Trade Mini Bond Futures on main European Government Bonds
Euronext is expanding its repo clearing services to boost market access, liquidity provision and collateral optimisation across Europe.
Euronext Securities is shaping the future of European capital markets by enhancing integration, connectivity, and innovation.
The new generation of high-frequency risk trading platforms, offering the highest performance with ultra-low latency and minimal jitter, all at a low total cost of ownership.
The first edition of the Euronext Index Outlook series with a particular focus on the European Strategic Autonomy Index.
Shaping capital markets for future generations
Legal Department : Début du stage - Juillet 2026
Le Département juridique assure pour le compte du groupe Euronext des missions de conseils et d’assistance juridiques tout en contribuant à la bonne gouvernance du groupe. Ses missions ont trait à des aspects juridiques et réglementaires.
Join us as an HR Project Officer in our International Graduate Programme (V.I.E)!
Are you ready to kickstart your career with the leading European market infrastructure? Euronext is seeking a dynamic and motivated candidate to join our group Talent team within the International Graduate Programme (V.I.E). The position is based in Milan, starting in January or February 2026 and reporting to the Head of Talent.
As stated by the European Commission, the priorities for the MiFID/R review are "to improve transparency and availability of market data, improve the level-playing field between execution venues, and ensure that EU market infrastructures can remain competitive at international level”. To achieve this, there must be a diverse and sound trading landscape, enabling investors to select between various execution venues and market models in an environment where price formation and market integrity are protected. In the new macroeconomic normal, dominated by inflation and high interest rates, the need for strong market-based financing versus increasingly constrained bank-based financing is paramount. To achieve this, we need an investment and trading environment that can be trusted by all market participants, enables an efficient allocation of capital via robust price formation and provides open and fair competition for all participants.
European stock exchanges have invested significant resources to play their major role in financing the real economy and in fostering listing and SME financing. They support European countries in building robust financial markets, promoting strong financial industries and attracting international investments to truly service local economies. Exchanges are the venue of reference for price formation and price improvement, even more significantly when volatility hits the markets. Thank to their continuous investments and innovation, stock exchanges support fair and orderly trading to benefit of the whole ecosystem. They have been able to adapt and innovate to meet the needs of their various clients, from issuers to final investors and to the broader economy as a whole.
Euronext remains strongly committed to building the backbone of the Capital Markets Union. This is why we believe it is of paramount importance to ensure that the MiFID/R Review reinforces the competitiveness of EU markets. The outcome of the MiFID/R Review in this respect will define whether the EU has an ambition to be a continent of finance-makers, or accepts to be merely a territory of finance-takers. There are three key issues at the heart of the Review that require particular scrutiny: the establishment of a Consolidated Tape (CT) that brings true value to market participants; a ban on Payment for Order Flow (PFOF) to ensure retail investors get the best services by preventing conflicts of interest, and better balancing of lit and dark trading, meaning that Systematic Internalisers (SIs) are placed under proper regulatory oversight.
The primary objectives of the CT set by the Commission in the initial proposal, were to improve transparency and reduce market fragmentation.
There is a strong case for the creation of Consolidated Tapes on non-equity markets – namely a Consolidated Tape for bond markets and a Consolidated Tape for ETF markets - which will foster broader participation into these asset classes across European markets.
Turning to equities, the position of the Council, that was already a step further from the initial European Commission proposal, would allow the dissemination of information in real time on transactions in equities across all EU venues, together with the prices available on the markets at the time of their execution. It would give all European market participants (issuers, retail and institutional investors and intermediaries alike) easily accessible consolidated information on the overall liquidity available across European markets, supporting all non-trading use cases, including best execution analytics, in flight analysis and portfolio valuation. As such, it would be a powerful tool to support the Capital Market Union, by equipping participants with the information necessary to take investment and trading decisions on EU listed equities as well as to operate core middle- and back-office functions.
In contrast, the trading tape proposed by the European Parliament, would inevitably distort the market. From a market structure standpoint, the Parliament’s proposal for a real-time pre-trade tape with five levels of depth would drive trades away from lit markets, by supporting more dark trading at the tape’s pre-trade reference price. It would facilitate the arbitraging to the detriment of retail investors, thereby increasing market fragmentation and enabling unfair treatment of market participants depending on their level of sophistication. Looking at the concrete outcome of the main live example to date – the US tape, a trading tape basically favours non-transparent markets and non-transparent trading. That's because the real-time pre-trade tape becomes a reference price, that can be easily imported by dark pools to allow trading away from lit markets. From an operational standpoint, it would be complex and costly to set up from scratch. As a result, established players already active in the space, have a huge advantage, from a capabilities, costs and risks standpoint to win and operate such a tape vs non data vendors. Therefore, the participants supporting the European Parliament’s proposed tape are advocating for a regulation that would be to the detriment of European public capital markets and the exchange infrastructure that supports them, as well as in direct contradiction to the original policy aim of increasing transparency.
