Charlotte Alliot sat down with Josephine Gallagher from Trader TV, during the Fixed Income Leaders Summit. She discussed Euronext’s recent expansion into fixed income derivatives, a truly innovative offering designed to meet the needs of both retail and institutional investors.

Thanks to its strong network of local exchanges, Euronext continue to develop new products and solutions that increase retail engagement and expand access to derivatives trading across Europe.

In September 2025, mini futures on major European government bonds were launched, featuring the 10-year BTP, OAT, Bund, Bono, and the first-ever 30-year BTP.

These new contracts build on the strength of the booming cash bond markets of MTS and MOT, following the acquisition of Borsa Italiana and offer greater granularity with a €25,000 nominal size. Cash-settlement makes them easy to integrate into investment portfolios, while dedicated market makers have ensured continuous liquidity since day one.

The momentum is strong: volumes are rising, open interest is growing and new participants continue to join the market.

Euronext is committed to expanding opportunities for all investors and shaping the future of the European derivatives landscape.

Watch the interview with Trader TV

 
(October 2025)

More information about Euronext Fixed Income Derivatives

Visit the webpage

Preparing for T+1: Euronext Securities’ journey towards accelerated settlement 

Author: Thomas Metier, Programme executive, T+1 settlement migration programme, Head of Nordic Business Operations, Euronext Securities (Copenhagen) 

The European financial industry is preparing for a significant change as settlement cycles move towards T+1 – the settlement of securities transactions one business day after the trade date. At Euronext Securities, we are working collectively across our four central securities depositories (CSDs) to ensure a smooth and timely transition for all clients. 

Regulatory context and a pan-European approach

The move to T+1 is driven by European regulatory initiatives, such as the Central Securities Depositories Regulation (CSDR), and by the global trend towards shorter settlement cycles. The European Securities and Markets Authority (ESMA) is guiding the transition, with a phased implementation beginning in December 2026 and concluding with the official target date of 11 October 2027. Notably, Norway, although not obligated to do so, has chosen to participate in the migration alongside Denmark, Italy and Portugal. Norway’s decision underlines Euronext Securities’ commitment to harmonisation and delivering value to clients across all markets. 

Key milestones on the road to T+1

The T+1 migration is a complex process involving regulatory alignment, system upgrades and close collaboration with market participants. Our programme is structured around clear milestones, including:

• Internal readiness assessments (Q1 2026) 

• Client testing phase (early to Q4 2027) 

• Phased implementation starting December 2026 

• Target go-live date: 11 October 2027 (subject to final confirmation by regulators). 
   

Thomas Metier, Programme executive for the T+1 settlement migration, notes:

The transition to T+1 is not just a technical upgrade – it is also a shift in how we operate. Our clients can expect a proactive approach from Euronext Securities, with regular updates, training and support throughout the migration.

What T+1 means for Euronext clients 

• Shorter settlement time: Trades will be settled one business day after execution, instead of two. 

• Increased efficiency: Faster settlement will accelerate the flow of funds and securities, giving investors quicker access to capital and potentially increasing trading volumes. 

• Enhanced competitive positioning: Alignment with global best practices positions European markets competitively on the international stage and demonstrates commitment to operational excellence. 

Technological and operational changes

Market participants will need to implement significant technological, operational and organisational changes to accommodate same-day allocations and other new requirements. Euronext Securities is providing regular updates, training sessions, technical documentation and opportunities for client feedback throughout the migration. 

We understand that our clients are facing significant changes, and we are committed to supporting them every step of the way. Early preparation and open dialogue will be key to a successful transition

Practical guidance: how to prepare for T+1

To prepare for T+1, clients should: 

• Review internal trade matching and funding processes to ensure they can meet the shorter settlement cycle 

• Engage with Euronext Securities’ project teams for updates and support 

• Participate in scheduled testing activities to validate readiness

Supporting our clients – and those considering Euronext’s European offering

For organisations considering Euronext’s European offering, our unified approach to T+1 demonstrates our ability to deliver seamless, cross-border solutions and operational excellence.

Next steps and further information

We encourage all clients to review their operational readiness, engage with our project teams and participate in upcoming testing activities.
 

Shaping the future of tax processing: Euronext Securities leads the way with FASTER and enhanced tax relief services 

By Stef Lambersy, Head of Tax Services, Euronext Securities and CEO, Acupay 

Euronext Securities is at the forefront of transforming tax services for investors and intermediaries across Europe. By combining robust infrastructure, regulatory insight and innovative technology, we are delivering solutions that simplify compliance, accelerate entitlements and reduce operational risk for our clients.

