Euronext has opened a testing phase for its planned expansion of the Euronext Securities Central Securities Depository (CSD), according to a Euronext press release.
The testing environment, running through Q2 2026, allows clients to onboard, test connectivity and validate operational readiness ahead of a planned go-live in September 2026. The first phase will cover equities and ETFs in Belgium, France and the Netherlands, alongside existing Euronext Securities markets.
Custodians including BNP Paribas Securities Services, Citi and CACEIS are participating in the testing phase.
First time
According to Euronext, the testing phase is the first time the full settlement chain, from issuance to custody, is being validated end-to-end within its infrastructure. The model is designed as a single platform for settlement and custody across multiple markets, with harmonised processes and a reduced number of CSD connections for participants.
Pierre Davoust, head of Euronext Securities, said: “The opening of our testing window is a defining moment… This is about delivering a European post-trade infrastructure that reduces complexity, improves resilience.”
Focus on fragmentation
The initiative is positioned as a response to fragmentation in Europe’s post-trade landscape. Citi said the model “addresses the operational fragmentation our clients face today”, while BNP Paribas pointed to “increased dynamism in the CSD space”.
Further phases are expected to extend the model to additional European markets.
