Euronext Securities is now offering a new settlement model that allows equities and euro-denominated ETPs traded on Euronext Amsterdam, Brussels and Paris to settle within our single European CSD network alongside Athens, Copenhagen, Milan, Oslo and Porto.
For the first time, trading members across these markets have a genuine choice of where their trades settle, and issuers have a credible new option for where their securities are issued, recorded and maintained.
Built with clients, for the market
This go-live was not achieved in isolation. It reflects months of close collaboration with clients and market participants from the earliest stages, with sustained dialogue that allowed them to prepare, adapt and engage with confidence.
The model that launched on 21 September is better for that collaboration, and we are grateful to every client and partner who contributed to getting here.
That collaboration is now translating into real adoption. First adopters are already live, demonstrating from day one that the proposition works in practice.
Further clients are joining through a growing network of partners, including leading issuer agents and custodians. This is not a model waiting to be tested. It is already being used.
Two things that matter: choice and consolidation
The European Offering delivers on two dimensions that are equally important.
The first is choice. Participants are now free to settle through their CSD of preference across Amsterdam, Brussels and Paris, introducing genuine competition into post-trade, and creating ongoing pressure for improvement in service and cost.
But choice is only part of the story. The other, and equally important, part is consolidation.
The European Offering is not a new national infrastructure. It is a European CSD model, enabling clients to consolidate settlement activity across multiple markets within a single infrastructure and simplify their post-trade operating model.
For trading members, that means shorter custody chains and a more streamlined approach to cross-border activity.
For issuers, it means better access to directly connected financial intermediaries and a single point of contact covering the full chain from listing through to settlement.
Together, choice and consolidation make this structurally different from anything that has existed before in European post-trade.
A new option for issuers
For issuers, the change creates a credible new option for where securities are issued, recorded and maintained.
Appointing Euronext Securities as issuer CSD remains entirely the issuer's own decision in line with the CSD Regulatory open access framework.
For those who do choose Euronext Securities, the model offers broad market connectivity, no additional layer in the chain and, as part of Euronext’s multiple listing venues, straight-through processing from listing through to settlement.
Settlement is fully interoperable with other CSDs via the European Central Bank's TARGET2-Securities platform, at the cost of a domestic transaction.
The move requires minimal issuer effort. Euronext Securities manages the process end-to-end with the issuing and paying agent, with no impact on shareholders, shareholder rights, or existing capital market programmes.
And issuance services are provided free of charge, with no migration fee, no onboarding fee and no ongoing issuance or safekeeping fees.
A concrete contribution to European integration
This is also about something larger. The fragmentation of European post-trade infrastructure has long been identified as a barrier to investment, making it more costly and more complex for investors to access non-domestic markets, and harder for issuers to reach the broadest possible pool of European capital.
The Savings and Investments Union and the Market Integration and Supervisory Package represent Europe's most ambitious effort to address this challenge and build a genuine capital markets union. Progress has often been measured in policy frameworks and consultative papers. The European Offering is something different: a concrete, working example of integration delivered in practice.
Europe has close to 30 CSDs, while the US has one. The cost of that fragmentation, for investors and issuers alike, is well understood.
Euronext Securities is beginning to close that gap. This is what the SIU looks like when it moves from aspiration to infrastructure.
Just the beginning
From today, Euronext Securities will work to extend the model beyond its initial scope, adding features and functionalities over time as part of a broader ambition to build a truly pan-European partnership.
The goal, ultimately, is to make cross-border investment in Europe feel as straightforward as investing in a domestic market and to give European issuers the access to capital that comes with it.
The foundation is in place and the direction is clear.
Clients wishing to understand what the European Offering means for their organisation can contact their Relationship Manager or the Euronext Securities Client Onboarding team at CSD.Onboarding@euronext.com