“Protect your choice to use Euroclear for settlement of trades on Euronext Paris, Brussels and Amsterdam” – this was the rallying call by the Euroclear group in an email to clients dated Friday, 14 March. The MiFID and CSDR regulations provide them with rights to choose the settlement venue for equity and domestic ETF trades, states the incumbent.
Wednesday had seen exchange group Euronext present its plan to let its own CSD division Euronext Securities take over the settlement of trading volumes at its France, Belgium and Netherlands exchanges, by autumn 2026. For settlement, these markets are currently served by national CSDs within the Euroclear group, which refers to these three collectively as “Euroclear ESES”.
“We stand with our clients to protect their freedom to choose any settlement venue across all asset classes. Such competition is the cornerstone of the Savings and Investments Union in Europe, and we will always protect your right to open competition, with all actors competing on a level playing field,” writes Euroclear.
In terms of the regulation, Euroclear points specifically to article 37.2 of the Markets in Financial Instruments Directive (MiFID) and article 53 of the Central Securities Depositories Regulation (CSDR).
