EUROPEAN UNION: Euronext Launches the First Phase of its Strategic Multi-Year Repo Expansion Initiative

Tuesday July 8 2025

Euronext announced the launch of the Repo Foundation, the first phase of multi-year strategy to expand access, improve margin efficiency, and challenge legacy models in Europe’s secured financing markets. This expansion marks the beginning of a phased rollout that will extend access to international participants and introduce new clearing benefits across Europe’s sovereign debt markets.

With Repo Foundation, Euronext offers repo clearing for Spanish, Portuguese, and Irish government bonds, alongside its established Italian offering. During the third quarter of 2025, coverage will be extended to include French, German, Dutch, and Belgian government bonds, as well as euro-denominated supranational issuances. In the fourth quarter of 2025, Austrian and Finnish government bonds will be added, completing Euronext’s initial expansion of sovereign collateral coverage.

To further broaden market participation, Euronext clearing will introduce a sponsored access model in the second quarter of 2026. This functionality will allow buyside firms to access repo clearing without becoming direct clearing members, opening the door to a wider segment of market participants. Sponsored access will support greater liquidity, improve counterparty risk management, and help firms meet evolving regulatory and capital requirements — all within a secure, scalable clearing framework.

By the third quarter of 2026, the full Repo Expansion Initiative will be in place — enabling clients to access the complete functionality, product coverage and capital benefits. This progressive expansion leverages Euronext’s established clearing network and supports streamlined onboarding across fixed income markets.