Euronext has opened the testing phase of its European CSD expansion, as it moves forward with plans to broaden its post-trade offering across the region.
Clients are now able to access the testing environment to onboard, test connectivity and assess operational readiness through Q2 2026, ahead of a planned launch in September.
The approach allows participants to progress at their own pace, reflecting the complexity of integrating new post-trade infrastructure.
The expansion is expected to extend Euronext Securities’ CSD services for equities and ETFs into Belgium, France and the Netherlands, adding to its existing presence in Denmark, Greece, Italy, Portugal and Norway. It forms part of the group’s broader Innovate for Growth 2027 strategy.
The move has received backing from major custodians, including BNP Paribas securities services, Citi and CACEIS, which have indicated support for a framework that introduces greater optionality in how post-trade services are accessed across markets.
Bruno Campenon, head of financial intermediaries and corporates client line, securities services at BNP Paribas, said: “BNP Paribas’ securities services business is working on providing connectivity to Euronext Securities Milan for clients wishing to route their French, Belgian, and Dutch securities, recognising the benefit of increased dynamism in the CSD space brought by Euronext’s initiative.”
The testing phase aims to validate the full settlement chain within Euronext’s infrastructure, covering processes from issuance through to custody.
The model is built around a single platform spanning multiple markets, with the aim of reducing operational friction and addressing some of the fragmentation that has long characterised Europe’s post-trade landscape.
Reto Faber, head of custody for Europe, UK, and Middle East and Africa at Citi Investor Services, said: “Citi’s participation in Euronext’s European CSD expansion and convergence programmes reflects our shared commitment towards building competitive and efficient capital markets in Europe.
“This requires structural change and initiatives that can simplify and provide resilient post-trade market infrastructure to support long-term growth, particularly as the region also transitions to a T+1 settlement cycle next year. Euronext Securities’ end of state model addresses the operational fragmentation our clients face today, and we will work closely together during the testing phase to ensure a seamless transition for our clients in September.”