Euronext has been named Trading System of the Year at the 2026 FOW International Awards, recognising the Group’s successful transformation of its equities trading franchise and its position as Europe’s leading pan-European equity trading venue. The award was presented at the FOW International Awards ceremony held on 12 February in London. 

This recognition reflects the significant transformation of Euronext’s equity trading infrastructure between September 2024 and September 2025. Over this period, Euronext deployed a full and integrated suite of services for both retail and institutional investors, driving stronger execution quality, deeper liquidity and improved market efficiency across European equity markets. 

Vincent Boquillon, Head of Equity Trading at Euronext, said: “This award recognises the scale of Euronext’s achievements in equities over a short period of time. We have fundamentally strengthened our product offering, broadened services for retail investors, and driven innovation in the institutional space. At the core of this progress is our role as a primary market, focused on price formation and market quality, and delivered in close partnership with the entire ecosystem to create a platform that is unique, resilient and value-accretive.” 

Strong volumes and renewed leadership in European equities 

Equity trading activity remained strong throughout the year, underlining the scale and resilience of Euronext’s markets. Average daily value traded reached €10.82 billion, with a peak of €28.75 billion on 7 April 2025, making it the highest daily turnover recorded since 2007. These volumes highlight the growing role of Euronext as the primary venue for European lit equity trading, where it now handles over 25% of European lit equity volumes. 

Building Europe’s leading retail equity platform 

Retail trading was a core pillar of Euronext’s equities reinvention. Over the past year, Euronext significantly expanded its retail offering through the Global Equity Market (GEM), adding more than 700 new instruments and bringing the total universe to over 1,000 European and US stocks tradable in euros, including extended trading hours. GEM volumes more than doubled compared to 2023, supported by strong retail participation and the launch of a dedicated Market Making scheme, reinforcing Euronext’s position as Europe’s leading retail equity execution platform. 

Euronext Best of Book (BoB) further strengthened Euronext’s retail proposition, providing a single point of entry for retail brokers and delivering consistent price improvement. In 2024, retail investors saved over €80 million through systematic price improvement, with BoB delivering best execution 99.3% of the time. Volumes continued to grow strongly in 2025, exceeding €400 million in average daily traded value, supported by the successful launch of the service in Italy in November 2025. 

Enhancing institutional execution and block liquidity 

Alongside retail growth, Euronext continued to deploy and scale a comprehensive institutional trading offering. Mid-Point Match, Euronext’s dark trading offering, saw significant growth, reaching €100 million in average daily value traded last week, capturing approximately 13% market share in Italy and expanding across other markets, reflecting growing institutional adoption of Euronext’s equity trading services. 

In December 2025, Euronext launched Auction Volume Discovery (AVD), one of the most significant innovations in block trading in recent years. AVD unlocks block-sized auction liquidity with no pre-trade transparency and minimal market impact, attracting immediate participation from institutional investors from day one. 

Shaping the future of European capital markets 

Euronext’s recognition as Trading System of the Year highlights its position as the leading and most comprehensive equity trading venue in Europe, combining scale, innovation and market quality across both lit and non-lit markets. This achievement reflects the continued trust, engagement and collaboration of Euronext’s clients, members, liquidity providers and market participants, whose partnership has been instrumental in shaping and adopting these innovations. 

Through ongoing investment in its Optiq^® platform and a persistent focus on execution quality, Euronext remains committed to strengthening European capital markets and consolidating its role as the reference equity trading venue in Europe delivering a resilient, innovative and truly pan-European equity trading venue. 

From fragmentation to integration  

Europe’s capital markets move forward when participants have real choice – and when that choice is supported by the scale, consolidation, and execution power needed to unlock growth. 

Fragmentation has long limited the efficiency of European post-trade, creating duplicated processes, higher costs and operational complexity.  

Markets need scale. Clients need clarity.  Capital needs efficiency.  

A structural shift in European post-trade

At Euronext Securities, we believe clients should expect more – now.  

We are building the infrastructure to deliver on this ambition.   

Euronext Securities is developing a more integrated and future-ready post-trade model that removes barriers and supports a truly European capital markets ecosystem.

