Euronext has launched the Repo Foundation, the initial step in its multi-year Repo Expansion Initiative aimed at reshaping Europe’s secured financing landscape. The new phase broadens access to repo clearing, introduces enhanced collateral usage, and extends Euronext’s footprint beyond Italy to position it as a leading central counterparty for European repo markets.
The expansion aligns with Euronext’s 2027 strategic plan, Innovate for Growth, and responds to regulatory developments under EMIR 3.0 and priorities set by global standard-setters. Euronext’s clearing services will now include Spanish, Portuguese, and Irish sovereign bonds alongside its longstanding Italian coverage. This expanded model is open to international participants for the first time.
“The structure of the European repo market is shifting”
Anthony Attia, Global Head of Derivatives and Post Trade at Euronext, commented, “The launch of the Repo Foundation is a major step forward in the delivery of Euronext’s Innovate for Growth 2027 strategy. The structure of the European repo market is shifting, and firms are demanding more than access — they need real solutions that support capital efficiency, reduce costs, simplify operations, and align with evolving regulatory requirements. The Repo Foundation is the first phase of our wider Repo Expansion Initiative — a multi-year strategy to deliver a fully integrated, pan-European clearing model. With a strong footprint in Italian repo, a growing list of government bond coverage, and the majority of key clearing members already connected, Euronext is well positioned to become the clearing house of choice for European repo.”
The next phases of the initiative will expand collateral eligibility and settlement services across the continent. During Q3 2025, French, German, Dutch, Belgian, and euro-denominated supranational debt will be added. Austrian and Finnish government bonds will follow in Q4 2025.
By 2026, clients will gain access to cross-margining within a single account across eligible debt instruments, subject to regulatory approval. General Collateral baskets built with a leading Triparty Agent will also become available, offering enhanced margin offsets and risk transparency.
To support wider participation, Euronext will launch a sponsored access model in Q2 2026. This setup will allow buyside firms to access repo clearing without becoming direct clearing members, providing increased liquidity and capital efficiency while preserving counterparty risk safeguards.
The full expansion will conclude by Q3 2026, offering a fully integrated post-trade environment for sovereign and supranational debt instruments across Europe. Euronext expects its redesigned risk model and margin methodology to provide cost advantages over legacy frameworks.
Collateral optimization is central to the strategy. From launch, clients can use collateral in USD, GBP, and NOK, with further asset and currency additions planned. Euronext will also roll out a new triparty agent model, integrating with Euroclear in Q3 2025 and Clearstream in Q4 2025, followed by additional strategic partnerships.
Euronext’s multi-phase expansion aims to increase transparency, lower costs, and support institutional compliance with evolving margin and liquidity expectations, strengthening its position as a pan-European clearing house for secured financing.
