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. 

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. 

Join us for an exclusive interview with Armanda Mago Citi’s Head of FMI Strategy and Change Management for Europe, who shares insights from over 25 years in financial services. Discover her perspective on the opportunities and challenges in European capital markets, from the transition to T+1 and digital assets to the need for greater harmonisation. Learn how her experience across front and back-office roles shapes her approach to post-trade transformation and hear about the unexpected lessons she has uncovered along the way. 

Tell us a bit about yourself and your role at Citi 

I am performing now, within Citibank Custody business, the role Head of FMI Strategy and Change Management for Europe, focused on the many anticipated changes in the European capital markets landscape over the next three to five years including the transition to T+1, SIU implementation, market infrastructure evolution, and digital assets adoption. Prior to my current role, I led Citi’s Custody business for Europe and the UK where I was responsible for business strategy, growth, and custody transformation across these geographies, including engagement with FMIs and key stakeholders. I joined Citi around 15 years ago, first in Latin America where I held a number of roles including Head of Securities Services business for the region [excluding Brazil and Mexico] and Head of Securities Services for Colombia. I moved to Europe with Citi in 2020 to lead product and service consistency across our Europe and the UK branches including Citi’s T2S markets. Prior to Citi, I spent six years as Operations and Issuer Heads at the Colombian Stock Exchange (BVC) where I led the integration project between the Colombian, Peruvian and Chilean equity markets. I now have over 25 years of experience in the financial services sector across investment banking, capital markets and the public sector and I continue to be enthused by what lies ahead. 

What do you see as the biggest opportunity and challenge that needs to be addressed in the post-trade industry? 

As multiple analysts and economists have pointed to, Europe’s capital markets have the potential to compete with the US. Europe’s capital markets have deep liquidity to attract issuers and offer attractive rates to finance the region’s economic growth while making savings more attractive and profitable to support citizens’ pensions and retirement plans. However, the landscape is complex. Multiple national laws, regulations and market practices are creating challenges like high costs and liquidity fragmentation that will need to be addressed to realize the opportunity for Europe. 

The biggest challenge and at the same time, the biggest opportunity lies in how these differences can be overcome with feasible and scalable measures. 

Some of these measures could be single rulebooks for issuance and corporate events, multimarket CSDs ensuring consistency in messaging, aligning information sources, and gaining scale to reduce costs for participants. 

What’s the most unexpected lesson you’ve learned or myth you’ve debunked by working in the financial industry? 

The most unexpected lesson I learned, while working in the financial industry was the true nature of its operational sophistication. 

My early career in capital markets, specifically in investment banking's front office, immersed me in discussions of co-location, nanosecond trade execution, algorithmic investment strategies, and the relentless pursuit of time-to-market advantages. However, transitioning to manage the back office at the exchange presented a different reality where the reliance on manual processes, paper-based workflows still existed, coupled with daily stress on end-of-day closures. While this unveiled a less glamorous, more foundational side of capital markets, it also unexpectedly ignited a deep passion for understanding and optimizing these critical, often overlooked, operational pillars.