As we approach the end of the year and the start of the holiday season, we would like to extend our warmest wishes to our clients, investors and partners across Europe and beyond. 2025 marked a defining year for Euronext, made possible by the trust and collaboration of all those who have taken part in our journey.  

This year, we celebrate 25 years since the creation of the first cross-border European exchange. As the year draws to a close, we reflect on the meaningful progress made across our strategic priorities, including expanding our integrated market infrastructure, strengthening Europe’s strategic autonomy, accelerating innovation and reinforcing our leadership in listings and market services.

Euronext joins the CAC 40^® Index 

In September 2025, Euronext reached a historic milestone with our entry into the CAC 40^® Index, the French national benchmark. This recognition reflects Euronext’s scale, performance and central role in Europe’s financial infrastructure, underlining the market’s confidence in our long-term strategy and execution. 

Expanding Euronext’s European footprint with ATHEX 

The acquisition of a majority stake in the Athens Stock Exchange (ATHEX Group) further expanded our European presence. Welcoming ATHEX Group strengthens Euronext’s federal model, enabling Greek issuers to benefit from our integrated market infrastructure while opening new opportunities for issuers and investors. 

Strengthening Europe’s strategic autonomy 

In 2025, we reinforced our commitment to Europe’s strategic autonomy, mobilising capital markets in support of critical sectors including energy, security and geostrategy. 

Key initiatives included: 

• The launch of new ESG-focused initiatives dedicated to Europe’s strategic autonomy 

• The introduction of the European Defence Bond Label, a voluntary, market-driven framework designed to channel private capital towards eligible defence and security projects 

• The organisation of the first European aerospace and defence funding days, bringing together companies and investors from across Europe 

• The launch of the European Aerospace and Defence Growth Hub, powered by ELITE, supporting companies across the defence and aerospace supply chain 

• Partnerships with national military reserves, reaffirming Euronext’s commitment to resilience and security. 

These initiatives demonstrate Euronext’s role in actively supporting Europe’s long-term independence and competitiveness. 

Innovation across trading, clearing and market infrastructure 

Fixed income derivatives 

A major achievement of 2025 was Euronext’s expansion into fixed-income derivatives, marking a significant step under the ‘Innovate for Growth 2027’ strategic plan. In September 2025, Euronext launched the first-ever Cash-Settled Mini Bond Futures on key European government bonds in Italy, France, Germany and Spain, enhancing accessibility, transparency and cost efficiency for market participants. The strong uptake since launch confirms the demand for innovative fixed-income solutions in Europe.  

Power and repo markets 

Euronext further strengthened our derivatives franchise with: 

• The acquisition of Nasdaq’s Nordic power futures business, reinforcing its leadership in European energy markets 

• The launch of the first phase of our multi-year Repo Expansion Initiative, extending Euronext’s strong Italian repo offering to market participants across Europe 

Together, these initiatives support deeper liquidity, increased competition and more integrated European markets. 

Enhancing equity market liquidity 

In December 2025, Euronext launched the new Auction Volume Discovery (AVD) order type, unlocking new liquidity opportunities for equities and enhancing price formation within the central order book. 

A new era for exchange-traded products 

September 2025 saw the launch of Euronext ETF Europe, the first fully integrated pan-European marketplace for exchange-traded funds. This new platform provides issuers and investors with a unified, transparent and efficient framework for ETF trading across Europe, reinforcing Euronext’s ambition to build a truly integrated capital market infrastructure. 

Towards a harmonised post-trade landscape 

In 2025, Euronext took a significant step towards building a pan-European post-trade infrastructure that supports the EU’s goals for autonomy and integration, with the launch of the European Offering. This major initiative encourages clients to expect more, with the aim of unifying Europe's fragmented capital markets. It will create a single, harmonised post-trade platform across the Euronext markets, offering one access point, one membership, and streamlined services for cross-border operations along the whole of the value chain. The harmonised operating model leverages the TARGET2-Securities (T2S) platform for efficiency, aiming to reduce complexity, cut costs, and boost capital efficiency for issuers and investors.  

In March 2025, Euronext N.V. moved the issuance of its own shares to Euronext Securities in a concrete step in its mission to streamline and unify equity capital markets, demonstrating the value issuers can derive from joining a pan-European Central Securities Depository (CSD).  

