EUROPEAN UNION: Euronext Accelerates European CSD Expansion

Thursday December 18 2025

On 18^th December 2025, Euronext announced continued progress in its initiative to create a European central securities depository (CSD) model. As a cornerstone of its Innovate for Growth 2027 strategic plan, the initiative directly supports the European Union’s goal of a genuine Savings and Investment Union by addressing post-trade fragmentation and driving efficiency, innovation and choice across European capital markets.

Building a European issuance model for market-wide benefits

As part of its Expansion project, Euronext Securities is working with leading issuing agents – including Uptevia, ABN AMRO Bank, Rabobank and Banque Internationale à Luxembourg – in its initiative to build a European-wide issuance model. This initiative aims to offer issuers real choice, enhance the liquidity and attractiveness of their securities, broaden the accessible investor base and improve shareholder engagement and governance. It also reinforces Europe’s capacity for innovation and resilience in post-trade operations, creating a foundation for a more integrated and competitive capital market.

Benefits for issuers and market participants

Euronext Securities’ European CSD model will deliver measurable value across the capital markets ecosystem. Market participants will gain access to a single, consolidated platform for settlement and custody across multiple EU markets, simplifying operations and enhancing efficiency. Streamlined processes and harmonised systems will reduce operational and execution costs, while state-of-the-art technology will foster automation, transparency and innovation. Issuers will benefit from broader cross-border investor reach and enhanced liquidity, supported by simplified, faster and more transparent corporate action management.

Next steps

In September 2026, Euronext Securities will become the CSD of reference for four major European markets, France, Italy, Belgium and the Netherlands, for equities and exchange-traded products. Dedicated client working groups and regulatory coordination are already underway to ensure a smooth transition. Clients will be able to onboard and test the new model in the first semester of 2026, ensuring a smooth transition and immediate access to benefits.

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