The Euronext Securities CSD Convergence Programme will deliver a unified client experience, leveraging fully harmonised services supported by a state-of-the-art common platform across the four Euronext Securities CSDs (Copenhagen, Milan, Oslo and Porto). This six-year programme is a key pillar of the Euronext strategic plan Innovate for Growth 2027.
Benefits for clients
- Seamless, harmonised services: Say goodbye to fragmented post-trade processes and enjoy a cohesive, state-of-the-art platform
- Cost efficiency: Reduced fragmentation means lower associated costs for everyone
- Future-ready infrastructure: Our scalable, robust system is designed to adapt effortlessly to future market evolutions.
Timing and approach
The new platform for all CSDs will be designed, developed and tested by 2026. Euronext Securities Copenhagen will migrate to the new platform by the end of 2027. The remaining three CSDs will follow by 2030.
The business requirements have now been completed, and development of the platform has begun.
This is a key strategic project for Euronext and it is led by a strong and efficient governance team. Over 150 Euronext employees have been working daily on this initiative for the past year, and it will continue to be top priority.
Involving market participants at every step
To ensure that the CSD Convergence Programme meets the evolving needs of market participants, a clear client engagement system has been put in place, with representation from both cross-border clients, and local clients from each of the four CSDs.
The client engagement approach is based on three streams:
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The Client Executive Design Group kicked off in October 2024. This group aims to discuss the strategic direction of the harmonisation project and align on the progress of the programme, ensure that the project design is aligned with the strategic perspective of market leaders, incorporate stakeholder feedback into the strategy, and manage cross-market issues.
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The Global Reference Group held its first meeting in early December 2025. The aim of this group is to deep dive into service documentation across the CSD locations and ensure alignment on the implementation of services, and migration steps. Its aim is also to promote best practices and international standards while addressing market-specific needs to support harmonised service development.
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The Local Market Groups aim to tackle market readiness and any local needs, previously validated in Global Reference Groups. Local Market Group meetings will start soon, in line with the release of the first Service Description Documents.
Roll-out of the common corporate actions service
One of the key foundations of the CSD Convergence Programme is the implementation of a common corporate actions service across Euronext Securities. The new service will allow users to manage their corporate actions across all the Euronext CSDs on a single effective and user-friendly platform, delivering an efficient, automated and harmonised client experience.
Common corporate actions service Phase 1 (fixed income securities in Copenhagen and Porto)
- Porto: Phase 1 is completed
- Copenhagen: Phase 1 is nearly completed, and is awaiting the activation of reversals, plus market claims and transformations. Discussions are ongoing with the Danish market to determine the activation date.
Phase 2 (all asset classes, all four Euronext Securities CSDs)
- Target go-live dates:
- Porto (all asset classes) – 24 November 2025
- Copenhagen (all asset classes ) – 24 November 2025
- Milan (all asset classes ) – 23 February 2026
- Oslo (fixed income) – 2 March 2026
- Oslo (all asset classes ) – 6 July 2026
Phase 2 client readiness:
Market participants in Copenhagen have taken part in a Euronext Securities client roadshow on the implementation of the common corporate actions service for all asset classes. Similar presentations are planned for Milan, Oslo and Porto.
Some clients in Copenhagen and Oslo have asked for amendments to the schedule, and Copenhagen clients have raised several points to be addressed regarding proprietary message formats. Euronext Securities continues to maintain close dialogue with clients, including bilateral and reference group meetings, to address any queries raised by the market.
Next steps for the common corporate actions service
In the coming months, clients can expect client testing to begin for Phase 2, once Euronext Securities has completed internal development and integration testing, as well as internal functional testing. A detailed test handbook will be communicated to market participants to facilitate the testing process.
Euronext Securities will continue to keep market participants updated on the latest progress in this key project for the post-trade marketplace, which is another step towards delivering a best-in-class, harmonised client experience across Europe for Euronext Securities’ customers, tackling the challenges of market fragmentation.
Author: Marie Thomas
Euronext Securities Convergence Program Executive