Euronext Securities comment on recent National Competent Authorities’ orders regarding Open Access conditions
Euronext acknowledges it has received orders from the French AMF and the Dutch AFM and it has been informed by the Belgian FSMA of its intent to issue a similar order, in relation to the conditions initially proposed by Euronext for Central Securities Depositories (CSDs) to be confirmed as an “alternative CSD” as set out in the guidance document “Euronext Securities – Place of Settlement change guidelines” that was made available online on 1 August 2025 (the Place of Settlement Guidelines), as supplemented by the alternative settlement request forms made available on 31 October 2025. Euronext is reviewing these letters and will respond in due course to the regulators and also duly communicate with the market and other relevant stakeholders.
The decisions and letters received from the National Competent Authorities in Belgium, France and the Netherlands do not put into question Euronext's plan to roll-out a European-wide CSD offering through Euronext Securities. It does not change Euronext’s financial targets as part of the Innovate for Growth 2027 strategic plan. It does not change the implementation, by September 2026, of the new settlement model as announced in the Place of Settlement Guidelines, under which trading members of Euronext Amsterdam, Brussels and Paris will settle in Euronext Securities Milan unless they select another CSD in compliance with the applicable regulatory framework.
Euronext is of the view that the conditions applicable to “alternative CSDs” would allow any CSD to be ready before September 2026, to ensuring that trading members can make a timely and appropriately informed and proper choice. In fact, since the publication of such conditions by Euronext, several CSDs have applied to be confirmed as an “alternative CSD” and have confirmed to Euronext they would be ready to meet the conditions by September 2026.
We will continue to engage in a constructive manner with all involved stakeholders, including clients, regulators and other market infrastructures, with the objective to establish a better, more competitive and more integrated European post-trade infrastructure. For the first time in decades trading members will have a true and meaningful choice in the post-trade area.