The Euronext Securities model provides:

• Broader and more efficient access to investors and markets for issuers 

• A genuine cross-border infrastructure solution for financial intermediaries 

• A challenger mindset that raises post-trade standards and brings real choice 

From September 2026, market participants will be able to manage activity across multiple major European markets – Belgium, France and the Netherlands – through one CSD and one securities account, alongside Euronext Securities’ existing CSDs in Denmark, Italy, Norway, Portugal and Greece. 

Its objective is clear: to give clients greater choice, efficiency, and scale, powered by a future proof infrastructure.  This approach is fully aligned with the current European regulatory framework and translates the objectives of the European Commission’s Market Infrastructure and Supervision Package into operational reality. 

This is the post-trade model that Europe needs to unlock its full potential.  

Why Euronext Securities?

Issuers can now tap into Europe’s deep liquidity pool via a smoother, more efficient route to European markets with:  

• Simplified access to a broad European investor base through seamless domestic and cross-border connectivity. 

• Greater clarity and efficiency throughout the issuance process 

• More predictable timelines and operational outcomes 

This creates a reliable and scalable framework for companies looking to grow their presence in Europe’s capital markets. 

Intermediaries can benefit from modern, technology-driven infrastructure, designed to replace costly and inflexible legacy frameworks that struggle to adapt to evolving dynamic capital markets demands.  

Key features of the Euronext Securities model include:  

• European integration, simplifying cross-border transactions through a single harmonised model across equities, ETFs, fixed income, certificates and warrants. 

• A scalable, T2S-aligned settlement infrastructure, built for T+1 and future market evolution 

• Standardised processes across markets to support increasing volumes and cross-border activity. 

• Competitive and transparent pricing structures that support operational efficiency and cost discipline.   

Expect more - today and tomorrow

Euronext Securities’ European Offering is already strengthening competitive dynamics and accelerating the evolution of post-trade services across Europe. 

As of September 2026, our European Offering will operate at scale across major markets, marking a structural step forward in European settlement.   

This is not just our ambition.  It reflects the model Europe needs, and the standard the market should expect.  

Clearer operating standards. 
Aligned experiences. 
Faster execution. 

How to benefit from Euronext Securities’ European Offering

• Contact your Euronext Securities representative or write to: csd-expansion@euronext.com

• Consult the most up-to-date documentation European Offering Documentation | Euronext Securities, including the updated guidelines.

• Find out more on our CSD European Offering : European Offering | Euronext Securities
  

We look forward to redefining the future of post-trade in Europe, together with our clients.

Originally published in Securities Finance Times Collateral Annual 2026

With balance sheet pressures rising and regulatory momentum building, repo clearing is moving centre-stage in Europe, says Yama Darriet, head of OTC capture and Repo Expansion Initiative at Euronext, who discusses the evolving landscape of repo and collateral on the continent

Repo clearing is gaining attention in Europe. What is driving this momentum?

The drivers are both structural and cyclical. Structurally, clearing brings transparency, balance sheet efficiency, and systemic safeguards. Cyclically, the withdrawal of central bank liquidity has pushed banks and investors back into private funding markets, where repo has once again become the primary secured channel.

Infrastructure has also matured. Triparty services, general collateral (GC) baskets, and wider CCP usage have made repo more scalable and accessible, while regulators are increasingly emphasising the importance of central clearing. In the US, most treasury repo will move into CCPs by 2027 under new Securities and Exchange Commission (SEC) rules, while in Europe close to half of euro-denominated repo already clears.

In the UK, the Bank of England’s September 2025 discussion paper on gilt repo resilience points to greater central clearing as a potential solution, alongside measures such as minimum haircuts on non-centrally cleared trades. This places gilt repo within the same global policy trajectory seen in the US and EU, where authorities are looking to reduce systemic risk and strengthen market functioning through clearing. Together, these developments underline why cleared repo is firmly on the agenda

What differentiates Euronext’s repo offering from other established providers?

Euronext is not replicating existing models, we are designing a clearing framework that reflects client requirements. There are five areas where our approach stands out: 

1. Margin methodology. Our model is calibrated for transparency and predictability. It reduces unnecessary procyclicality and aligns with how firms manage risk, supporting both resilience and capital efficiency. 

2. Settlement flexibility. Members can use existing central securities depository (CSD) links, with obligations netted in one place. That means liquidity, netting, and operational efficiencies without costly infrastructure changes. 

3. Sponsored access. We are co-developing this with both buy and sell side participants to ensure it is scalable, practical, and genuinely reflects their needs; unlike other models that are imposed top-down. 