That is why Euronext has advocated for a tape that brings true value to European capital markets and contributes to the development of the Capital Markets Union. We believe the Council text can, and should, present a compromise based on the notion of a real-time post-trade tape, supplemented with a snapshot of pre-trade information from the point of execution. Only this solution would improve the competitiveness and transparency of EU financial markets, to the benefit of all EU and global investors, from individual retail investors to large asset managers, without distorting the market and giving disproportionate advantage to a small group of major market participants.
Our ask:
Euronext does not support the inclusion of pre-trade data in the tape along the model proposed by the European Parliament. We believe the Council text can present a compromise based on the notion of a real-time post-trade tape supplemented with a snapshot of pre-trade information from the point of execution.
Sustained investor participation in European financial markets is critical to having an environment that can be trusted by all participants. PFOF hinders retail investors as it de facto entails conflicts of interests which are particularly acute for retail investors who naturally suffer from information asymmetries versus professional market participants. It is therefore intrinsically contradictory to the objective of financial markets providing fair treatment to all participants. With PFOF models, the broker will always have an economic incentive to direct order flow to the execution venue or counterparty that offers the highest payment or discount, and not necessarily the best outcome for its clients.
In addition to the issue PFOF raises when it comes to the protection of individual investors, it has also more structural impacts on market structure. First, by undermining market fairness, it risks ultimately decreasing retail investors’ trust and hence participation in financial markets. In addition, the use of PFOF, because it mechanically equates to the privatisation of retail flow execution - which is no longer executed on lit and multilateral venues but under private deals - also results in a less transparent and less efficient price formation mechanism. PFOF therefore negatively distorts competition and the overall functioning of capital markets.
This is why we believe that a full ban on PFOF is the only way to ensure retail investors are protected and to support well-functioning capital markets.
Our ask:
Euronext strongly believes that a full ban on Payment for Order Flow is the only way to ensure investor protection is not compromised, given the inherent conflict of interest risks.
SIs need proper regulatory oversight in order to maintain a balance between lit and dark trading that is fair for investors, maintains market integrity and prevents market abuse and fair competition.
SIs enable to execute flow away from multilateral and lit venues onto purely bilateral venues where client orders are being matched against the proprietary capital of the SI operator. They were initially designed to provide an execution alternative, notably to execute large trades that required bespoke liquidity. By construction, SIs do not contribute to price formation and de facto privatise flow execution. They have become an integral part of the diverse European trading landscape yet protecting price formation and market integrity across European markets require SIs to operate on a level playing field with other execution venues.
This is why we believe that the requirements applicable to SIs be brought at par with those already applicable to other execution venues in the EU and that the exemptions allowed to SIs to trade away from displayed prices (i.e., midpoint trading) be limited only to legitimate circumstances (large orders), as per the initial European Commission’s proposal. If the European Commission, Council and Parliament fail to retain the Commission’s original proposals, there is a risk that the amended proposals will result in less transparency, more fragmentation, more bilateral trading (to the detriment of the end investor) and will hinder progress towards the Capital Markets Union.
Our ask:
The forthcoming trilateral negotiations, including the European Commission, Council and Parliament, should agree to retain the Commission’s original proposals on market structure, in order to protect transparency and ensure a level playing field, thereby helping Europe move closer towards achieving Capital Markets Union:
- Prevent midpoint matching for small orders (as per Commission proposal, i.e. below twice the standard market size – €20k);
- Retain tick size regime for all orders executed on Systematic Internalisers up until the large-in-scale threshold (as per the Commission proposal);
- Regulate Systematic Internalisers appropriately to ensure an equal and fair level of regulatory oversight to maintain Europe’s robust regulatory framework. Systematic Internalisers should therefore be subject to the same principles as any other trading venue.
On 9 October 2025, Euronext hosted its third edition of ‘Women in Trading’, welcoming more than 100 participants. This annual event reflects Euronext's ongoing commitment to fostering gender equality, diversity, innovation, and leadership in the financial industry.
Organised in partnership with Women In Finance France, it provided a unique platform for women shaping the future of trading and financial markets to connect, exchange ideas and drive meaningful change.
After a welcome address from Anthony Attia, Global Head of Derivatives & Post-Trade, Member of the Executive Committee, Charlotte Alliot, Head of Financial Derivatives - EQD & FID took the stage, followed by guest speakers:
Together, they explored how Artificial Intelligence is transforming the financial industry, reshaping opportunities and challenges, driving innovation, enhancing efficiency, and opening new horizons for growth and transformation.
