European capital markets operate under growing expectations for efficiency and cross-border accessibility, with the ability to channel capital effectively across jurisdictions closely linked to economic competitiveness and investment capacity. While trading activity often receives the most attention, post-trade infrastructure plays a central role in shaping how capital markets function in practice.
Central securities depositories, or CSDs, are at the core of this infrastructure. Their operating models influence settlement efficiency, cost structures and the ease with which market participants can operate across borders.
Fragmentation and its structural consequences
Post-trade in Europe remains geographically fragmented. More than 30 CSDs operate across the continent, each embedded in its own domestic framework. For groups active in several markets, this results in multiple account structures and operational duplication.
These structural features translate into higher costs and increased complexity for intermediaries. Issuers are also affected, as post-trade arrangements influence settlement efficiency, liquidity and the overall attractiveness of listed securities. Over time, fragmentation limits the ability of European capital markets to operate at scale.
Integration as a strategic objective
Achieving meaningful integration in post-trade requires a model that is operationally coherent and scalable. For Euronext Securities, this means enabling cross-border access through harmonised platforms and standardised processes, while remaining fully aligned with national legal and regulatory requirements.
This direction is consistent with European policy initiatives, including the Savings and Investments Union and the Market Infrastructure Package. It also reflects the conclusions of the Oxera report on CSD markets, which highlights the role of interoperability and competition, supported by a common settlement layer such as TARGET2-Securities (T2S), in addressing fragmentation and improving market outcomes.
Delivering integration through Euronext’s European Offering
Euronext Securities is implementing this strategy through its European Offering.
From September 2026, market participants will be able to manage activity in several additional major European markets, starting with France, Belgium and the Netherlands, through one CSD and one securities account, in parallel with the CSDs that Euronext currently operates in Denmark, Italy, Norway and Portugal. This introduces new optionality, enabling clients to consolidate flows and simplify operating models. Over time, the approach will be extended to additional markets and instruments.
Implications for issuers and intermediaries
A more integrated post-trade model has direct implications for both issuers and market participants.
Issuers can rely on a single market infrastructure partner to support listing, issuance and the ongoing management of securities across multiple jurisdictions. More efficient settlement and lower transaction costs support liquidity and strengthen the overall investment case for listed instruments.
For intermediaries, consolidation reduces the need to maintain multiple local set-ups. A simplified access model supports cost efficiency and makes it easier to deploy resources across European markets in line with client demand.
The evolving role of the CSD
As post-trade integration advances, the role of the CSD continues to broaden. Euronext Securities has invested in services that complement its core settlement and custody functions.
These include data services that provide clients with tailored datasets to support operational decision-making, as well as expanded tax services that assist global institutions in managing withholding tax obligations across several jurisdictions. Euronext’s acquisition of Acupay in 2024 strengthened these capabilities, adding specialist expertise to Euronext Securities’ service offering.
Through these developments, Euronext Securities aims to support clients beyond basic post-trade processing, allowing them to focus on their own commercial priorities.
Convergence, T2S and preparation for T+1
The Euronext European Offering is supported by the wider Convergence Programme, which focuses on harmonising technology and client experience across Euronext Securities’ CSDs. This programme includes the development of a unified post-trade infrastructure over the medium term.
TARGETt2-Securities provides the common settlement foundation for this approach. In parallel, Euronext Securities is preparing for the transition to T+1 settlement, working closely with clients and regulators to support a coordinated migration across markets.
Together, these initiatives are aimed at reducing operational complexity and supporting more efficient cross-border activity through practical delivery.
Collaboration as a condition for progress
Progress toward a more integrated post-trade landscape depends on sustained collaboration between market infrastructures, intermediaries and regulators. The engagement of Euronext Securities’ clients has played a central role in shaping the solutions currently being delivered.
Euronext Securities remains committed to this collaborative approach. By continuing to invest in harmonisation and cross-border services, it seeks to contribute to the post-trade foundations required for stronger and more accessible European capital markets.
Learn more
Watch the following video interview with Pierre Davoust, Head of Euronext Securities, to learn more about the vision for a unified European post-trade landscape and the steps being taken to deliver it.