For 40 years, France’s negotiable debt securities market (NEU CP) has provided efficient, flexible short-term financing to issuers and liquid, standardised instruments to investors - issued via Euroclear France, eligible as European Central Bank collateral and able to settle in central bank money with T+0 issuance possible.
As we mark this milestone, the industry is aligning around Pythagore, a market-built modernisation that connects NEU CP issuance, settlement and asset servicing to Euroclear’s DLT platform, with cash settlement in wholesale Central Bank Digital Currencies (wCBDC).
The Pythagore project is redefining short-term markets with enhanced security, transparency, and automated issuance and settlement. By reducing inefficiencies and operational risk, promoting the NEU CP market and showcasing the power of blockchain, Pythagore delivers a scalable, real-world solution connected to the Eurosystem PONTES project (wCBDC) - driving competitiveness and international reach.
Watch this video celebrating four decades of NEU CP and discover how Pythagore is shaping the digital future of short-term funding.
