Euronext Securities Milan has requested LCH open the settlement of all its European government bonds as Euronext seeks to align the services of its MTS, Euronext Clearing and Euronext Securities services.
Euronext moved clearing for its listed derivatives and commodities markets from LCH to Euronext Clearing last year.
Pierre Davoust, head of Euronext Securities, commented, “This complements both our ambitious repo expansion initiative – positioning Euronext as a leading central clearing counterparty (CCP) for European repo markets – and our Euronext Securities European offering for equities and ETFs.
Euronext Securities offers a unified cross-European settlement model using the Eurosystem’s TARGET-2 Securities settlement system (TS2). This aims to reduce fragmentation in the settlement process.
“Clients will be able to manage all their asset classes through a single point of entry, gaining the benefits of scale, choice and operational simplicity,” Davoust added.
Initially available for Italian, French, Dutch, Belgian, German, Spanish and Austrian government bonds cleared by Euronext Clearing, the service will later be expanded to all LCH-cleared European government debt.
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