As regulatory pressures reshape European repo markets and balance sheet constraints weigh on dealers, buy-side firms are increasingly looking at clearing as a complementary part of their repo toolkit to ensure reliable access to liquidity in both daily operations and times of stress. 

At the same time, sell-side banks are pursuing balance sheet efficiency, further accelerating demand for alternative access models. Euronext already offers an indirect route through the traditional GCM model and is developing a Sponsored Access model in conjunction with dealers and buy-side participants to address the challenges in European clearing frameworks. The aim is to provide an alternative model, tailored to the buy side’s operational setup, providing benefits in collateral use, risk management and market access.

In a DerivSource Q&A with Yama Darriet, Head of OTC and Repo Expansion at Euronext, discusses how the Sponsored Access model fits into Euronext’s broader Repo Expansion Initiative, what it means for both buy- and sell-side firms, and why it marks a step change for the European repo market.

Derivsource (DS): Repo expansion Initiative recap: In our last conversation with your colleague Janina Marks, we talked about Euronext’s Repo Expansion Initiative. Could you explain to our readers how Sponsored Access fits into this roadmap?

Yama Darriet (YD): Phase 1 of our Repo Expansion went live in July 2025, bringing Irish, Portuguese and Spanish government bonds into clearing alongside our historically cleared Italian government debt, as well as enhanced collateral management and optimisation features through triparty partnerships including Euroclear, and other strategic alliances to follow. 

By early October 2025, members will be able to clear French, German, Dutch and Belgium govies along European supranationals, and from November 2025 will benefit from an additional triparty partnership with Clearstream. This initial phase has been focused primarily on the sell side, broadening access for international banks and debt management offices (DMOs). 

Sponsored Access forms part of Phase 2, planned for mid-2026. This phase will go further by scaling market access through the capture of flows from a large array of trading venues, expanding liquidity solutions such as general collateral (GC) baskets, and introducing direct access for buy-side firms through the Sponsored Access model. Together, these enhancements will support a much wider range of participants in our cleared repo market.

DS: What are some market-wide changes and trends that may be driving buy-side interest in accessing cleared repo?

YD: The bilateral market is under increasing pressure from regulatory constraints that impact dealers’ balance sheets and capital requirements. Regulatory developments globally, including the SEC’s mandatory repo clearing in the US, are reinforcing the need for cleared solutions. 

At the same time, dealers are focusing on balance sheet optimisation, while on the buy-side, collateral efficiency and access to liquidity have become strategic priorities for asset managers, hedge funds, and insurers for example.

For the buy side, priorities include reducing intermediary fees, improving liquidity, and posting and managing collateral directly with the clearing house for greater oversight of execution, clearing and settlement. Sponsored Access is particularly attractive as it offers these benefits without the burden of full membership, since the default fund contribution remains with the GCM.

DS: Can you briefly explain the different access routes Euronext offers, including how the Sponsored Access model is being developed?

YD: Euronext today offers two access alternatives to repo clearing.

• The General Clearing Member (GCM) model is live today. Here, the GCM assumes full responsibility for all obligations on behalf of its client, who is not a member of the clearing house. These obligations include margins, fees, default fund contributions and default management.
• The Sponsored Access model, currently under development, introduces a different split of responsibilities. The client, the “Sponsored Member”, becomes a direct participant of the clearing house for margins and settlement. The GCM, acting as the “Sponsoring Agent”, retains responsibility for the default fund and obligations related to a default.

Euronext’s Sponsored Access model is being built with extensive client feedback and market best practices. It is designed to give buy-side firms seamless direct access to the clearing house without the burden of full membership, as the sell side continues to provide default protection. This structure enables smaller institutions to participate competitively while giving Sponsoring Agents balance sheet and capital optimisation benefits, including improvements to leverage ratio and Risk Weighted Assets (RWA).

DS: What are the benefits buy-side firms would expect to achieve in accessing a sponsored access model over other available models in Europe?

