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Euronext and Clearstream have announced a new partnership aimed at enhancing Euronext Clearing’s collateral management services, particularly for repo transactions and other asset classes. This collaboration is a significant step towards Euronext’s objective of establishing a unified, pan-European clearing model for its repo clearing franchise.
Anthony Attia, Global Head of Derivatives and Post-Trade at Euronext, emphasized that this partnership is a key component of their “Innovate for Growth 2027” strategy. The goal is to reinforce Euronext Clearing’s capability to deliver advanced collateral and clearing solutions.
The partnership comes as Euronext prepares to launch its “Repo Foundation” in June 2025. This initiative is designed to support the broader expansion of Euronext’s repo clearing services across Europe. By working with Clearstream, Euronext aims to scale its infrastructure, improve collateral mobility, and foster a more resilient and client-focused clearing ecosystem.
Key aspects of the partnership and its benefits:
* Triparty Agent Services: Clearstream will serve as a triparty agent (TPA) for Euronext Clearing. This involves Clearstream independently managing collateral selection, valuation, and substitution, ensuring compliance with eligibility criteria and reducing operational complexities.
* Enhanced Collateral Management: Clients will benefit from automated, flexible, and operationally streamlined solutions that aim to optimize margin and balance sheet efficiency.
* Settlement and Custody: Clearstream will handle settlement and custody services, providing robust regulatory reporting, and supporting liquidity and risk management objectives.
* Technological Integration: Clearstream will also support Euronext Clearing with AI-based collateral schedule creation and liquidity optimization data insights, further modernizing the clearing process.
* Pan-European Ambition: The partnership aligns with both Euronext’s and Clearstream’s goals to strengthen European capital markets by providing a scalable and efficient post-trade infrastructure.
The enhanced service offering resulting from this partnership is expected to go live in November 2025.
Euronext’s “Innovate for Growth 2027” Strategy:
This strategic plan, unveiled in November 2024, focuses on three key priorities:
* Accelerate growth in non-volume business: This includes positioning Euronext Securities as a leading CSD in Europe, transforming its listing franchise, scaling its SaaS offerings, and monetizing diversified datasets.
* Expand Euronext’s FICC (Fixed Income, Currencies, and Commodities) trading and clearing franchise: Leveraging Euronext Clearing as a catalyst for growth and European expansion, and strengthening its leadership in power and fixed income markets.
* Build upon Euronext’s leadership in trading: Expanding cash equity leadership through new services and building a leading ETF market in Europe.
The strategy also emphasizes empowering sustainable finance through ESG commitments, enhancing operational excellence through AI, and pursuing value-creative M&A opportunities.
The Repo Foundation (launching June 2025):
The “Repo Foundation” is the initial phase of Euronext Clearing’s Repo Expansion Initiative. This phase aims to:
* Open access to international participants for repo clearing.
* Introduce broader product capabilities, including the addition of Irish, Portuguese, and Spanish government bonds.
* Enhance collateral management and optimization features through TPA collaborations (starting with Euroclear, and now Clearstream).
* Align with the product suite available on MTS (Euronext’s fixed income trading platform).
This marks a significant step in Euronext Clearing’s transition from an Italian-focused CCP to a pan-European, cross-asset clearinghouse.

Video courtesy of Eurex

Video courtesy of Eurex