Dear clients,
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 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 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 (Oxera report) 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
European Offering: Progress update and next steps
At Euronext Securities, our ambition is clear: to give clients seamless, efficient and scalable access to Europe’s capital markets.
The European Offering, a core strategic initiative, is designed to create a single, harmonised post-trade solution giving access to multiple European markets through one single access point, one membership and a unified set of innovative services. The initiative addresses the current fragmented, market-by-market infrastructure landscape in Europe and gives issuers, intermediaries, and investors a streamlined way to operate across borders, while remaining fully compliant with local requirements.
Author: Jerome Blais, Euronext Securities Head of European Expansion
European Offering – Progress update and next steps
A New Chapter for Euronext Securities Milan: Olga Jordão’s Leadership Journey and Vision
At the beginning of November, Euronext Securities announced the appointment of Olga Jordão as Chief Executive Officer of Euronext Securities Milan. Olga will continue to serve as CEO of Euronext Securities Porto, Head of Business Operations for Euronext Securities, and Programme Executive for Euronext Securities’ common corporate action initiative, reflecting her deep commitment to operational excellence and client service across multiple markets.
A New Chapter for Euronext Securities Milan: Olga Jordão’s Leadership
Convergence Programme: Building a unified future for post-trade services
The Euronext Securities Convergence Programme is a cornerstone of our “Innovate for Growth” 2027 strategy, designed to harmonise post-trade processes, reduce fragmentation and costs, and deliver a scalable, unified infrastructure across our European markets. As we progress through this six-year initiative, we are proud to share the latest updates and resources now available to our clients and stakeholders.
Author: Marie Thomas, Euronext Securities Convergence Program Executive
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Author: Thomas Metier, Programme executive, T+1 settlement migration programme, Head of Nordic Business Operations, Euronext Securities (Copenhagen)
Preparing for T+1: Euronext Securities’ journey towards accelerated
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