference for equities and exchange-traded products in France, Italy Belgium and the Netherlands from September 2026. The model will be testable for clients from Q1.
Earlier this month, Euronext’s plans to bring all exchange-traded fund (ETF) listings across its various exchanges to a single venue were halted by French and Dutch regulators.
According to a statement from Euroclear published in late November, the Autorité des Marchés Financiers and the Autoriteit Financiële Markten found Euronext’s plans discriminatory and unjustified.
Euronext confirmed that it had received letters from the two regulators, and expected a third from the Belgian authorities. It responded, “[These] do not put into question Euronext’s plan to roll-out a European-wide CSD offering through Euronext Securities. It does not change Euronext’s financial targets as part of the Innovate for Growth 2027 strategic plan. It does not change the implementation, by September 2026, of the new settlement model.”
The group maintains that its initiatives will give market participants more choice, encourage a more competitive marketplace, and integrate post-trade infrastructure.
