As part of its plan to address market fragmentation and deliver a unified European CSD solution for issuance, settlement and custody, Euronext has taken a major step towards streamlining post-trade operations across Europe by announcing the consolidation of the settlement of equity trades and Exchange-Traded Funds (ETFs) in its Amsterdam, Brussels, and Paris markets under Euronext Securities. As of September 2026, these markets will join those already supported by Euronext Securities in Lisbon, Milan, and Oslo. This initiative aligns with Euronext’s commitment to improving market efficiency and advancing the European Savings and Investment Union.
A key milestone achieved
As a listed company, Euronext N.V. changed the issuing CSD of its own to Euronext Securities Milan in March this year, marking a significant milestone in the overall transition. This move demonstrates Euronext’s confidence in its model and provides a proven blueprint for further issuer migrations. It also strengthens Euronext Securities Milan’s position as a European Issuer CSD.
Benefits for market participants
The consolidation of settlement under Euronext Securities Milan brings several advantages for market participants:
- Increased trading and investment opportunities by simplifying cross-border transactions, in particular for retail investors
- Reduced post-trade costs through a single CSD covering multiple markets
- Streamlined market access with a single CSD membership across key European markets, not only for settlement but also to safekeeping purposes, thanks to its ability to support asset servicing requirement for French, Belgian and Dutch securities.
- Enhanced liquidity and operational efficiency by centralising settlement activities
- Easier adaptation to regulatory changes, particularly ahead of the planned transition to T+1 settlement in October 2027.
Next steps in the transition
The execution phase has now begun. In the coming months Euronext Securities will:
- Engage with clients through market-wide discussions to ensure readiness and alignment
- Deliver technical specifications, client documentation and test plans over the course of Q2
- Begin the transition for those issuers who have already decided to move their shares and finalise agreements with issuer agents
This initiative marks a decisive step in strengthening European capital markets, reducing fragmentation, and enhancing competitiveness on a global scale. By consolidating issuance, settlement and custody, Euronext is delivering a more integrated and efficient marketplace for issuers, investors, and financial institutions.
Author: Jerome Blais
Head European Expansion, Euronext Securities