Euronext Securities Milan plans to extend its offering to all European government bonds currently cleared by LCH SA.
European government bond settlement has traditionally been fragmented across multiple domestic CSDs. A Euronext press release said the milestone represents meaningful progress in it’s fixed-income strategy by aligning capabilities across it’s trading, clearing and T2S-aligned settlement services such as auto-collateralisation.
The service will be extended from Italian, French, Dutch, Belgian, German, Spanish and Austrian government bonds cleared at Euronext Clearing to all European government debts currently cleared by LCH SA, allowing settlement of this government bond activity directly in Euronext Securities.
Pierre Davoust, head of Euronext Securities, said the offering “complements both our ambitious Repo Expansion initiative – positioning Euronext as a leading CCP for European repo markets – and our Euronext Securities European Offering for equities and ETFs. Clients will be able to manage all their asset classes through a single point of entry, gaining the benefits of scale, choice and operational simplicity.”
Equities
From September 2026, Euronext Securities Milan will be the designated CSD for the settlement of equities executed on Euronext Amsterdam, Brussels and Paris. Trading participants can ask for an alternative settlement organisation (per market and asset class), subject to this settlement organisation meeting the criteria set by Euronext. This might imply that participants wanting to keep their Belgian, Dutch and French equities (and ETFs) in the other CSDs, and trade on Euronext, will need to redeliver their holdings cross-border with cross-CSD settlements.