The session focused on:
▪️ How AI is adding value to investment management and financial markets
▪️ The evolution of AI in recent years and future perspectives
▪️ The regulatory landscape in the EU in comparison to the US
▪️ The impact of the EU AI Act
▪️ Ethical risk and ecological impact of AI
Nathalie Ruiz, Head of Equity Sales, Continent & Global Buyside at Euronext, has been named winner of the Excellence in Equities category at the sixth edition of the 2025 European Women in Finance Awards, held by Markets Media Group at Claridge’s in London earlier this month.
The award celebrates standout individuals who have demonstrated exceptional leadership and innovation across Europe’s financial markets. For Nathalie Ruiz, the recognition is not just a personal milestone, but also reflects the strength, growth and momentum of Euronext’s equities business across the continent. Following her win, we had the opportunity to hear from her about the achievements behind it and what continues to drive success in today’s equity markets.
“This recognition is a reflection of the exceptional collective work of our equities team,” Nathalie Ruiz said. “It demonstrates the confidence our clients have in us and the way we’ve positioned ourselves as trusted partners in today’s equity market.”
Over the past year, Euronext has continued to strengthen its leadership in equities – both in trading and listings – through close integration across its local markets, a deep understanding of client needs, and strong collaboration between sales, product and research teams.
One milestone was Euronext’s inclusion in the CAC 40® index, a moment that Nathalie Ruiz described as a reflection of the strength and relevance of its equities business, along with steady client confidence. “It speaks to the trust clients and the market have in us, and how far we’ve come in building a unified, resilient equities offering across all our markets,” she said.
The equities market in 2025 looks markedly different from five or ten years ago, and expectations for service, insight and adaptability have risen sharply in return.
“What sets us apart today,” Nathalie Ruiz explained, “is our ability to actively listen to our clients and rapidly adapt. The sales team works hand-in-hand across departments, especially with our product and quant teams, to turn feedback into tangible, data-backed solutions.”
This ability to anticipate client needs, rather than simply react to them, has reinforced Euronext’s role as a strategic partner across the buy and sell sides. “Clients no longer want just a venue. They want partners who provide liquidity, insight and long-term value,” she added.
A core strength of Euronext’s equities offering lies in its in-house quant research team, which is one of the largest of any exchange group in Europe. This team provides clients with actionable data and market intelligence that supports everything from behavioural analysis to execution strategy.
“Our quant team is a huge differentiator,” said Nathalie Ruiz. “They consistently deliver insight that our clients can use internally, whether it’s for navigating volatility or optimising trading decisions. That kind of value is what keeps partnerships strong.”
This focus on research, innovation and partnership extends across Euronext’s markets, underlining the importance of understanding both where the market is today in addition to where it is heading.
With over 15 years of experience in equities and two decades in financial services, Nathalie Ruiz brings both deep market knowledge and a collaborative leadership style. For her, leadership is about empowering others, driving innovation and staying grounded in client needs.
“I’ve worked with incredibly talented people throughout my career — in investment banks, with retail brokers, and now at Euronext. This award is a recognition of all the teams I work with at Euronext and the work we’ve done together,” she said. “True leadership is about creating the conditions for your team to succeed, thinking creatively with clients to focus on their needs, and always keeping an eye on the bigger picture: how can we help shape the future of equity markets for the benefit of the entire financial ecosystem?”
As Euronext continues to lead as Europe’s leading market infrastructure, Nathalie Ruiz’s recognition is a testament to its ambition in equities — one built on data, insight, client partnership and innovation.
Europe is undergoing profound technological and geopolitical transformation.
To remain competitive, it needs deeper, more integrated capital markets — and Euronext Securities is helping make that vision a reality.
In this video, Pierre Davoust, Head of Euronext Securities, shares our vision for a truly unified European post-trade landscape, our progress toward integration, and how we’re delivering added value to our clients.
We are looking for a V.I.E. growth marketing and lead generation specialist to join our team at Euronext Corporate Solutions. The position will be based in Amsterdam, Netherlands, and will start on 1 January 2026.
You will be primarily responsible for:
Are you ready to shape the future of market connectivity?
Euronext is the leading pan-European market infrastructure, connecting European economies to global capital markets to drive innovation and sustainable growth.
We operate regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway, and Portugal.
We are looking for a Senior Advisor Government Affairs to join our team in Amsterdam. The position will start as soon as possible, and will report directly to the Chief Policy Officer and Member of the Group Executive Committee.
