The Euronext Securities Convergence Programme is a cornerstone of our “Innovate for Growth” 2027 strategy, designed to harmonise post-trade processes, reduce fragmentation and costs, and deliver a scalable, unified infrastructure across our European markets. As we progress through this six-year initiative, we are proud to share the latest updates and resources now available to our clients and stakeholders. 

Our focus is our clients 

The last few months have been dedicated to helping clients understand the future services that will be supported by Euronext Securities as part of the Convergence initiative, and how these services differ from the ones currently offered. Thanks to many deep-dive sessions, we have been able to assist our clients in their understanding and improve the related documentation.  

For our core services, we have released a baseline version of service description documents in early November 2025. These services are currently under development and will be ready for internal testing in Q1 2026, before being opened up for client testing in 2027. 

As Euronext Securities Copenhagen will be the first of our CSDs to move to the new platform, we have set up a local joint governance group to manage the deployment timeline and secure the critical shift to T+1 in October 2027: 

• 2026: Release of the first new service (ISIN codification) for Euronext Securities Copenhagen 

• December 2027: Start of client testing of the new platform and services 

• August 2028: Release of the platform for Euronext Securities Copenhagen 

For Euronext Securities Milan, Oslo and Porto, we will engage in a similar way, with the aim of helping clients assess the impacts of the new services on their infrastructure, and detailed management of local specificities. 

Documentation on Convergence services  

To help clients from all markets prepare for the Convergence Programme, we have published a comprehensive set of supporting documents and resources, including: 

• Settlement services and settlement penalties 

• Securities management 

• ISIN codification service 

• Client master data and account management 

• Connectivity session notes 

• Overview of extended services  

These resources are updated regularly and available on our website: Convergence programme documentation. We encourage all stakeholders to check for the latest updates and notifications. 

A unified future for post-trade services 

The Convergence Programme is central to Euronext Securities’ vision of delivering a unified, resilient and innovative post-trade infrastructure for Europe. By harmonising processes, technology and client experience across our CSDs, we are building a platform that supports growth, efficiency and operational excellence for all market participants. 

By Jerome Blais, Head of European Expansion 

At Euronext Securities, our ambition is clear: to give clients seamless, efficient and scalable access to Europe’s capital markets. We believe clients should expect more from their post-trade partners, and we are committed to delivering it.  

The European Offering, a core strategic initiative, is designed to create a single, harmonised post-trade solution giving access to multiple European markets through one single access point, one membership and a unified set of innovative services. The initiative addresses the current fragmented, market-by-market infrastructure landscape in Europe and gives issuers, intermediaries and investors a streamlined way to operate across borders, while remaining fully compliant with local requirements. 

From September 2026, market participants will—for the first time—be able to opt for a single access point to settle and hold equities and ETFs listed or issued in Amsterdam, Belgium, France and Italy. This new optionality introduces real post-trade optionality in these markets, allowing clients to consolidate activity, reduce operational complexity, optimise liquidity management, and benefit from competitive pricing and service levels across markets. 

As the programme advances, our teams are focused on supporting clients throughout the journey, with dedicated teams to ensure a smooth implementation. Alongside this, we will continue to expand the range of markets and instruments available, providing clients with even greater operational flexibility and strategic reach. 

Delivering on our vision: recent progress and milestones 

Since announcing the initiative in November 2024, we have advanced the technical and operational integration of our CSDs, leveraging T2S connectivity to deliver harmonised settlement, simplified processes and operational scale. 

We have engaged closely with clients and market participants to ensure that our solutions address real-world challenges, particularly market fragmentation and cross-border settlement frictions. As highlighted by Pierre Davoust, Head of Euronext Securities, our focus remains on delivering concrete solutions that support clients’ pan-European strategies and growth ambitions. By actively listening and adapting, we aim to become the partner that raises the bar for the entire industry.  

Shaping the future of post-trade in Europe, a video interview with Pierre Davoust 

Thought leadership and industry recognition 

The latest Oxera Consulting LLP report, published in October 2025, highlights that competition in the CSD sector — supported by a common settlement platform like T2S — is key to overcoming Europe’s post-trade fragmentation and supporting capital markets growth.  

From fragmentation to efficiency: insights from the Oxera CSD report 

Euronext Securities is proud to be at the forefront of this transformation, offering a single access point to multiple markets and promoting interoperable solutions that lower costs and improve service quality for all market participants. We believe clients deserve an infrastructure that evolves with their needs, rather than one constrained by legacy frameworks. 

Key milestones and service enhancements 

• New fee schedule for settlement 
  From September 2026, Euronext Securities Milan will introduce a simplified and transparent settlement fee grid, reducing costs for settlement of French, Belgian, Dutch and UK securities across all asset classes and transaction types.  

• Banca Sella Holding  
  Banca Sella has adopted Euronext Securities’ European Offering model to settle ETFs on Euronext’s ETF Europe, the first fully integrated European marketplace for ETFs (and ETPs), leveraging the full value chain as trading participant, market maker, clearing member and settlement agent. This milestone allows Banca Sella to benefit from simplified cross-border settlement, direct multi-market access and optimised post-trade flows through a single account.  

• Successful €425 convertible bond issuance 
  In May 2025, Euronext NV issued a €425 million convertible bond using Euronext Securities Milan. This successful transaction demonstrated the robustness and efficiency of our platform as a credible, competitive alternative to international CSDs. 

• Shareholder Identification Service 
  Launched in May 2025, this service enhances transparency and shareholder engagement. Clients can find further details in our Service Description Document and on MyStandards. 

• New French ETF Tax Service 
  Introduced in October 2025, this service enables French tax residents holding ETFs to benefit from efficient, compliant and harmonised post-trade tax processing. Equities and similar instruments will be included in a future release planned for June 2026. 

• Expanded Passport programme 

As part of our broader strategy to expand issuer access across jurisdictions, Euronext Securities continues to extend its passporting capabilities for equity issuers. Following recent additions such as Switzerland, we have now secured authorisation from the Belgian FSMA to provide Core-CSD services for Belgian-incorporated companies. This new Belgian passport enables us to support the full securities lifecycle — from primary issuance to settlement and custody — in full alignment with local regulation and market practice. Further jurisdictions, including South Africa and the United Kingdom, will be added soon, reinforcing our ambition to offer issuers a seamless European gateway through a single, unified post-trade platform. 

Access to documentation and resources 

To support clients in understanding and preparing for the European Offering, we have made a comprehensive set of documentation and resources available on our website, including project updates, technical specifications, membership information and FAQs: 

• European Offering – Strategic projects 

• European Offering documentation for Milan 

For more information on the European Offering and how it can support your business, please contact your relationship manager.