Euronext Clearing introduces an innovative VaR-based margin methodology for Italian equities, ETF and financial derivatives markets


Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo, Paris23 October 2023 – Euronext Clearing, Euronext's multi-asset clearing house, today announced the introduction of a new VaR-based margin methodology on the Euronext Milan equities, ETF and financial derivatives markets. As a reminder, the VaR-based margin methodology was already made available in 2022 for Italian, Portuguese, Spanish, and Irish government bonds on MTS and BrokerTec cash and repo platforms.

This move aligns with the industry's best practices and represents a significant advancement in risk management principles. The introduction of the VaR framework reinforces Euronext Clearing's commitment to its clients' efficiency and safety. This is a pivotal milestone in the execution of the Euronext "Growth for Impact 2024" strategic plan, and it paves the way to the migration of Euronext cash equity markets to Euronext Clearing, which is planned in Q4 2023 and of derivatives in Q3 2024.

The VaR-based margin methodology has been live for Italian equity, ETF and equity derivatives markets since 16 October 2023, replacing the previous SPAN-like model (MARS). This deployment is part of the continuous evolution of Euronext Clearing's Risk Management systems.  

Anthony Attia, Global Head of Post Trade and Primary Markets at Euronext, said: “At Euronext we recognise the paramount importance of effective counterparty risk management. Our goal is to provide increasingly efficient and resilient solutions for risk capture and allocation within the system. This dynamic VAR-based model, which continuously re-evaluates numerous risk factor scenarios at the portfolio level, allows us to match our clients' exposure in real-time. This not only adheres to market best practices but also offers collateral efficiencies for our valued Euronext clients.”

Euronext Clearing, as a multi-asset clearing house, boasts proven risk management capabilities across multiple markets and various trading venues. The range of asset classes cleared includes equities, ETFs, closed-end funds, financial and commodity derivatives, bonds and repos.

Euronext Clearing will become the preferred CCP (Central Counterparty) for Euronext cash equity, listed derivatives, and commodities markets, as outlined in the Euronext strategic plan "Growth for Impact 2024." By enabling Euronext to directly manage this core service for clients, Euronext Clearing will create substantial value through a unified clearing framework across Euronext venues.





Aurélie Cohen

+33 1 70 48 24 45


Andrea Monzani

+39 02 72 42 62 13


Marianne Aalders

+31 20 721 41 33


Marianne Aalders

+32 26 20 15 01


Sarah Mound

+33 1 70 48 24 45


Sandra Machado

+351 91 777 68 97

Milan, Rome

Ester Russom

+39 02 72 42 67 56


Cathrine Lorvik Segerlund

+47 41 69 59 10

Paris, Corporate

Sarah Mound

+33 1 70 48 24 45

Corporate Services

Coralie Patri

+33 7 88 34 27 44


Aurélie Cohen

+33 1 70 48 24 17


Clément Kubiak

+33 1 70 48 26 33




Press Release Footer

About Euronext 
Euronext is the leading pan-European market infrastructure, connecting European economies to global capital markets, to accelerate innovation and sustainable growth. It operates regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal. With more than 1,900 listed issuers and around €6.2 trillion in market capitalisation as of end September 2023, it has an unmatched blue-chip franchise and a strong diverse domestic and international client base. Euronext operates regulated and transparent equity and derivatives markets, one of Europe’s leading electronic fixed income trading markets and is the largest centre for debt and funds listings in the world. Its total product offering includes Equities, FX, Exchange Traded Funds, Warrants & Certificates, Bonds, Derivatives, Commodities and Indices. The Group provides a multi-asset clearing house through Euronext Clearing, and custody and settlement services through Euronext Securities central securities depositories in Denmark, Italy, Norway and Portugal. Euronext also leverages its expertise in running markets by providing technology and managed services to third parties. In addition to its main regulated market, it also operates a number of junior markets, simplifying access to listing for SMEs.  
For the latest news, follow us on Twitter ( and LinkedIn (

This press release is for information purposes only and is not a recommendation to engage in investment activities. This press release is provided “as is” without representation or warranty of any kind. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext.

This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is located at

© 2023, Euronext N.V. - All rights reserved.