As a result of complaints brought by Euroclear Belgium, Euroclear France, Euroclear Nederland and Euroclear Bank (the 'Euroclear group CSDs'), the conditions imposed by Euronext in their New Settlement Model have been assessed by the Autorité des Marchés Financiers (AMF) and the Autoriteit Financiele Markten (AFM) to be:
- equivalent to an intention by Euronext to deny existing access to the Euroclear CSDs for the settlement of transactions within the meaning of Article 90(10) of the EU Commission Delegated Regulation 2017/392
- discriminatory pursuant to Article 53(1) of CSDR
- not justified by a risk which may affect the smooth and orderly functioning of the financial markets or cause systemic risk within the meaning of Article 53(3) of CSDR
- not justified by the necessity to ensure the efficient and economic settlement of the transactions
We expect Euronext to duly inform their trading members in that regard.
We will continue to update market participants as we receive additional information.
