Euronext enters first phase of repo expansion
08 July 2025 Europe
Image: tolem929/stock.adobe.com
Euronext has entered the first phase of a multi-year strategy through the launch of its Repo Foundation, which will be followed by a number of alterations.
As part of the firm鈥檚 Innovate for Growth 2027, the repo expansion initiative sets in motion Euronext鈥檚 vision to build a fully integrated, pan-European post-trade infrastructure
This expansion is the beginning of a phased rollout that will extend access to international participants and introduce new clearing benefits across Europe鈥檚 sovereign debt markets.
The Repo Foundation aims to expand access, improve margin efficiency, and challenge legacy models in Europe鈥檚 secured financing markets.
It marks a pivotal expansion of Euronext Clearing鈥檚 capabilities, opening financing services to international counterparties and introducing key enhancements in margin efficiency, risk management, and collateral optimisation.
Commenting on the move, Anthony Attia, global head of derivatives and Post Trade at Euronext, says: 鈥淭he launch of the Repo Foundation is a major step forward in the delivery of Euronext鈥檚 Innovate for Growth 2027 strategy.
鈥淭he structure of the European repo market is shifting, and firms are demanding more than access 鈥� they need real solutions that support capital efficiency, reduce costs, simplify operations, and align with evolving regulatory requirements.鈥�
He continues: 鈥淲ith 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.鈥�
With the Repo Foundation, Euronext now offers repo clearing for Spanish, Portuguese, and Irish government bonds, alongside its established Italian offering.
For the first time, international firms can join the platform 鈥� either through existing Euronext connections or as repo-only participants 鈥� with onboarding and settlement operations.
In the third quarter of 2025, coverage will be extended to include French, German, Dutch, and Belgian government bonds, as well as euro-denominated supranational issuances.
In the fourth quarter of 2025, Austrian and Finnish government bonds will be added, completing Euronext鈥檚 initial expansion of sovereign collateral coverage.
By 2026, clients will also gain access to general collateral (GC) baskets, built with a triparty agent, with risk offsets across correlated collateral.
Clients will benefit from cross-margining across debt instruments within a single margin account.
These enhancements are part of a broader drive to deliver tangible margin savings, with a redesigned risk model and updated margin methodologies offering cost advantages versus legacy clearing models.
To further broaden market participation, Euronext clearing will introduce a sponsored access model in the second quarter of 2026.
This functionality will allow buy side firms to access repo clearing without becoming direct clearing members, opening the door to a wider segment of market participants.
As part of the firm鈥檚 Innovate for Growth 2027, the repo expansion initiative sets in motion Euronext鈥檚 vision to build a fully integrated, pan-European post-trade infrastructure
This expansion is the beginning of a phased rollout that will extend access to international participants and introduce new clearing benefits across Europe鈥檚 sovereign debt markets.
The Repo Foundation aims to expand access, improve margin efficiency, and challenge legacy models in Europe鈥檚 secured financing markets.
It marks a pivotal expansion of Euronext Clearing鈥檚 capabilities, opening financing services to international counterparties and introducing key enhancements in margin efficiency, risk management, and collateral optimisation.
Commenting on the move, Anthony Attia, global head of derivatives and Post Trade at Euronext, says: 鈥淭he launch of the Repo Foundation is a major step forward in the delivery of Euronext鈥檚 Innovate for Growth 2027 strategy.
鈥淭he structure of the European repo market is shifting, and firms are demanding more than access 鈥� they need real solutions that support capital efficiency, reduce costs, simplify operations, and align with evolving regulatory requirements.鈥�
He continues: 鈥淲ith 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.鈥�
With the Repo Foundation, Euronext now offers repo clearing for Spanish, Portuguese, and Irish government bonds, alongside its established Italian offering.
For the first time, international firms can join the platform 鈥� either through existing Euronext connections or as repo-only participants 鈥� with onboarding and settlement operations.
In the third quarter of 2025, coverage will be extended to include French, German, Dutch, and Belgian government bonds, as well as euro-denominated supranational issuances.
In the fourth quarter of 2025, Austrian and Finnish government bonds will be added, completing Euronext鈥檚 initial expansion of sovereign collateral coverage.
By 2026, clients will also gain access to general collateral (GC) baskets, built with a triparty agent, with risk offsets across correlated collateral.
Clients will benefit from cross-margining across debt instruments within a single margin account.
These enhancements are part of a broader drive to deliver tangible margin savings, with a redesigned risk model and updated margin methodologies offering cost advantages versus legacy clearing models.
To further broaden market participation, Euronext clearing will introduce a sponsored access model in the second quarter of 2026.
This functionality will allow buy side firms to access repo clearing without becoming direct clearing members, opening the door to a wider segment of market participants.
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