Building the future of post-trade in Europe: leadership, innovation and progress
As we approach the end of a very busy year, many of you are surely looking forward to a well-earned break and time to recharge.
2025 has been a very eventful year. Across geopolitics, the macro-economy and markets, we have navigated a complex landscape together. We were all proud to observe that, once again, the post-trade infrastructures industry in which we all play a key role has allowed issuers, investors and all capital market participants to trade, invest and raise capital, even in difficult or very volatile market conditions.
Before you go on a well-deserved break, this newsletter will give you a brief update about the latest developments from Euronext Securities and the key steps we are taking together towards better and stronger European capital markets.
Our “European Offering” initiative is gathering momentum, and we are encouraged by many of you saying that we are rightly shaking up a status quo that has lasted for far too long. From the expansion of our issuer CSD passports to new jurisdictions, extending the asset class coverage, building strategic partnerships with issuing agents, launching innovative tax and shareholder identification services, and the successful onboarding of clients for cross-border ETF settlement, we are making tangible progress. Recent milestones include a simplified settlement fee schedule in Milan that will clearly benefit our clients centralising their flows within our European model, and a €425 million convertible bond issuance via our platform, all supporting a truly connected European capital market. In parallel, our efforts to roll out new, future-proof, harmonised platforms across markets are progressing well.
Our mission of converging to a future-proof platform and aligning processes across our five CSDs is rolling out. Our corporate events platform project has entered a critical phase, as you are now testing the new platform across Denmark, Italy and Portugal. The go-live will happen in January 2026 in Portugal, June 2026 in Italy and September 2026 in Denmark. In the meantime, after a very constructive process with Danish market participants, August 2028 has been agreed as the date for the migration of the Danish market to the brand-new platform. There is no European success without a Nordic dimension, which is why we greatly value the opportunity to collaborate with the Nordic community on this important project for the future of market infrastructures in the region and beyond.
On the other side of Europe, we recently announced the success of our tender offer for ATHEX Group, the Greek market infrastructure. This transaction reinforces Euronext’s leadership in Europe and adds a fifth CSD, AthexCSD, to Euronext Securities’ network.
We are also pleased to share recent leadership developments. The appointment of Olga Jordao as CEO of Euronext Securities Milan, alongside her ongoing leadership of Euronext Securities Porto and our business operations, is a testament to our commitment to strong, cross-market leadership and continuity for our clients. Olga’s experience and dedication will be instrumental as we further integrate our CSDs and drive operational excellence across all our locations.
Finally, we warmly welcome the European Commission’s Market Infrastructure Package, a meaningful step towards a stronger Savings and Investments Union. A couple of months ago, Oxera Consulting prepared a report on the design and functioning of CSD markets in Europe (insert link here) and we are happy to see that the vision of a competitive, interconnected post-trade infrastructure leveraging Europe’s common settlement platform, Target2-Securities, described in the report, is fully aligned with European policymakers’ proposal. Euronext Securities is proud to be leading this transformation, working in close partnership with clients, market participants and regulators.
Looking ahead to 2026, at Euronext Securities we will be focused on continuing to deliver the European CSD of choice for issuers and investors. We will also accelerate our convergence programme, which is central to building a unified future for post-trade services across Europe. We will continue innovating by further improving our added services on data and tax services to support our clients' needs. We are also looking forward to welcoming ATHEX clients and collaborators to further strengthen our unique European offer.
I invite you to explore these articles and to engage with our teams as we continue to build the future of post-trade together.
Thank you for your trust and partnership.
Best wishes
Pierre Davoust
The rapidly evolving geopolitical landscape presents unprecedented challenges for Europe.
In this context, all stakeholders, including policymakers, have a role to play.
However, it is also incumbent upon us, as an industry, to take action.
Euronext Securities is taking action
At Euronext, we hold two strong beliefs:
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first, this period offers a significant opportunity to simplify, expand, and make our markets more cost-effective, thereby creating growth opportunities for all.
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Second, success stems from successful partnerships with you, our clients.
Therefore, we aim to regularly share our insights on market trends and hot topics, featuring our experts to provide you with the latest updates on our strategic projects and explain the innovative solutions we are developing to meet your strategic needs.
To contribute to our collective objectives, let us highlight three significant initiatives with tangible value for you that we are delivering together.
Our initiatives
Firstly, together, we are implementing a common platform to support Central Securities Depositories (CSD) activity in Europe, beginning with the four CSDs we operate in Copenhagen, Milan, Oslo, and Porto. The objective is straightforward: to provide you with the best service in the long term by transitioning from fragmented, ageing systems to a future-proof European platform that benefits both our global and local clients.
Second, we propose to manage more European markets through our European CSD model. We recently announced that the settlement of equity and exchange-traded fund (ETF) transactions on Euronext Amsterdam, Brussels, and Paris, will be centralised in Euronext Securities Milan by September 2026. This strategic move will offer increased cross-border trading opportunities, allowing you to navigate multiple markets with ease and enhancing liquidity. Operations will become more efficient, post-trade costs will be reduced, and adapting to regulatory changes will become more straightforward, such as the adoption of the T+1 settlement cycle by October 2027. In doing so, we are offering a valid and innovative alternative for issuers and intermediaries through a truly European CSD model.
Third, we are continuing to develop added-value services to help you focus on what is strategic for you - whether it is growing market share, entering new markets, or transforming your operations. This includes expanding our data services catalogue and leveraging our recent acquisition of Acupay to boost our tax services offering.
People often think of post-trade as the plumbing of financial markets. Some forget that the collective intelligence, hard work, and commitment of the “plumbers” who design and improve this infrastructure daily are essential to making these markets work.
That is why I want to warmly thank you for the strong engagement you have shown so far in embarking with us on this ambitious journey. We look forward to shaping European markets for future generations together!
Author: Pierre Davoust, Head of Euronext Securities
Download the full newsletter here:
Read the other articles here:
Euronext enhances the CSD model
Issuers and Investor Services - hear from the expert
CSD Convergence Programme
Introducing Acupay and BondCom