Monday December 15 2025

News Source: Global Exchanges

Focus: Clearing & Settlement

Type: General

Country: International

Link: https://tinyurl.com/bdh4mbf5




On 15th December 2025, Euronext announced that Euronext Securities Milan has requested LCH SA for the opening of settlement of all European government debts currently cleared by the CCP. This milestone represents meaningful progress in Euronext’s fixed-income strategy by aligning capabilities across MTS, Euronext Clearing and Euronext Securities. By combining trading excellence, robust clearing services and a settlement environment fully aligned with TARGET2-Securities (T2S), Euronext continues to strengthen its position as a central marketplace for European government bonds.

European government bond settlement has traditionally been fragmented across multiple domestic CSDs, creating operational complexity and inefficiency for market participants. By leveraging the Eurosystem’s TARGET2-Securities (T2S) platform – the single pan-European settlement system launched in 2015 to reduce fragmentation and improve safety and efficiency – Euronext Securities offers a unified, competitive and capital-efficient European settlement model. T2S provides real-time delivery-versus-payment in central bank money, a single set of functionalities, and high operational resilience, enabling seamless movement of euro-denominated securities across borders.

Clients will benefit from balance sheet netting, optimised cash and liquidity management, lower capital consumption, and advanced T2S features such as auto-collateralisation. The ability to settle government bonds in a harmonised T2S environment enhances transparency, reduces operational risk and increases efficiency across European fixed-income markets.

The service is already available for Italian, French, Dutch, Belgian, German, Spanish and Austrian government bonds cleared at Euronext Clearing. It will be extended to all European government debts currently cleared by LCH SA, allowing settlement of this government bond activity directly in Euronext Securities. This development reinforces Euronext’s commitment to building a harmonised, scalable and cost-effective infrastructure for the European fixed-income community.

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