Euronext Securities leads the call for integrated market infrastructure at Posttrade360 Stockholm
Pierre Davoust, Head of Euronext Securities, delivered a compelling message on the future of European capital markets infrastructure, making it clear that Euronext is not only challenging the status quo but is also delivering tangible benefits for clients and the wider market today. At the conference, Euronext Securities took a leading role, participating in 10 panels and underlining its commitment to shaping the future of post-trade services in Europe.
Speaking in one of the headline panels, Davoust emphasised that the ultimate objective is not simply consolidation, but ensuring that capital markets serve the economy and society by driving growth and relevance for Europe on the global stage. He urged industry leaders to focus on the bigger picture, making Europe more relevant again by fostering stronger European growth through integrated capital markets infrastructure. Unlike competitors who defend the status quo, Euronext is taking decisive action to move beyond fragmented domestic systems, leveraging platforms such as T2S to create a competitive and unified market that benefits all participants. It also provides genuine choice where none exists today.
Pierre Davoust said:
With our announcement earlier this year, clients are able to manage four central European markets - France, the Netherlands, Belgium and Italy - in one CSD by September 2026. With this, we are taking concrete action to enable market participants to move away from a fragmented domestic structure to a fully European one. Thanks to T2S, competition can happen for real, creating a truly integrated market for CSD activities in Europe, with less cost, less complexity and more choice.
Davoust went on to underline that it is the post-trade community itself that has the power to drive change:
You have the power to make the change happen, by making the right choice between maintaining the status quo and moving towards an integrated infrastructure that will reduce friction costs on equity investments in Europe. This will ultimately strengthen Europe’s position globally and support the growth of our continent.
Other panellists included Haroun Boucheta (BNP Paribas), Isabelle Delorme (Euroclear), Julien Jardelot (Lseg), Jens Quiram (Eurex) and John Siena (Brown Brothers Harriman).
Zooming in on Europe’s CSD industry – what’s on the horizon for 2026
Niels Hjort Rotendahl, CEO of Euronext Securities Copenhagen, joined a panel examining the evolving landscape of central securities depositories in Europe. He provided an update on the bid for the Athex Group, highlighting the strategic rationale behind Euronext’s approach as a true European consolidator of financial market infrastructures. Rotendahl emphasised the benefits of geographic diversification for Euronext and the potential synergies of integrating the Athex Group onto Euronext’s trading platform Optiq® and the new CSD platform currently in development, as well as integrating their clearing business. He also noted the positive developments in Greece, where unemployment rates are falling, asset values are rising and GDP growth exceeds the European Union average.
Crucially, Euronext is not waiting for long-term visions to materialise. The company is already delivering practical solutions that enable market participants to benefit from interoperability, efficiency and choice. The panel discussed the importance of T2S as the settlement engine for Europe, with Rotendahl advocating for its mandatory use to drive efficiency and interoperability across markets. He addressed the complexities of market entry, such as passporting, and stressed that a fully interoperable European market would make such processes more rational and commercially viable.
Niels Hjort Rotendahl said:
We see ourselves as a true European consolidator of financial market infrastructures. With geographic diversification and synergies across our trading and CSD platforms, we are building the foundations for a fully interoperable and highly efficient European market. T2S is the settlement engine of Europe, and we need to push even further to make its use mandatory.
Other participants included Anna Kulik (ECSDA), Jennifer Robertson (European Commission), Philip Brown (Clearstream Banking), Jan Lemeire (Euroclear Sweden and Euroclear Finland) and Maciej Trybuchowski (KDPW).
T2S in Norway – or not?
Although a more niche topic at the event, the panel on the outlook for T2S in Norway attracted a full audience. Kristine Bastøe, CEO of Euronext Securities Oslo, participated in a discussion on Norway’s potential transition to the T2S settlement platform. With Norges Bank currently evaluating T2 and T2S and Euronext Securities actively contributing to the T2S consultation process, Bastøe emphasised that the company has mobilized the community operating in the Norwegian market to ensure that all perspectives are considered. The market is united in need for a swift decision on T2S, once the direction for T2 has been determined.
The panel highlighted that Norway’s current settlement system, though modernised, will eventually stand out with Denmark joining T2S in 2018, Finland joining in 2023, and Sweden committed to the transition to T2 with T2S to follow. Consensus among participants was that T2S offers significant benefits, including increased harmonisation with European settlement processes that will help maintain Norway’s attractiveness to foreign investors, who currently hold 40% of the market value on Euronext Oslo Børs. However, concerns remain regarding implementation costs and the potential impact on the number of settlement participants in Norway.
Bastøe stressed that Euronext Securities will adapt to any decision made by Norges Bank, but noted that alignment with T2S would enhance integration and support Norway’s continued relevance in European capital markets.
Kristine Bastøe said:
We see ourselves as a true European consolidator of financial market infrastructures. With geographic diversification and synergies across our trading and CSD platforms, we are building the foundations for a fully interoperable and highly efficient European market. T2S is the settlement engine of Europe, and we need to push even further to make its use mandatory.
We want to move in the same direction as other European countries, ensuring Norway remains attractive and relevant for investors and issuers. However, regardless of the central bank’s decision, Euronext Securities will adapt to support the market.
Euronext Securities: Thought leadership across the conference
In addition to these three panels, Euronext Securities’ experts contributed to eight further sessions, reinforcing the company’s position as a thought leader in European post-trade services. Alessio Mottola, CEO of Euronext Securities Milan, participated in a panel on T+1 impacts on settlement and fail management. Chiara Rosetti, Senior Manager of Regulatory and Government Affairs at Euronext Securities, contributed to the panel on T+1 impacts on clearing. Janina Marks, Head of Sales and Business Development – Derivatives & Clearing at Euronext, joined a lively discussion on the promise and practicalities of today’s repo activity.
The breadth and depth of participation reflect Euronext’s commitment to driving innovation and collaboration across the industry. Euronext is delivering choice and efficiency where previously there was none, and is determined to meet the needs of clients and the market with practical solutions, not just promises.
Interested in learning more or joining the conversation? Contact Euronext Securities for further insights and opportunities to engage.