Euroclear has applied to become an alternative CSD for Euronext’s exchanges in Amsterdam, Brussels and Paris, in response to the bourse’s decision to designate its own venue for the settlement of equity trades from September 2026, Global Custodian has learnt.
Euroclear asked that Euronext confirm its eligibility no later than 1 October 2025 and requested that the group publishes a list of alternative CSDs to market participants.
The move follows Euronext’s announcement in March this year which designated Euronext Securities the default CSD for Euronext Amsterdam, Brussels and Paris exchanges, joining markets in Lisbon, Milan and Oslo, which the group already provides support for.
The exchange said the move came as part of its goal to improve European capital markets’ competitiveness, tackle post-trade fragmentation in Europe and open up new trading and investment opportunities, particularly across borders.
Euroclear however responded immediately to the decision, highlighting that clients have a “freedom of choice” and wrote to clients reiterating their legal right under European regulations to choose their settlement venue.
Euroclear cited Mifid (article 37.2) and CSDR (article 53), as well as the related ESMA guidelines in its note.
Since then, tensions between the two market infrastructure providers have been high, and Euroclear is now looking to make its position as an alternative CSD official.
With Euroclear’s ESES CSDS in France, Belgium and Netherlands now reportedly meeting the Euronext conditions to be alternative CSDs for trades on Euronext France, Euronext Amsterdam and Euronext Brussels, the group is reiterating that clearing members and settlement agents have further choice in settlement locations for these markets.
For Euronext, the group said back in March that its move to designate Euronext Securities as the default CSD “demonstrates its commitment to improve the competitiveness of European capital markets by proposing a single access point to the settlement activity in Europe through Euronext Securities”.