Post Trade

Clearing and Settlement solutions to reduce costs and market risk

All Euronext securities transactions begin with a trade through a European exchange on either

  • the electronic order book

  • a multilateral trading facility (MTF)

  • or in the OTC (over-the-counter) markets

Clearing is performed by a central counterparty (CCP), which guarantees both sides of the trade, thereby mitigating counterparty risk. The CCP acts as a buyer to every seller and a seller to every buyer in a transaction, stepping in to complete a trade if one party defaults – a process called novation.

The CCP puts together all the trades in a given security to generate a single net settlement instruction.

Settlement, the final link in the change-of-ownership process, occurs at a central securities depository (CSD) through the delivery-versus-payment (DVP) process.



Clearing arrangements for the different Euronext markets are detailed below:

Euronext Amsterdam, Euronext Brussels, Euronext Lisbon, Euronext Paris Cash & Derivatives Markets

Euronext cash and derivatives trades on Euronext Amsterdam, Euronext Brussels, Euronext Lisbon, Euronext Paris are cleared by LCH S.A. This covers trading activity on the Euronext, Euronext Growth and Euronext Access markets.

Oslo Børs Derivatives Market

Trades on the Oslo Børs Derivatives Markets are cleared by LCH SA, encompassing the underlying physical delivery management further to option exercise/assignment and future tendering.

Oslo Børs Cash Markets

Oslo Børs offers an interoperability model for cash clearing with a choice of three CCPs:

Euronext Dublin

EuroCCP offers clearing, settlement and risk management services for trades executed on Euronext Dublin, including Euronext Growth, and the Atlantic Securities Market.

Euronext Block

EuroCCP provides a post-trade link to UK clearing and settlement infrastructure for trades on our dark pool, Euronext Block, which are cleared through the London Branch of EuroCCP.

Euronext is also working with EuroCCP on the ongoing Euronext Equities, ETFs & Rights interoperability model, in progress.



Euronext members have access to efficient, safe and robust settlement solutions tailored to meet their needs. Settlement efficiency is key, as trades that fail to settle on time require costly monitoring and can give rise to significant operational risks if there are associated corporate actions.

Details of settlement arrangements for the different Euronext markets are as follows:

Belgium, France and the Netherlands

The Euroclear Settlement of Euronext Securities (ESES) Central Securities Depositories combine Euroclear Belgium, Euroclear France & Euroclear Nederland on the same custody and settlement platform. They cover all domestic securities in France, Belgium and the Netherlands and also service foreign securities listed on Euronext markets.

Clearing members have the option to settle their on-exchange trades against LCH S.A. on a Delivery-versus-Payment basis via either Euroclear Bank or one of the three Euroclear domestic CSDs.

For more information about the settlement process for the ESES markets, please visit: 



As of 15 March 2021, Euroclear Bank is the default settlement system for Irish securities trading on Euronext Dublin.

For non-Irish securities trading on the Euronext Dublin market, the CREST system (operated by Euroclear UK & Ireland), is retained as the settlement system.

For additional information relating to the migration of Irish securities from CREST to Euroclear Bank in March 2021, please refer to the following page on our website: Migration of Issuer CSD services for Irish Securities from CREST to Euroclear Bank.


Euronext VPS, the only central securities depository (CSD) in Norway, provides an efficient infrastructure and services for the settlement of transactions in securities on the Norwegian markets, and the registration of ownership rights over securities.

Read more about settlement of securities in Norway: 

Euronext VPS


For stock exchange transactions on Portuguese securities cleared by LCH S.A., or for over-the-counter (OTC) transactions on Portuguese securities, Interbolsa, a subsidiary of Euronext, is the natural CSD of choice.

For more information about the settlement process, please visit: 


Euronext Block

Settlement of trades made on Euronext Block takes place in the relevant Central Securities Depository (CSD) for the underlying primary market of the financial instrument being traded.