Europe’s post-trade infrastructure is vital to the functioning of capital markets, but persistent fragmentation and inefficiencies continue to drive up costs for investors and limit the competitiveness of EU companies. Euronext Securities is moving decisively with a pan-European strategy that brings competitive choice, technological innovation and long-term scalability to the core of post-trade services. A recent economic report by Oxera Consulting LLP sponsored by Euronext has demonstrated why this approach is adapted to the current fragmented post-trade markets. The report sheds light on the challenges facing the EU’s post-trade infrastructure and the growing opportunity to drive down costs, boost efficiency and improve market resilience through smarter, interoperable infrastructure.
The report, titled The Design and Functioning of CSD Services in the EU, explores the structure of Central Securities Depository (CSD) services across the EU. It responds to a growing policy focus driven by the Draghi and Letta reports (2024) and the European Commission’s recent work on the need for further consolidation or integration of market infrastructures. The analysis assesses whether Europe’s current framework can deliver more competitive and efficient outcomes for issuers and investors.
The EU is home to over 30 CSDs, mostly defined by national boundaries. This fragmentation has long been seen as a source of inefficiency and complexity, particularly for cross-border trading and settlement. However, the report challenges the idea that the only path to improvement is full consolidation into a single EU-wide CSD. Instead, it argues that effective competition can be equally powerful if the right conditions are in place.
The report explains that economies of scale, scope and network effects are key drivers of efficiency in the Central Securities Depository (CSD) market. TARGET2-Securities (T2S), along with regulations such as CSDR and MiFID, has established the technical and legal foundations necessary to support competition. Importantly, the report emphasises that competition does not lead to fragmentation. As long as CSDs remain connected through platforms like T2S, network effects are maintained, and users can continue to access services seamlessly.
While the foundations for competition exist, the report notes that effective issuer and settlement competition has yet to emerge. The lack of competitive pressure has contributed to persistently high costs, limited service innovation and slower market integration. The analysis concludes that the market is now at a critical juncture, and with the right strategic interventions, competitive dynamics could deliver meaningful benefits for all market participants.
Euronext Securities’ strategy is a credible and ambitious response to the challenges of Europe’s post-trade. It provides the benefits of both choice and consolidation to clients.
The strategy is anchored in three priorities:
Offer market participants (trading firms, custodians, settlement agents, etc.) a single point of entry to European markets: Starting September 2026, clients will become able to consolidate settlement and custody for the Belgian, Dutch and French markets in Euronext Securities, alongside Italy, Denmark, Norway and Portugal.
Offer issuers the best access to Euronext, Europe’s single liquidity pool: By joining Euronext Securities, issuers can support the liquidity of their shares, broaden their investor base or simplify their journey on capital markets. Euronext offers a credible alternative for the first time, which it has already proven by migrating its own share issuance to Euronext Securities.
Deliver technology and service innovation: Euronext is rolling out a new, future-proof, harmonised CSD platform across all CSDs it operates, delivering a better, integrated client experience and value-added services to clients.
Together, these steps are designed to enable true pan-European post-trade integration, delivering lower costs, greater operational efficiency and more competitive services. In doing so, the expansion project also contributes to strengthening the EU’s financial sovereignty and strategic autonomy by supporting a more resilient, interconnected and autonomous capital markets infrastructure.
Euronext is offering clients a choice that did not exist before: starting September 2026, for the first time in decades, clients will be able to manage multiple European markets (France, Belgium, the Netherlands, Italy) in one single CSD.
Euronext is building an open model: Clients can use Euronext Securities’ offering even if they trade or clear on other trading and clearing venues. Conversely, Euronext trading members will have the possibility to settle at another CSD than Euronext Securities – provided the applicable regulatory framework (CSDR and MiFID) is respected.
Euronext’s proposal fosters market integration, thanks to the use of Target2-Securities: T2S has been designed to allow settlement across multiple CSDs with no friction or extra cost. Hence, offering a choice of CSD (provided T2S is used), like Euronext offers, does not break the liquidity pool. It rather offers clients willing to do so the ability to consolidate European markets in one CSD.
As Pierre Davoust, Head of Euronext Securities, explains: “Europe’s post-trade should be completely integrated. Capital market participants should be able to manage their operations as if Europe was a single domestic market.”
To advance this vision, Euronext is investing in modern, value-added services, from tailored data solutions to tax processing, with the launch of its European offering in September 2026. The hub will enable participants to manage post-trade activity across Belgium, France, Italy and the Netherlands from a single securities account, simplifying operations and enhancing scale.
The Oxera report highlights a clear opportunity: with the right strategic action, Europe can foster meaningful competition in post-trade services. Euronext Securities is acting on that opportunity by building on regulatory progress, infrastructure scalability and operational expertise to help reshape the European post-trade environment. As the EU continues its journey toward more integrated capital markets, Euronext Securities is helping ensure it does so with purpose, scale and resilience.
For more insights, read the original report, The Design and Functioning of CSD Services in the EU.
