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

• Celebrating excellence in the Portuguese capital markets

Lisbon – 5 February 2026 – Euronext, the leading pan-European market infrastructure, announced the winners of the 15th edition of the Euronext Lisbon Awards, recognising issuers, financial intermediaries, institutions and individuals who made a significant contribution to the development of the Portuguese capital markets in 2025. The awards are granted with the support of a jury composed of the members of the PSI Committee.

The awards were presented during Euronext’s annual flagship event in Portugal, sponsored by Capgemini, and attended by senior representatives from the financial sector, industry leaders and public authorities. The evening brought together key stakeholders to discuss Europe’s growth, strategic autonomy and long-term competitiveness.

The programme opened with the traditional Ring the Bell ceremony led by Isabel Ucha, CEO of Euronext Lisbon, alongside Cristina Rodrigues, CEO of Capgemini Portugal. Discussions then focused on Europe’s strategic autonomy and the financing opportunities emerging in the aerospace and defence sectors, with contributions from Marta Testi, CEO of ELITE, part of Euronext, and Rui Santos, Executive Director of AED Cluster Portugal, moderated by Rita Albuquerque, Listing Director at Euronext Lisbon. The event concluded with a forward-looking conversation on defence and sovereignty as a new driver of Europe’s economic development, featuring Ricardo Santos Lopes, Head of Business Growth & Executive Board Member at Capgemini Portugal.

Caption: Winners of the Euronext Lisbon Awards 2026

See press release for all nominees and winners

Harmonised corporate actions platform extended across asset classes in Portugal, delivering a key milestone of Euronext’s ambition to build integrated and future-proof European market infrastructures.

With harmonised corporate actions processing now extended beyond fixed income to cover the full scope of Portuguese securities, Portugal becomes the first Euronext Securities market to benefit from a cross-asset implementation of its common corporate actions platform, marking the successful completion of this full-scope deployment.

The extension to equity events builds on the first go-live of Portuguese fixed income corporate actions in April 2024. With a full range of corporate action event types now live across asset classes in Portugal, the harmonised platform reaches operational maturity, demonstrating its ability to support end-to-end corporate actions processing at scale on a single harmonised infrastructure.

Reducing fragmentation to strengthen European capital markets

Post-trade fragmentation remains one of the structural challenges facing European capital markets. In the area of corporate actions, differing processes, standards and local practices have historically resulted in operational complexity, inefficiencies and increased risk for issuers, investors and financial intermediaries.

Euronext Securities’ harmonised corporate actions platform directly addresses these challenges. By offering a single, standardised and automated platform across markets, Euronext Securities is simplifying corporate actions processing while delivering greater consistency, transparency and efficiency for clients. The platform fully adheres to international corporate actions standards and relevant regulatory requirements and supports a resilient and user-centric operating model, contributing to the broader objective of a more integrated and competitive capital markets union.

A strategic proof point for the Group

The extension of the common corporate actions platform to all Portuguese securities represents an important proof point for Euronext Securities. It validates the robustness and scalability of the solution, and confirms the Group’s strategy to develop harmonised, pan-European post-trade services that can be deployed consistently across markets.

With our common platform now fully operational in Portugal, we are progressing in the delivery of harmonised, resilient and client‑focused corporate actions services across all our markets.

Said Olga Jordão, CEO of Euronext Securities Porto & Milan and Head of Business Operations for Euronext Securities. 

This milestone reflects the close collaboration with our clients and partners, and demonstrates the value of co-creation in driving meaningful market infrastructure transformation.

Scaling up: the next phase

Building on the successful Portuguese deployment, the common corporate actions platform will continue to be rolled out progressively across Euronext Securities CSDs and asset classes. Each subsequent market implementation will leverage the experience gained to date, supporting a scalable and efficient extension of the service at European level.

As the initiative expands, clients will increasingly benefit from a unified and consistent corporate actions experience across markets, thus reinforcing Euronext Securities’ role as a connector of European economies to global capital markets.

The common corporate actions platform will be fully deployed in Italy and Denmark during the course of 2026, marking the next decisive steps in the phased pan-European rollout of the platform.

