On 12 March 2025, Euronext N.V. moved the issuance of its own shares to Euronext Securities in a concrete step in its mission to streamline and unify equity capital markets. This milestone demonstrates the value issuers can derive from joining a pan-European Central Securities Depository (CSD). Aurélie Cohen, Chief Investor Relations and Communications Officer at Euronext, discusses the significance of the move, the rationale behind it and the message it sends to issuers across Europe.
“We wanted to lead by example, to show our clients that migrating to Euronext Securities is not only feasible but beneficial,” says Aurélie Cohen. “By moving our own shares, we have shown that the process can be done smoothly and sets a precedent for others to follow.”
Tackling European post-trade fragmentation
The decision aligns with Euronext’s broader strategy under the ‘Innovate for Growth 2027’ plan, aiming to tackle the long-standing issue of post-trade fragmentation in Europe. With settlement historically scattered across more than 30 CSDs, Euronext’s consolidation initiative is designed to enhance market efficiency and integration.
“By consolidating settlement within Euronext Securities, issuers and investors benefit from greater efficiency, lower costs and simplified access to multiple markets,” Aurélie Cohen explains. “This initiative enhances operational efficiency by streamlining post-trade processes and enabling access to all Euronext markets through one account at Euronext Securities, making it easier to manage operations and reducing the complexity of dealing with multiple CSDs. Additionally, investors can benefit from reduced settlement and custody fees, as well as improved access to European markets via a more integrated infrastructure, ultimately strengthening the global appeal and competitiveness of European capital markets.”
The move is particularly relevant for issuers wondering whether the investment of time and resources is worthwhile. “The effort of the migration was minimal compared to the long-term benefits,” Aurélie Cohen says. “There was a clear roadmap, strong support from Euronext Securities teams and no operational or legal disruptions. We used this opportunity to improve efficiencies for both our internal teams and for our clients." Collaboration between Euronext’s operations, legal and investor relations teams, alongside Euronext Securities and Euroclear France, ensured smooth execution and compliance.
Modernising and consolidating post-trade infrastructure for Europe
Jérôme Blais, Head of European Expansion at Euronext Securities, was also an integral part of this process.
"This migration is a crucial step toward modernising and consolidating Europe’s post-trade infrastructure. We are proud to be at the forefront of this shift, ensuring the migration process for issuers and investors is seamless, cost-effective and beneficial in the long term," he comments.
To support the migration process, Euronext collaborated with Uptevia, a leading provider of tailored issuer services. "Uptevia's expertise in handling transactions and managing securities operations was instrumental in ensuring the smooth and efficient move of Euronext’s shares to the new CSD infrastructure," Jérôme Blais adds.
Mathieu Bourgeois, Head of Development at Uptevia, says, “We are proud to have supported Euronext NV in streamlining its operations by migrating its shares to the new CSD. Our expertise in cross-market operations made the difference. This migration project as well as holding Euronext’s general meeting and the dividend payment under this new innovative set-up proves the success of this long-term collaboration.”
A seamless transition with real benefits for issuers
Importantly, the change in the place of issuance had no impact on shareholders or existing investor CSD arrangements, Aurélie Cohen explains. “From a shareholder perspective, the transition was completely seamless.”
When asked about the real value this brings for other issuers, she remarks: “For companies listed on Euronext markets, this change enables easier access to international investors, reduced settlement and custody fees and a more integrated post-trade infrastructure, which has a positive impact on efficiency, liquidity and long-term investor relations.”
Key benefits for issuers include unified access to all Euronext markets through one account at a single CSD, attractive custody fee schemes, an integrated listing-to-issuance solution, improved shareholder services and a dedicated account manager for all post-trade activities.
Shaping capital markets for future generations
“This is a significant milestone and another step forward in shaping the future of capital markets in Europe,” Aurélie Cohen concludes. “With the infrastructure in place and the benefits clear, now is the time for issuers to begin their own path towards greater integration and operational efficiency.”
By moving the issuance of its own shares, Euronext N.V. simplifies its internal operations and reinforces its leadership role in shaping the future of integrated, competitive European capital markets.
For more information about Euronext’s Central Securities Depository and how it supports issuers, visit the Euronext Securities website or LinkedIn/EuronextSecurities.
For more information about Uptevia, visit Uptevia's website or LinkedIn/Uptevia.