Euronext Securities expands its services offering with the acquisition of Acupay

The FASTER initiative: objectives, progress and client impact 

The European Commission’s FASTER (Faster and Safer Tax Excess Relief) Directive aims to harmonise and digitalise withholding tax relief procedures across the EU. Its objectives are to reduce administrative burdens, combat fraud and provide faster, more predictable access to tax entitlements for cross-border investors. 
Progress on FASTER is well underway, with the initiative moving through the EU legislative process and implementation expected to begin in the coming years. For clients, FASTER will mean streamlined digital processes, reduced paperwork and quicker refunds.

Stef Lambersy notes: 

FASTER is a game-changer for cross-border investors. By standardising and digitalising tax relief, we are making it easier for clients to access their entitlements and comply with local requirements

Tax relief: delivering value beyond FASTER

Alongside FASTER, Euronext Securities, through Acupay technology, is enhancing its tax relief services to further support clients. This includes expanding relief at source capabilities, automating documentation and integrating with local tax authorities where possible. These improvements are designed to complement FASTER by providing immediate benefits — such as reduced manual processing, lower risk of errors and faster access to funds — even before the directive is fully implemented.

Addressing client needs and regulatory requirements

Both FASTER and our enhanced tax relief services are focused on addressing the evolving needs of clients and meeting new regulatory expectations around transparency, anti-fraud and operational efficiency. 

Collaboration driving innovation 

The integration of Acupay into Euronext Securities as well as the development of our next tax platform is central to delivering these solutions. By combining market infrastructure expertise with advanced technology, we are able to innovate quickly and respond to both regulatory change and client feedback.

Practical implications and next steps for clients  

• Review your current tax relief processes and identify opportunities for automation 

• Engage with our teams to understand how FASTER and enhanced tax relief services may impact your operations 

• Stay informed through our regular updates, webinars and technical resources 

Find out more 

For further information on the FASTER Directive, our tax relief services or to get involved in upcoming client engagement activities, please contact your relationship manager.

Also read: 

Introducing Acupay and BondCom: Strengthening Euronext Securities Tax service offering 

The fourth edition of the Euronext Tech Leaders Forum brought together over 300 participants from across Europe and beyond, uniting tech entrepreneurs, investors and financial experts to explore the future of Tech in Europe. Part of Euronext’s flagship Tech initiative, Euronext Tech Leaders, this year’s forum in Paris provided a platform for strategic discussions on pivotal topics shaping the growth and sustainability of European Tech, including AI, quantum computing, space innovation and capital markets evolution. The event offered insights into the accelerating pace of technological innovation and its impact on capital markets, while showcasing the strength of Europe’s entrepreneurial spirit and its leading role in global innovation. 

Accelerating growth through capital markets and investment 

The forum began with a session on Tech acceleration on capital markets, featuring Frederick Velten-Jameson, Executive Director of Morgan Stanley, Global Capital Markets, Marie Best, CFO of Mirakl, and Rudi de Winter, CEO of X-Fab. Moderated by Sarah White from the Financial Times, the discussion explored how capital markets have evolved to support Tech companies at various stages of growth. From the IPO boom of 2020 and 2021 to the current normalisation of the market, panellists highlighted how Tech companies are now staying private longer and are more mature when they do enter the public market. Speakers also discussed how AI has become a ‘game-changer’, helping companies rethink operations and scale in ways that were previously impossible.  

In the Capital allocation in global Tech fireside chat, Alexandre Stott and Sharon Bell of Goldman Sachs provided valuable insights into the broader equity market trends. Despite ongoing global challenges, both speakers noted that European Tech has shown resilience, with Tech outpacing global market earnings throughout the last decade. The discussion highlighted that European companies still have significant growth potential, but the gap in valuations between European and US companies persists. Their conversation emphasised the importance of creating deeper, more integrated capital markets in Europe, where local investors are incentivised to channel more of their capital into high-growth European Tech, noting the potential for European policymakers to further support investment through initiatives such as the Savings and Investments Union. 

Emerging technologies and market disruption 

During the Quantum computing: opportunities and use cases session, experts such as Jean-Yves Quentel, Group CFO of Pasqal, Dr. Philippe Cordier, Chief AI Scientist at Capgemini Invent, and Olivier Tonneau, Founder and Partner at Quantonation discussed the transformative power of quantum computing. Moderated by Hugues Desportes, Managing Director, Head of ECM FraBeLux at Barclays Corporate & Investment Bank, panellists shared optimistic predictions for the next decade, particularly around breakthroughs in chemistry, material science and machine learning. The discussion noted that Europe is well-positioned to lead the quantum revolution, but it will require a concerted effort to scale these innovations and attract the necessary investments. 