Innovation as a driver of sustainable growth

This milestone illustrates Euronext’s “Innovate for Growth” strategic ambition. By investing in harmonised, resilient and future-proof infrastructures, Euronext is strengthening the foundations of its value chain, enhancing the client experience and enabling sustainable growth.

Innovation, in this context, goes beyond technology. It is about delivering simplification, scale and reliability, and about building shared platforms that support the long-term competitiveness of European capital markets.

With harmonised corporate actions processing now extended across asset classes in Portugal and further roll-outs underway, Euronext Securities continues to translate strategy into execution, advancing towards a more integrated, efficient and resilient post-trade landscape.

European capital markets operate under growing expectations for efficiency and cross-border accessibility, with the ability to channel capital effectively across jurisdictions closely linked to economic competitiveness and investment capacity. While trading activity often receives the most attention, post-trade infrastructure plays a central role in shaping how capital markets function in practice.  

Central securities depositories, or CSDs, are at the core of this infrastructure. Their operating models influence settlement efficiency, cost structures and the ease with which market participants can operate across borders. 

Fragmentation and its structural consequences 

Post-trade in Europe remains geographically fragmented. More than 30 CSDs operate across the continent, each embedded in its own domestic framework. For groups active in several markets, this results in multiple account structures and operational duplication. 

These structural features translate into higher costs and increased complexity for intermediaries. Issuers are also affected, as post-trade arrangements influence settlement efficiency, liquidity and the overall attractiveness of listed securities. Over time, fragmentation limits the ability of European capital markets to operate at scale. 

Integration as a strategic objective 

Achieving meaningful integration in post-trade requires a model that is operationally coherent and scalable. For Euronext Securities, this means enabling cross-border access through harmonised platforms and standardised processes, while remaining fully aligned with national legal and regulatory requirements. 

This direction is consistent with European policy initiatives, including the Savings and Investments Union and the Market Infrastructure Package. It also reflects the conclusions of the Oxera report on CSD markets, which highlights the role of interoperability and competition, supported by a common settlement layer such as TARGET2-Securities (T2S), in addressing fragmentation and improving market outcomes. 

Delivering integration through Euronext’s European Offering 

Euronext Securities is implementing this strategy through its European Offering. 

From September 2026, market participants will be able to manage activity in several additional major European markets, starting with France, Belgium and the Netherlands, through one CSD and one securities account, in parallel with the CSDs that Euronext currently operates in Denmark, Italy, Norway and Portugal. This introduces new optionality, enabling clients to consolidate flows and simplify operating models. Over time, the approach will be extended to additional markets and instruments. 

Implications for issuers and intermediaries 

A more integrated post-trade model has direct implications for both issuers and market participants. 

Issuers can rely on a single market infrastructure partner to support listing, issuance and the ongoing management of securities across multiple jurisdictions. More efficient settlement and lower transaction costs support liquidity and strengthen the overall investment case for listed instruments. 

For intermediaries, consolidation reduces the need to maintain multiple local set-ups. A simplified access model supports cost efficiency and makes it easier to deploy resources across European markets in line with client demand. 

The evolving role of the CSD 

As post-trade integration advances, the role of the CSD continues to broaden. Euronext Securities has invested in services that complement its core settlement and custody functions. 

These include data services that provide clients with tailored datasets to support operational decision-making, as well as expanded tax services that assist global institutions in managing withholding tax obligations across several jurisdictions. Euronext’s acquisition of Acupay in 2024 strengthened these capabilities, adding specialist expertise to Euronext Securities’ service offering. 

Through these developments, Euronext Securities aims to support clients beyond basic post-trade processing, allowing them to focus on their own commercial priorities. 

Convergence, T2S and preparation for T+1 

The Euronext European Offering is supported by the wider Convergence Programme, which focuses on harmonising technology and client experience across Euronext Securities’ CSDs. This programme includes the development of a unified post-trade infrastructure over the medium term. 

