Euronext plans to make Euronext Securities the default central securities depository for equity and euro-denominated exchange-traded-product settlement on Amsterdam, Brussels and Paris, while allowing clients to elect alternative central securities depositories.
This is more than a connectivity change. It tests a strategic model in which an exchange group internalises more of the post-trade stack while preserving client choice through interoperable access. If the economics and operational experience prove attractive, the model could influence the competitive positioning of European central securities depositories and vertically integrated market-infrastructure groups.
Central securities depositories, custodians, settlement banks, brokers, asset managers, exchange participants and infrastructure groups assessing post-trade scale, integration and client-choice models.
Client migration choices, testing outcomes ahead of 21 September, the share of flows settling through Euronext Securities versus alternative central securities depositories, and whether the model expands to additional Euronext markets.