As generative AI continues to rise in prevalence, the session Gen AI & software explored its disruptive effects on the software and Tech sectors. Francesca Chieti, Chief M&A and Corporate Development Officer of Jakala, Thomas Koehrer, Co-head of EMEA TMT Investment Banking at Bank of America, and Tobias Unger, Group CFO of 74Software, discussed how AI-driven transformation is reshaping business models, particularly with the shift away from traditional per-seat pricing to flexible, data-driven models. The discussion highlighted that this marks a pivotal moment for Tech companies, where those who integrate generative AI into their operations can gain significant competitive advantage in the market. 

Space innovation as Europe’s next frontier for growth 

European space IPOs were also a topic of discussion at the Tech Leaders Forum, with Antoine Lebourgeois and Florent Roulet from Stifel and Julien Merceron, CFO of Exotrail, discussing the growing momentum in the space sector. Following a series of successful IPOs in recent years, the space industry is now seen as a critical part of Europe’s long-term tech strategy. The session highlighted how the increasing focus on defence and satellite technologies is driving growth, with many companies looking to list and gain access to capital markets to fund their ambitious projects. 

Redefining defence and security through AI 

The session War 3.0: when AI and robotics redefine the battlefield drew attention to the intersection of technology and defence. Daniel Weisslinger, Global Co-Head of TMT Industry Group at Société Générale and Emmanuel Sprauel, Vice President Land Segment of Thales, discussed how AI, robotics and quantum computing are reshaping modern warfare, particularly in areas such as drone technology and autonomous systems. The workshop emphasised the growing importance of these technologies in military and security applications, with significant implications for innovation and investment in Defence Tech. 

How Europe is shaping the future of Tech 

Another insightful discussion at the Tech Leaders Forum, New Tech frontiers, explored how Europe is positioning itself as a leader in next-generation technologies. Brigitte de Vet-Veithen, CEO of Materialise, and Francesca Failoni, Co-Founder and Co-CEO of ALPS, shared their perspectives on how Europe can scale, sustain and foster innovative technologies. The session, moderated by Eirik Høiby Ausland, Head of Listing Nordics at Euronext, discussed topics such as 3D printing, data centres and AI applications in security and defence, all critical areas where Europe is making a strong impact. The panellists agreed that while Europe has a wealth of founders and innovators, it needs to stay ahead in areas such as AI integration and efficiency optimisation to compete on a global scale. With strong backing from investors and a regulatory environment conducive to innovation, Europe has immense potential to lead in the coming decades.  

Navigating growth and investor relations 

In addition to the main sessions, the Private Company Track workshops provided a tailored experience for corporate leaders looking to scale their businesses. Two key workshops were held to address issues central to private companies in their growth journey. The CFO Club with La Mission French Tech and the CLIFF (French IR Association), focused on the role of financial communication and investor relations in the scaling of high-growth Tech companies from the experience of Pauline Bireaud, Head of IR at Pluxee, and the Investors feedback on Tech IPOs workshop with Benjamin Mennesson, Head of Financial Communication at OVHcloud Solutions provided an opportunity for private companies to gain insights into IPO trends, investor expectations and preparation for entering public markets.  

Europe’s role in the global tech economy 

In his keynote speech, Yoram Wijngaarde, CEO of Dealroom.co, discussed Europe’s role as the most entrepreneurial continent. He noted that while Europe produces world-class talent and has a thriving start-up culture, it still faces challenges when scaling companies and retaining value within the continent. He noted that 17 of the 25 most entrepreneurial countries (68%) are European, and European VC-backed companies have generated US$3.9 trillion in value since 1990, with category leaders like Adyen vs. Stripe, Revolut vs. PayPal, and Spotify vs. Netflix demonstrating Europe’s potential to rival US Tech giants. However, Europe remains reliant on overseas capital at the breakout and scaleup stages, leading to a leakage of value abroad. A key takeaway was that if Europe can better support its high-growth companies with more access to capital, it could lead the world in technological innovation in the coming decades.  

The future of European Tech 

The 2025 Euronext Tech Leaders Forum provided an in-depth exploration of the opportunities and challenges facing the Tech sector in Europe. Discussions at the forum highlighted the vital role of capital markets in supporting high-growth companies and the transformative potential of emerging technologies such as AI, quantum computing and space innovation. 

Euronext remains committed to fostering the growth of innovative companies and ensuring that Europe stays at the forefront of global technological leadership, with this year’s forum reaffirming Euronext’s support of Europe’s growing Tech sector.  

For more information about the Euronext Tech Leaders Forum 2025, including details about the Euronext Tech Leaders Awards and the 2025 Tech Pulse Report, please refer to the press release and the 2025 edition of the Euronext Tech Pulse Report.