Step into Europe’s next phase of Repo Clearing

Euronext is expanding its repo clearing services to boost market access, liquidity provision and collateral optimisation across Europe.
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The Repo Expansion Initiative 

Building on its 25-year strong Italian repo clearing franchise, facilitating Italian Government Debt transactions through MTS’ leading repo trading platform and BrokerTec, Euronext is embarking on a transformational expansion of its repo clearing services to cover all major sovereign and supranational debt markets, while bringing new products, participants, trading venues and operational enhancements to the market. 

 Designed to expand coverage, capital efficiency, and liquidity provision, the initiative will be rolled out in phases,  starting with the Repo Foundation - launched in July 2025 - followed by the Repo Expansion in 2026. 

With expanded sovereign coverage, enhanced collateral flexibility and a modernised risk framework, Euronext is building a credible, pan-European alternative — designed for the future of repo markets.

Your firm can now benefit from: 

  • Expanded coverage: Italian, Spanish, Portuguese, Irish, French, German, Dutch, Belgian and supranational bonds (Austrian and Finnish government bonds to follow in Q4 2025)
  • Extended collateral eligibility: inclusion of new currencies such as USD, GBP and NOK, alongside broadened eligible securities
  • Optimised risk model: redesigned methodologies to deliver tangible margin efficiencies and capital optimisation
  • Triparty connectivity: Partnerships with Euroclear and Clearstream, enabling automated, real-time collateral management and mobility
  • Seamless access: international participants onboarded directly or via repo-only memberships, with scalable settlement operations through MTS and BrokerTec. 

Backed by our multi-asset CCP, the Repo Expansion Initiative is designed to deliver deeper liquidity, enhanced collateral flexibility, and more efficient market access for both the sell-side and the buy-side.  

Delivering broader market access and tangible capital efficiencies

With the Repo Foundation launched in July 2025 and extended in October 2025, clients now have access to:

  • Clearing for eight sovereign markets plus supranational issuance, expanding beyond Italian coverage
  • International client onboarding with repo-only membership options
  • Broader collateral pools with multiple currencies accepted from launch
  • Enhanced operational efficiency through Euroclear and Clearstream triparty integration 

  • Streamlined settlement with scalable, pan-European processes

     

With the Repo Foundation live, clients can now access a deeper liquidity alternative and enhanced collateral flexibility, confident in a model built for the future.

Euronext Clearing - Repo timeline
Euronext Clearing

Enhancing market access, risk management, and clearing efficiencies for a broader range of participants

The next phase of the Repo Expansion Initiative, launching in 2026* will extend the benefits further with:

  • General Collateral (GC) baskets to deepen liquidity and collateral flexibility, developed with leading triparty agents
  • Sponsored access models, enabling direct buy-side clearing with settlement flexibility (securities as settlement and central bank money)
  • Cross-margining across products, delivering meaningful capital efficiency and risk offsets in line with BCBS/IOSCO and FSB transparency standards
  • Portfolio optimisation tools, including repo pre-clear services to reduce notional exposure in the uncleared market
  • Connectivity to additional trading venues, broadening reach and enhancing liquidity access

By mid-2026, clients will be able to access the complete functionality, product coverage and capital benefits of a fully integrated, pan-European repo clearing solution.

*Subject to operational readiness and regulatory approval.

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