Euronext launches Repo Foundation to expand access, enhance efficiency, and transform Europe’s secured financing infrastructure.
Euronext launches Repo Foundation to expand access, enhance efficiency, and transform Europe’s secured financing infrastructure.
Euronext launches the Repo Foundation, marking the beginning of a multi-year strategy to reshape Europe’s secured financing markets. This move signals a significant step in Euronext’s vision to establish a fully integrated, pan-European post-trade infrastructure, with the goal of expanding access, improving margin efficiency, and offering an alternative to traditional models.
With more than 25 years of experience as a central counterparty (CCP) for repos on Italian government bonds, Euronext is now extending its capabilities to cover Spanish, Portuguese, and Irish sovereign debt. For the first time, international firms can access the platform either through existing Euronext connections or as repo-only participants, benefiting from streamlined onboarding and efficient settlement processes.
Euronext Clearing has introduced notable improvements in margin efficiency, collateral optimisation, and risk management through this expansion. During the third quarter of 2025, the coverage will broaden further to include French, German, Dutch, and Belgian government bonds, along with euro-denominated supranational issuances.
Euronext will add Austrian and Finnish bonds by the fourth quarter, completing the initial rollout of sovereign collateral coverage. The firm will then offer access to General Collateral (GC) baskets, built in partnership with a leading Triparty Agent, enabling cross-margining across correlated debt within a single account, pending regulatory approval. Moreover, a sponsored access model will launch in the second quarter of 2026, allowing buy-side firms to clear repos without direct clearing membership.
This new model will increase liquidity, reduce counterparty risk, and support firms in meeting capital and regulatory standards. Euronext emphasized that collateral flexibility remains central to the initiative. Eligible assets will include currencies such as USD, GBP, and NOK from the start, with more planned.
To support this, Euronext will roll out a triparty agent model starting with Euroclear in Q3 2025, followed by Clearstream in Q4. These integrations aim to enhance settlement efficiency and allow real-time collateral mobility. Euronext expects a steady migration to this new model, driven by the demand for scalable and cost-effective solutions.
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