YD: For the buy side, the advantages are significant:

• Less Initial Margin (IM) to post – For the same portfolio, IM required to be posted is expected to be less than other offerings reducing the cost of the service.
• More flexibility in choice for covering the margin calls – Flexibility to cover the margin calls (both overnight and intraday) in 100% securities. This further reduces the cost of the service as posting securities is cheaper than posting cash where the buy side relies on the payment agent to provide cash to the clearing house.
• Flexible settlement location – Euronext will offer full flexibility in settlement by providing more choices for location of settlement compared to other offerings. This will allow the buy side to maintain settlement in one location, benefiting from settlement netting and reducing costs. Together, these features translate into greater capital efficiency, improved operational integration, and access to cleared repo liquidity that was previously harder to reach.

DS: What are the benefits sell-side firms would expect to achieve in accessing a sponsored access model?

YD: For Sponsoring Agents, Sponsored Access mitigates capital costs associated with traditional client clearing and reduces barriers to extending clearing services to a broader range of clients. It supports balance sheet efficiencies while optimising repo market risk management through real-time portfolio controls.

For Sponsoring Agents, the benefits are equally clear:

• Balance sheet efficiency – reducing capital costs, with leverage ratio relief and improved RWA compared with the traditional GCM model, which carries high capital costs for some members.
• No additional buffer requirements – avoiding extra capital burdens seen in some other structures.
• Real-time portfolio controls – risk teams can monitor and manage Sponsored Member exposures through real-time IM limits.
• Flexible settlement location – supporting netted settlement to improve balance sheet and operational management.

The model also enables banks to capture previously uncleared buy-side flows, broaden market participation by tapping into new client segments, and ultimately strengthen liquidity across the ecosystem. 

Together, these factors enhance risk oversight, reduce capital drag and create opportunities for deeper client engagement.

DS: What are the drivers for Euronext as it develops a sponsored access model? How does this support Innovate for Growth 2027?

YD: Our goal is not simply to replicate what exists elsewhere, but to provide the most efficient sponsored access model to clients in Europe. By designing a solution that enhances margin efficiency, eliminates unnecessary buffer requirements, and gives both sides flexibility in collateral and settlement, we are delivering tangible operational and risk benefits.

This directly supports Innovate for Growth 2027, which is focused on broadening participation, enhancing liquidity, and building a truly pan-European clearing house across fixed income and repo. Sponsored Access is the bridge that brings the buy side into that ecosystem.

DS: When will these models be available, and what are the next steps for firms?

YD: The GCM model is already live and available today for buy-side firms who want to access cleared repo through an intermediary. Sponsored Access, as part of Phase 2 of our Repo Expansion Initiative, is planned to go live in mid-2026.

Next steps depend on each firm’s role. Buy-side firms should begin assessing operational and legal requirements such as system integration, collateral management workflows and governance approvals. Selecting the right Sponsoring Agent will be a critical step.

For Sponsoring Agents, preparation should include client engagement planning, risk parameter setting and internal onboarding processes.

Euronext remains in active dialogue with regulators and market participants and will provide further clarity on implementation timelines as discussions progress. Firms that prepare strategically now will be best placed to take advantage once the model is live.

DS: How does Sponsored Access play a role in the supporting the evolution of the European repo marketing in the future?

YD: Sponsored Access is one part of Euronext’s broader multi-year Repo Expansion Initiative, which is designed to strengthen liquidity provision, enhance collateral optimisation, deliver an updated risk model for further efficiency, and provide new access models across Europe. 

Together, these developments mark a step change for the repo market: creating a more resilient, efficient, and inclusive clearing ecosystem for both the sell side and buy side as Euronext delivers on its Innovate for Growth 2027 strategy.

As of 22 September 2025, Euronext has officially joined the CAC 40^®, France’s flagship blue-chip index. This inclusion marks a defining moment in Euronext’s evolution from a national exchange group to a diversified, integrated European leader. 

Euronext’s entry into the CAC 40^® follows more than a decade of strategic growth since its IPO in 2014. Over this period, the Group has deeply transformed its business model, expanded its geographic presence and successfully built a full-service offering across the entire capital markets value chain. 