4. GC baskets. From 2026 we will offer competitive GC baskets with offsets across correlated assets and cross-margining within a single account, creating significant efficiencies and deeper liquidity. 

5. Euronext ecosystem. Integration with MTS trading venues and our fixed income derivatives platform delivers front-to-back efficiencies, underpinned by our role as a multi-asset CCP embedded in Europe’s capital markets.

Together, these factors make Euronext a credible, client-driven alternative to incumbents.

Collateral optimisation is becoming critical. How is Euronext evolving its collateral management offering?

Collateral is the foundation of cleared markets, and one of the main priorities of the Repo Expansion Initiative is enabling more effective use of it. From launch, we broadened eligible assets beyond the Euro; accepting US dollar, pound sterling, and Norwegian Krone. This ensures members can meet obligations with a wider set of assets, reflecting real balance sheet composition. We will also broaden eligible assets to new securities in 2026.

We have also introduced a triparty agent model, with Euroclear and Clearstream already announced as partners for collateral management. These integrations will streamline settlement, reduce operational burdens, and enable real-time collateral mobility.

By embedding collateral management triparty capabilities in the CCP, we are giving participants the tools to manage collateral more efficiently and with greater flexibility. Other alliances are to follow.

GC baskets are an important innovation for Euronext. How do they fit into the Repo Expansion Initiative? 

GC baskets are central to creating deeper and more standardised liquidity. Rather than financing individual securities, participants can transact against diversified pools at unified rates. 

Euronext will launch competitive GC baskets in 2026, built with a leading triparty agent and designed to include risk offsets across correlated assets. Subject to regulatory approval, these baskets will also allow cross-margining across debt instruments within a single account. 

This approach not only improves capital efficiency but also reduces concentration risk and supports more robust liquidity across borders. Combined with our risk model enhancements, GC baskets will make clearing materially more efficient for members.

Market participants are looking at broader collateral eligibility. What steps has Euronext taken? 

We have significantly expanded the scope of eligible assets. Beyond core sovereign bonds, we already accept major non-euro currencies, and further expansion is planned. 

Equally important, our Sponsored Model will allow securities to be delivered directly as margin. Cash is often the scarcest resource, and giving members the ability to deliver securities directly to the CCP reduces systemic reliance on cash collateral.

This flexibility strengthens balance sheet management and makes the overall collateral ecosystem more resilient.

Capital efficiency remains a priority for the sell side. How does Euronext’s model address this?

Capital constraints are a defining challenge for dealers, and clearing must be part of the solution. Our model is built with efficiency in mind. Multilateral netting across different debts reduces gross exposures and frees up balance sheet capacity. 

Our margin methodology is risk-sensitive and transparent, avoiding unnecessary procyclicality. 

Meanwhile, securities-as-margin reduces the reliance on cash, easing liquidity strain for the buy side under the Sponsored Model. Aligning regulation with balance sheet realities is vital to ensure clearing helps the sell side intermediate client activity more effectively.

How should clients prepare for potential mandatory repo clearing in Europe? 

There is no EU mandate today. EMIR 3.0 focuses on making EU clearing more attractive, not mandating repo. In the UK, the Bank of England is consulting on gilt repo, and, in the US, Treasury repo will move into CCPs by June 2027. These set the direction without dictating an EU outcome. 

The best approach is readiness without ove-commitment: 

• Establish connectivity and legal terms with at least one EU CCP. 
• Run low-volume pilots to test margin and funding impacts.
• Align collateral policy, including securities-for-margin and triparty connections. 
• Refresh playbooks for default management, porting, and reporting.

This shortens lead-times and reduces operational risk whether or not a mandate emerges. 

Finally, what is Euronext’s long-term vision for repo and collateral? 

Our ambition is to become the reference CCP for European repo. We have extended our leading Italian franchise, built on over 25 years of expertise, and now cover the full eurozone sovereign spectrum. In 2026, we will launch GC baskets and sponsored access, broadening liquidity and participation. 

Longer term, integration with Euronext’s trading and derivatives ecosystem will deliver genuine front-to-back efficiencies. Collateral innovation, from triparty services to securities-as-margin, will remain at the core of our model. 

Ultimately, we are shaping the next phase of Europe’s repo clearing: a framework that is resilient, efficient and inclusive; designed not just to meet regulatory demands, but to help clients thrive in a changing market.

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