The leading venue for listings in Europe and beyond 

In 2025, Euronext confirmed our position as Europe’s leading equity listing venue: 

• 76 admissions as of 22 December 2025, including 50 new equity listings, representing nearly a third of all new listings in Europe 

• €17 billion in aggregated market capitalisation of newly listed companies 

• 42% of international listings in Europe hosted on Euronext. 

Euronext continued to attract global and local champions, alongside a strong pipeline of technology companies, which represented 36% of new listings in 2025. 

Supporting growth across market segments 

Euronext Growth marked its 20^th anniversary, now hosting over 500 small and mid-cap companies across six locations. Four companies successfully transferred from Euronext Access to Euronext Growth in 2025, demonstrating the effectiveness of Euronext’s growth markets. 

Over 200 Euronext listed companies raised more than €15 billion through follow-on transactions, supporting continued investment and expansion. 

#1 debt listing venue worldwide 

Euronext reinforced its global leadership in debt markets: 

• Over 14,500 new bonds listed in 2025 

• More than €3.6 trillion raised 

• Continued leadership in sustainable bonds, Islamic finance and CLO listings. 

These results highlight Euronext’s central role in financing both public and private investment worldwide. 

Empowering private companies and future issuers 

In 2025, our IPOready programme empowered over 160 companies across Europe’s fastest-growing sectors, while ELITE expanded to more than 2,000 member companies, supporting private businesses on their path to scale and access capital. 

Seven IPOready alumni successfully listed on Euronext in 2025, while ELITE companies raised capital through both equity and debt markets, reinforcing Euronext’s end-to-end support for issuers. 

Expanding Euronext Corporate Solutions 

Euronext continued to develop our Corporate Solutions franchise, doubling its size with the acquisition of Admincontrol. The business now serves more than 8,500 companies across Europe, offering governance, compliance and investor relations solutions that support clients from the boardroom to capital markets. 

Warm wishes for 2026 

2025 demonstrated Euronext’s ability to deliver on strategy while adapting to global uncertainty. From market infrastructure and innovation to listings, strategic autonomy and issuer support, Euronext continued to build a more integrated and competitive European capital market throughout the year. 

As we move into 2026, we remain committed to working closely with our clients, investors and partners to support the growth of European companies and strengthen Europe’s financial future. We thank you for your continued partnership and confidence, and we wish you a successful year ahead, along with warm wishes for the holiday season. 

End-of-year note, from Yama Darriet , Head of OTC Capture and Repo Expansion Initiative

A market undergoing structural change 

Across Europe, the interplay between liquidity, collateral and infrastructure has grown more critical than at any point since the pandemic. Market stresses, geopolitical shocks and the acceleration of regulatory reforms have pushed the repo ecosystem into a new phase of maturity.  

This note draws on insights from the latest International Capital Markets Association (ICMA) European Repo Collateral Council (ERCC) survey, published in November 2025, to reflect on how these forces reshaped the market in 2025, and how infrastructure must evolve to support the years ahead.   

The ERCC survey shows a market that is both expanding and structurally shifting. The total value of the repo books in the sample rose 11.9% year-on-year to €12.4 trillion, driven by heightened precautionary demand for liquidity following sharp rate volatility and changes in US trade policy.  

Growth was led by euro-denominated repos, particularly Italian debt, where daily volumes on Euronext’s MTS Repo platform now exceed €185 billion. By contrast, the share of French, German and other core issuers continued to contract. US Treasuries also expanded their role as the largest single collateral component. 

Trading behaviour mirrored these shifts. ATS-traded repo reached record highs, CCP clearing increased in tandem, dealer-to-client automated platforms resumed strong growth, and voice-brokers regained share during periods of volatility. Tri-party balances reached a new market-wide peak, despite a slight dip in the survey sample. Residual maturities extended across the board, with borrowers concentrated at the shortest tenor and lenders dominating the rest.  

These dynamics reinforce a consistent theme: Europe’s repo market is sophisticated, increasingly international, and reliant on infrastructure that still functions more as a constellation of national systems than a fully unified framework. Efficient collateral mobility, across jurisdictions, curves and settlement chains, is becoming a defining element of resilience. 

