Optimising post-trade infrastructure to support the Savings and Investments Union

Building effective connections 

It’s fair to say that the post-trade environment in Europe still reflects its national history, with multiple CSDs (Central Securities Depository) and siloed infrastructure contributing to some inefficient processes and higher costs, which, in turn, can slow down execution and discourage cross-border retail participation.  

We should not, however, forget that the European model of open access has fostered numerous integration initiatives and pan-European solutions that have led to the optimisation of liquidity and collateral across asset classes while successfully supporting healthy competition – an example being our very own Collateral Highway®. 

And because this open access approach has demonstrated its value, we are building a harmonised, horizontal infrastructure that provides all market participants with access to every EU market and asset class through a single connection. A model that is designed to be open and neutral and encourage competition on a level playing field. 

Experience breeds excellence 

We may not have a magic bullet that will solve all the problems that market participants face. But we do have experience – lots of it. We have successfully integrated at scale before and know what it takes to make it work.  

The ESES platform, Europe’s largest group of domestic central securities depositories, brings together Euroclear Belgium, Euroclear France and Euroclear Nederland on a single settlement engine. Clients manage a single account across those markets under harmonised rules and practices. The net result? A massive reduction in cross-border complexity, cost and duplication.  

Today, we are working on scaling that model across the EU. We aim to connect Euroclear Bank to T2S by the end of 2026 – creating a one-stop solution that allows investors in EU securities to access all 27 markets and all asset classes. These goals align directly with the European Commission’s SIU vision and encourage efficient capital flows across borders. 

Open access. Fair participation. 

The effective application of open access and fair competition principles among settlement, clearing and trading infrastructures is fundamental to supporting user choice, competition and the smooth functioning of markets. 

Euroclear’s horizontal model is designed for competition, not concentration. We keep the infrastructure open so everyone – exchanges, CCPs (Central Counterparties), new market entrants – can connect on equal terms. 

I believe in infrastructure that amplifies choice rather than limits it. Participants should compete where it matters: on quality of service, innovation and product design. 

Innovating for the future 

We have a duty to innovate and provide solutions to the challenges of an evolving marketplace – which is why we aim to bring advanced analytics and predictive insights into the post-trade space through our collaboration with Microsoft.  

Clients need visibility, predictability and the ability to act quickly. Innovative solutions, such as our new settlement efficiency platform - Euroclear EasyFocus®+, provide just that. EasyFocus+ gives clients a single, consolidated view of all their Euroclear settlement instructions across markets. It flags risks, highlights exceptions and helps resolve settlement issues before they occur. Clients save time, improve performance and avoid unnecessary penalties.  

Europe’s post-trade engine 

Harmonising Europe’s financial plumbing can reduce hidden costs, improve transparency and expand access. We believe that a truly connected post-trade environment is foundational to Europe’s economic competitiveness and financial inclusion. 

It’s vital that future models respect legal diversity, welcome competition and put users first. 

Europe’s financial system has a powerful engine ready to run. Our job is to connect it, fuel it and ensure it serves every market participant – large or small – with the reliability, security, optionality and simplicity they deserve. 

Sebastien Danloy, Chief Business Officer, Euroclear