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

Hear from the expert: Insights from Citi's Head of FMI Strategy and Change Management

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.

Hear from the expert: Insights from Citi's Head of FMI Strategy and

Shaping the future of tax processing: Euronext Securities leads the way with FASTER and enhanced tax relief services

Euronext Securities is at the forefront of transforming tax services for investors and intermediaries across Europe. By combining robust infrastructure, regulatory insight and innovative technology, we are delivering solutions that simplify compliance, accelerate entitlements and reduce operational risk for our clients.

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

Shaping the future of tax processing: Euronext Securities leads the

An Insight into Euronext Securities’ Data Services: Unlocking the power of data

Discover how Euronext Securities is supporting market participants with trusted, source-based data solutions. In our latest interview, Vilde Eiesland, Head of Data Sales, shares insights on industry trends, the value of high-quality CSD data and how our collaboration with Euronext Data Solutions is expanding access across Europe.

Unlocking the power of data: Euronext Securities’ data 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. 

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.

After an intense and very constructive process with Danish market participants, we now confirm August 2028 for the migration of the Danish market. Euronext teams are progressing at full speed, and in line with the plan, to deliver the platform for client testing by mid-December 2027. There is no European success without a Nordic dimension, and we are excited to work on this project with the Nordic community. 

Key milestones: 

• 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.