Infrastructure at the centre of European competitiveness 

Global developments underline this direction of travel. The US Treasury clearing mandate and the Bank of England’s work on gilt repo resilience underscored the importance of clearing and infrastructure design. In Europe, T+1, the next SIU package and ESMA’s strengthened supervisory coordination continue to push towards operational coherence. 

Repo, often dismissed as “plumbing,” has become one of Europe’s most strategic assets. It sits at the intersection of three priorities: 

• First, financial stability.  Episodes of sharp market stress — from the LDI crisis to volatility linked to US tariff policy in 2025 — have demonstrated the need for collateral to move quickly and predictably. The growing presence of global trading firms and hedge funds adds liquidity, but increases dependence on robust, harmonised infrastructure. 

• Second, sovereign market liquidity. Sovereign bonds account for 87% of repo collateral, with Italian securities alone representing roughly 15% of euro-area collateral. This makes sovereign debt, and particularly Italian govvies, a central source of high-quality, centrally cleared liquidity. 

• Third, monetary policy transmission. Inefficient collateral circulation weakens transmission. Dealers represent more than 85% of euro-area repo turnover, and ESRB analysis shows collateral demand can surge by €300 billion in stress. Infrastructure quality is therefore not simply operational — it is macro-critical. 

Euronext’s strategic progress in 2025 

It was against this background that Euronext advanced its Repo Expansion Initiative, designed to deliver a pan-European, fully integrated, one-stop-shop for repo. 

Clearing has been expanded beyond Italian sovereign debt to include Spanish, Portuguese, Irish, French, German, Dutch, Belgian, Austrian, Finnish and supranational markets - directly addressing client demand for greater choice in a concentrated clearing landscape.

Euronext is developing general collateral baskets, scheduled for launch early in 2026, with planned offsets across correlated collateral and future cross-margining, subject to regulatory approval. Eligible collateral expanded to include USD, GBP and NOK, with further additions planned. Connectivity with TPAs, including Euroclear and Clearstream, was deepened to support real-time collateral mobility and streamlined settlement, with additional partnerships to follow.  

In parallel, Euronext conducted a comprehensive review of its risk framework to further strengthen resilience and efficiency. Clients will benefit from measurable capital efficiencies, validated through multiple portfolio simulations using both real client data and representative dummy portfolios. The first set of changes will go live in January 2026, with a second wave later in the year, reinforcing our commitment to sound risk management and value creation to our clients. 

Progress was also made on Euronext’s sponsored access models, scheduled for launch in July 2026. This will provide efficient clearing access for buy-side firms and aligns closely with the market’s growing preference for centrally cleared liquidity. 

Meanwhile, deeper integration between MTS, Euronext Clearing and Euronext Securities is creating a streamlined infrastructure, improving netting capabilities and operational efficiency across sovereign markets. 

These developments directly reflect the trends highlighted in the ERCC survey: increasing activity in non-core sovereigns, growing appetite for cleared liquidity and a repo ecosystem that is structurally more international. 

Competitiveness through alignment 

Europe has all the ingredients to be one of the world’s most competitive and resilient capital markets. But competitiveness now depends less on the ambition of regulation and more on the practical integration of market infrastructure. 

In a global environment where capital flows to jurisdictions with the most efficient collateral chains, alignment between trading, clearing and settlement is becoming a strategic imperative. 

Europe has the scale, sophistication, and expertise required. What is needed now is alignment — between infrastructures, supervisors and market participants — to ensure collateral moves with the speed, transparency and predictability the modern market demands. Euronext remains fully committed to this ambition. As a European market infrastructure with the scale and long-term mandate to support integration, we look forward to progressing this work with our clients and partners in 2026. 

For further details on GC baskets, sponsored access and expanded sovereign coverage in 2026, you can: 

• Visit the Repo Expansion Initiative webpage 

• Get in touch with an expert to learn more

• Sign up to stay informed, with the repo expansion newsletter

Dear clients, 

As we approach the end of a very busy year, many of you are surely looking forward to a well-earned break and time to recharge.  

2025 has been a very eventful year. Across geopolitics, the macro-economy and markets, we have navigated a complex landscape together. We were all proud to observe that, once again, the post-trade infrastructures industry in which we all play a key role has allowed issuers, investors and all capital market participants to trade, invest and raise capital, even in difficult or very volatile market conditions. 