This milestone highlights the success of Euronext’s ambitious transformation  

Having begun the decade as a cash equities-focused operator of four national exchanges, Euronext now serves as the backbone of European capital markets, operating seven regulated exchanges across Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris, with an upcoming offer for the Athens Stock Exchange. 

Euronext’s diversification has been equally significant and reflects our leadership in shaping European capital markets. The Group has scaled beyond trading to encompass listing, clearing, settlement, custody and corporate solutions, while also establishing leadership in ESG indexing and data services. Its proprietary trading platform Optiq^® and the creation of Europe’s largest liquidity pool further underscore its technological leadership and operational excellence. 

With over €1.6 billion in revenue in 2024 and an adjusted EBITDA exceeding €1 billion, Euronext has consistently demonstrated strong financial performance, supported by a resilient diversified business model. The Group’s European federal model and long-term commitment to integration have positioned it as a pillar of Europe’s financial infrastructure, capable of rivalling global peers while reinforcing Europe’s strategic financial autonomy. 

This performance is the result of a clear strategic vision as outlined in the Group’s most recent strategic plan, ‘Innovate for Growth 2027’, resulting in a tenfold increase in market capitalisation from €1.4 billion at IPO in June 2014 to €14.5 billion as of August 2025. 

This milestone is a reflection of the collaboration, trust and commitment of all our stakeholders into building successful, integrated European projects  

To mark this milestone, Euronext hosted a bell ceremony yesterday in Paris, celebrating its official entry into the CAC 40^® Index. The event brought together key figures from across Europe’s capital markets, including institutional investors, regulators, listed companies, partners and policymakers, such as Éric Lombard, French Minister of Economy and Finance. 

Euronext’s inclusion in the CAC 40^® is a collective achievement, made possible by the dedication of its teams and the continued trust of clients, partners, shareholders and supervisors across Europe. As the Group enters this new chapter, it does so with renewed commitment to innovation, scale and long-term value creation for the European economy. 

Download the Euronext CAC 40^® introduction brochure for more information.  

Listen to the full statement from Stéphane Boujnah, Euronext CEO and Chairman of the Managing Board, on Euronext's inclusion in the CAC 40^® below.

Emirates Islamic has successfully priced and listed the world’s first sustainability-linked financing Sukuk bond  on Euronext Dublin, marking a major step in sustainable Shariah-compliant finance.

On 23 September 2025, Emirates Islamic placed a USD 500 million Sukuk with a five-year maturity. The issuance attracted strong investor interest, generating USD 1.2 billion in orders and with an oversubscription of 2.4 times. Participation was diversified across regions: 83% from the Middle East, 10% from Europe, and 5% from Asia, reflecting investor confidence in this innovative approach to sustainable finance.

The proceeds will support corporate projects linked to sustainability targets, aligned with Emirates Islamic’s Sustainability-Linked Financing Sukuk Framework, which has received a second- party opinion from ISS-Corporate confirming its alignment with international best practice. This issuance highlights Emirates Islamic’s role as a pioneer in combining Shariah-compliant finance with measurable sustainability objectives, advancing the UAE’s broader sustainability ambitions, including the Net Zero 2050 goal.

This landmark Sukuk establishes a global benchmark for sustainability-linked Sukuk. By integrating sustainability performance targets within a Shariah-compliant structure, Emirates Islamic demonstrates how capital markets can drive innovation and channel investment towards sustainable development worldwide.

Want to learn more about Sukuk listing?

Visit our bond listing webpage and get in touch with the Euronext team.

Learn more about our bond listing process
 

September 2025 marks 25 years since the creation of Euronext. What began in 2000 as a consolidation of three historic markets – Amsterdam, Brussels and Paris – has since evolved into the leading European capital markets infrastructure, operating across the full trading value chain and seven regulated markets. 

Over the last quarter-century, Euronext has grown significantly in scale and influence, playing a central role in shaping Europe’s financial architecture. From its first IPO in 2001 to its standalone IPO in 2014, the Group’s ability to adapt, expand and lead has been a constant driver of success. Today, Euronext operates within a federal model that is fully aligned with the ambition of building a harmonised and globally competitive European capital market. 

