Repo Expansion Initiative | Euronext Clearing

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For over 25 years, Euronext has been the trusted home of Italian repo clearing, facilitating Italian Government Debt transactions through MTS’ leading repo trading platform and BrokerTec.

As part of our ‘Innovate for Growth 2027’ strategic plan, we are expanding the Euronext Repo Clearing offer across Europe. Supported by our multi-asset CCP Euronext Clearing (previously CC&G), this initiative extends our Italian repo clearing services to international clients while broadening coverage to include a wider range of European government bonds – all underpinned by a strengthened and modernised risk management framework.

As a client, you will have access to a cohesive ecosystem of repo trading and post-trade services provided by Euronext. Take advantage of collateral optimisation solutions, margin optimisation and streamlined buy-side access across Euronext’s differentiated repo clearing offering.

Relevant Insights and News

Euronext announces collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering

Euronext has announced a new collaboration with Euroclear to support the development of Euronext Clearing’s collateral management services for repo and other asset classes.

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The Repo Expansion Initiative

Euronext is embarking on a transformational expansion of its repo clearing services, designed to enhance market access, liquidity provision, and collateral optimisation across Europe. This initiative will be rolled out in phases – with dates set for June 2025, and June 2026 – bringing new products, participants, trading venues and operational enhancements to the market.

Repo Foundation

The Repo Foundation marks the first phase of Euronext’s Repo Expansion, establishing the groundwork for a more competitive and efficient repo clearing landscape. This phase, set for June 2025* will bring:

Expanded product coverage: Introducing clearing for a broader range of European government bonds, including Spanish, Portuguese, and Irish sovereign debt alongside our historical Italian debt clearing.
Enhanced collateral optimisation capabilities: Extending eligible collateral with the inclusion of new currencies and securities, improving liquidity flexibility.
Enhanced collateral management: Improving operational efficiency through strategic collaborations with triparty agents, including the recently announced Euroclear collaboration, to deliver automated, flexible, and streamlined collateral solutions for balance sheet optimisation and efficient collateral management. This initiative, alongside other future strategic triparty collaborations, will be core to the enhanced repo clearing offering.

_{*Subject to operational readiness and regulatory approval.}

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Repo Expansion

Building on the foundation established in June 2025, Euronext will launch the next phase of its Repo Expansion Initiative in June 2026*, further enhancing market access, risk management, and clearing efficiencies for a broader range of participants.

This expansion will introduce new functionalities, extended market reach, and enhanced risk and collateral solutions, ensuring that Euronext Repo Clearing is a competitive and attractive alternative for banks, dealers, and buy-side firms.

Clients can expect:

A comprehensive range of European government bonds accepted
Efficient risk model to bring margin benefits and cost efficiencies
Enhanced collateral management and optimisation via triparty collaborations
GC Baskets offering greater collateral flexibility and liquidity
Direct access to clearing for buy-side participants
Multiple trading venues supported
Portfolio optimisation and reduced notional exposure for the uncleared market via Repo pre-clear service.

_{*Subject to operational readiness and regulatory approval.}

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