Before you go on a well-deserved break, this newsletter will give you a brief update about the latest developments from Euronext Securities and the key steps we are taking together towards stronger European capital markets. 

Our “European Offering” initiative is gathering momentum, and we are encouraged by many of you saying that we are rightly shaking up a status quo that has lasted for far too long. From the expansion of our issuer CSD passports to new jurisdictions, extending the asset class coverage, building strategic partnerships with issuing agents, launching innovative tax and shareholder identification services, and the successful onboarding of clients for cross-border ETF settlement, we are making tangible progress. Recent milestones include a simplified settlement fee schedule in Milan that will clearly benefit our clients centralising their flows within our European model, and a €425 million convertible bond issuance via our platform, all supporting a truly connected European capital market. 

In parallel, our efforts to roll out new, future-proof, harmonised platforms across markets are progressing well. Our corporate events platform project has entered a critical phase, as you are now testing the new platform across Denmark, Italy and Portugal. The go-live will happen in January 2026 in Portugal, June 2026 in Italy and September 2026 in Denmark. In the meantime, after a very constructive process with Danish market participants, August 2028 has been agreed as the date for the migration of the Danish market to the brand-new platform. There is no European success without a Nordic dimension, which is why we greatly value the opportunity to collaborate with the Nordic community on this important project for the future of market infrastructures in the region and beyond. 

On the other side of Europe, we recently announced the success of our tender offer for ATHEX Group, the Greek market infrastructure. This transaction reinforces Euronext’s leadership in Europe and adds a fifth CSD, AthexCSD, to Euronext Securities’ network. 

We are also pleased to share recent leadership developments. The appointment of Olga Jordao as CEO of Euronext Securities Milan, alongside her ongoing leadership of Euronext Securities Porto and our business operations, is a testament to our commitment to strong, cross-market leadership and continuity for our clients. Olga’s experience and dedication will be instrumental as we further integrate our CSDs and drive operational excellence across all our locations. 

Finally, we warmly welcome the European Commission’s Market Infrastructure Package, a meaningful step towards a stronger Savings and Investments Union. A couple of months ago, Oxera Consulting prepared a report on the design and functioning of CSD markets in Europe (Oxera report) and we are happy to see that the vision of a competitive, interconnected post-trade infrastructure leveraging Europe’s common settlement platform, Target2-Securities, described in the report, is fully aligned with European policymakers’ proposal. Euronext Securities is proud to be leading this transformation, working in close partnership with clients, market participants and regulators. 

Looking ahead to 2026, at Euronext Securities we will be focused on continuing to deliver the European CSD of choice for issuers and investors. We will also accelerate our convergence programme, which is central to building a unified future for post-trade services across Europe. We will continue innovating by further improving our added services on data and tax services to support our clients' needs. We are also looking forward to welcoming ATHEX clients and collaborators to further strengthen our unique European offer.   

I invite you to explore these articles and to engage with our teams as we continue to build the future of post-trade together.  

Thank you for your trust and partnership. 

Best wishes 

Pierre Davoust 

European Offering: Progress update and next steps

At Euronext Securities, our ambition is clear: to give clients seamless, efficient and scalable access to Europe’s capital markets.

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.

Author: Jerome Blais, Euronext Securities Head of European Expansion

European Offering – Progress update and next steps

A New Chapter for Euronext Securities Milan: Olga Jordão’s Leadership Journey and Vision

At the beginning of November, Euronext Securities announced the appointment of Olga Jordão as Chief Executive Officer of Euronext Securities Milan. Olga will continue to serve as CEO of Euronext Securities Porto, Head of Business Operations for Euronext Securities, and Programme Executive for Euronext Securities’ common corporate action initiative, reflecting her deep commitment to operational excellence and client service across multiple markets. 

A New Chapter for Euronext Securities Milan: Olga Jordão’s Leadership

Convergence Programme: Building a unified future for post-trade services

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.

Author: Marie Thomas, Euronext Securities Convergence Program Executive

Euronext Securities Convergence Programme: building a unified future

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

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.

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

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

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

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Unlocking the power of data: Euronext Securities’ data services