A transformational journey from 2000 to 2025 

Euronext’s 25-year journey has been marked by continuous strategic expansion geographically, operationally and technologically. Since 2000, the Group has carried out an ambitious series of acquisitions to broaden its footprint and service offering, including:  

• 7 exchanges: Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris 

• 4 CSDs: Copenhagen, Oslo, Milan and Porto 

• 1 European clearing house: Euronext Clearing 

• Diversification into new asset classes: FX trading, power trading, fixed income trading 

• Growth from 760 employees in 2014 to over 2,500 in 2025, spanning 66 nationalities and 21 countries 

This expansion has allowed Euronext to offer clients a harmonised experience across the entire market cycle, from listing and trading to clearing, settlement and custody, while preserving local market expertise. 

A market leader in listing and trading 

Over the past 25 years, Euronext has become the largest listing venue in Europe, with 1,900 issuers and an aggregated market capitalisation of €6.3 trillion, up from €2.4 trillion in 2000. Over 400 new companies have listed in just the past three years, including 200 tech firms and 80 international issuers, solidifying Euronext’s role as the bridge between global capital and European markets. 

On the trading side, Euronext now handles 25% of European equities trading. The Group operates Europe’s largest liquidity pool and has developed its proprietary trading platform Optiq^® . Average daily equity trading value has surged from €6.5 billion in 2014 to €10.4 billion in 2024. 

With its global benchmark commodities franchise MATIF, leading position in bond and ETF trading as well as the expansion of the MTS bond markets and Nord Pool power markets, Euronext is shaping the future of multi-asset trading in Europe. 

Expansion across the full value chain 

Euronext is driving change in Europe’s post-trade industry, and its post-trade offerings have grown in parallel with its trading and listing businesses to serve clients along the whole of the trading value chain.  

Clearing across the Euronext markets is now provided by Euronext Clearing, with the development of a European repo clearing offering well underway.  

With Euronext Securities, the Group now operates the third-largest CSD network in Europe, with around €7 trillion in assets under custody.  

Further integration and harmonisation plans aim to bridge Europe’s fragmented post-trade landscape. These include the consolidation of settlement through Euronext Securities for Euronext markets in Amsterdam, Brussels and Paris, the development of one trusted platform for settlement, custody, issuance and value-added services, including tax and data solutions.  

Committed to sustainability and innovation 

Euronext is actively advancing the sustainable finance transition. The Group aims to achieve carbon neutrality by 2050 at the latest, and to set science-based net-zero targets by 2027. With over 500 ESG indices, 3,100 ESG bonds and 1,300 ESG-related ETFs, Euronext is a leading ESG index provider in Europe. 

Innovation remains paramount to our growth strategy. As outlined in the Group’s strategic plan, ‘Innovate for Growth 2027’, Euronext capitalises on its in-house technology along with AI to meet evolving client needs, scale its SaaS offerings and further strengthen its role as a European market leader. 

Collaboration at its core 

At the heart of Euronext’s success is its people. Employees across Europe and beyond have contributed to the Group’s growth through their expertise, collaboration and shared commitment to building integrated and efficient markets. Euronext’s dedication to diversity and inclusion is now a key pillar of its innovation and long-term growth. 

From scaling Europe to entering the CAC 40^®  

This 25-year milestone serves as a point of reflection on Euronext’s achievements and a moment to reaffirm its future ambitions. In September 2025, this journey reached a new peak with Euronext’s inclusion in the CAC 40^®, France’s benchmark blue-chip index. This recognition reflects the Group’s scale, leadership and the trust of investors and stakeholders across Europe. 

As Euronext continues to support companies, investors and policymakers, it does so with a renewed ambition to serve as the most efficient path to shaping resilient, sustainable and competitive European capital markets for future generations. 

Download the CAC 40^® introduction brochure for more information about this remarkable next chapter in the 25-year story of Euronext.