TARGETt2-Securities provides the common settlement foundation for this approach. In parallel, Euronext Securities is preparing for the transition to T+1 settlement, working closely with clients and regulators to support a coordinated migration across markets. 

Together, these initiatives are aimed at reducing operational complexity and supporting more efficient cross-border activity through practical delivery. 

Collaboration as a condition for progress 

Progress toward a more integrated post-trade landscape depends on sustained collaboration between market infrastructures, intermediaries and regulators. The engagement of Euronext Securities’ clients has played a central role in shaping the solutions currently being delivered. 

Euronext Securities remains committed to this collaborative approach. By continuing to invest in harmonisation and cross-border services, it seeks to contribute to the post-trade foundations required for stronger and more accessible European capital markets. 

Learn more 

Watch the following video interview with Pierre Davoust, Head of Euronext Securities, to learn more about the vision for a unified European post-trade landscape and the steps being taken to deliver it.

Record issuance, shifting priorities

Latin America reached record levels of international bond issuance in 2025, supported by improving risk appetite and lower borrowing costs. In the first nine months of the year, international issuance reached US$161 billion, the highest level on record, led primarily by investment-grade issuers.¹

At the same time, sustainable-labelled issuance declined compared with previous years, as issuers prioritised execution speed and certainty amid heightened geopolitical and macroeconomic uncertainty.

Labelled issuance softened, investor interest remained strong

While overall issuance volumes increased, the share of green, social and sustainability bonds fell materially. Sustainable-labelled issuance in Latin America totalled US$14.1 billion over the same period, representing 8.7% of total issuance, down sharply from 2023–2024 levels.¹

Market participants attribute this shift largely to a preference for execution simplicity rather than a retreat from ESG, with issuers favouring simpler structures in a more volatile environment. European secondary market data continues to show meaningful trading activity in labelled instruments, indicating that sustainable and transition narratives remain well understood and actively priced by investors.²³

Europe as a complementary market for investor diversification

As issuance windows become shorter and more episodic, access to multiple investor pools is increasingly viewed as a balance-sheet consideration rather than a distribution preference. The ability to issue repeatedly, at scale, and across jurisdictions can materially reduce concentration risk and improve execution resilience.

In this context, European listing venues are often used as a complementary access point, providing an additional axis for market access alongside domestic and US markets.

Why Europe remains a strategic ESG hub

Despite volatility in primary labelled issuance, Europe continues to play a structurally important role in sustainable debt markets. European secondary markets remain active in labelled instruments, even during softer issuance cycles.

ICMA data for H1 2025 shows that 15% of notional traded in EU corporate secondary markets carried a sustainable finance label, compared with 12% in the UK, with green bonds representing the largest share of labelled trading in the EU.²

At issuance level, EU-wide indicators also point to a gradual structural shift: green bonds accounted for 6.9% of all bonds issued by corporates and governments across the EU in 2024, up from 5.3% in 2023.³

Positioning for optionality across market cycles

The 2025 issuance environment highlights the value of optionality. While many issuers prioritised speed over labelled complexity, maintaining access to markets with mature sustainable finance infrastructure allows issuers to adapt as conditions evolve.

European listing venues, including Euronext Dublin, have been used by international issuers as part of this broader strategy, supporting a range of debt structures, from plain-vanilla bonds to sustainable and transition formats, within a consistent regulatory framework.⁴⁵

Want to learn more?

Visit our bond listing webpage and get in touch with the Euronext team.

Learn more about our bond listing process

1.    ECLATAM (CEPAL), “Capital flows to Latin America and the Caribbean: first nine months of 2025” (repositorio.cepal.org)
2.    ICMA, “European Secondary Market Data Report – H1 2025 (Corporate Edition)”. (ICMA)
3.    European Environment Agency (EEA), “Green bonds in Europe | Indicators” (1 Jul 2025). (European Environment Agency)
4.    Euronext news release, “H1 2025 in review: Strong performance in debt listings…” (28 Jul 2025). (Euronext)
5.    Euronext press release, “In 2025, Euronext strengthened its position…” (22 Dec 2025). (Euronext)