Euronext and Clearstream partner to bolster collateral management for European Clearing

Euronext and Clearstream have announced a partnership aimed at enhancing Euronext Clearing’s collateral management capabilities, particularly across repo and other asset classes. The collaboration will see Clearstream act as a triparty agent (TPA) for Euronext Clearing, providing clients with automated, flexible, and streamlined solutions designed to optimise margin and balance sheet management. The enhanced service offering is scheduled to go live in November 2025.
 

As part of the arrangement, Clearstream will independently manage collateral selection, valuation, and substitution, ensuring compliance with eligibility criteria while reducing operational complexities. In addition, Clearstream will handle settlement and custody services, deliver robust regulatory reporting, and support liquidity and risk management objectives for Euronext Clearing’s clients.
 

This partnership aligns with both firms’ ambitions to strengthen European capital markets by delivering scalable and efficient post-trade infrastructure. Euronext, which has transformed into the third-largest European clearing house over the past three years, is preparing to launch the initial phase of its Repo Expansion Initiative, the Repo Foundation, in June 2025. This initiative will open access to international participants and introduce broader product capabilities, furthering Euronext’s strategy to expand its 25-year repo clearing franchise into a unified, pan-European model.
 

Clearstream brings three decades of experience in supporting global market participants with collateral management, lending, and liquidity services. The company has recently enhanced its offerings by connecting with central counterparties, exchange providers, and central securities depositories, aiming to maximise liquidity in global markets. Its data and digital collateral solutions, including AI-based collateral schedule creation and liquidity optimisation insights, will complement Euronext Clearing’s operations.
 

Anthony Attia, Global Head of Derivatives and Post-Trade at Euronext
 

Anthony Attia, Global Head of Derivatives and Post-Trade at Euronext, commented: “This collaboration with Clearstream marks an important step in the execution of our ‘Innovate for Growth 2027’ strategy, reinforcing Euronext Clearing’s ability to deliver cutting-edge collateral and clearing solutions. As we prepare to launch the Repo Foundation in June 2025, this alliance supports the broader expansion of our repo clearing services across Europe. By working with Clearstream, we are scaling our infrastructure, enhancing collateral mobility, and building a more resilient, client-focused clearing ecosystem.”
 

Sam Riley, CEO at Clearstream Securities Services

Sam Riley, CEO at Clearstream Securities Services, added: “As financial markets become more unpredictable, demanding greater speed and efficiency, we stay committed to empowering our clients with reliable and scalable state-of-the-art solutions. We are delighted to partner with Euronext Clearing to deliver innovative collateral management solutions that enhance market efficiency and support sustainable growth. This collaboration reflects our commitment to building a stronger and more accessible European capital market that is well-equipped to navigate the complexities of the financial landscape of today and tomorrow.”
 

Market participants have generally welcomed the move, highlighting the importance of robust collateral management in an environment of increasing regulatory scrutiny and market volatility. “It’s a positive step for the European repo market, providing much-needed efficiency and transparency,” commented a senior repo trader at a major European bank. Another industry observer noted, “The integration of advanced collateral management tools is crucial for market participants navigating the current landscape.”