The Dutch Authority for the Financial Markets (AFM) has published an irrevocable direction imposed on Euronext Amsterdam N.V. on 12 November 2025 after finding that conditions in Euronext's new settlement model breached the Central Securities Depositories Regulation requirement for trading venues to give central securities depositories non-discriminatory and transparent access to transaction flows. Euronext has complied with the direction and withdrawn the conditions. The issue concerned three conditions announced for market participants that wanted to appoint a CSD other than Euronext Securities Milan to settle Euronext transactions. In the AFM's view, those conditions restricted certain CSDs' access to Euronext's transaction flows and therefore breached Article 53(1) of CSDR. Following the direction, Euronext confirmed continued access for CSDs with existing access, withdrew the conditions in question, and confirmed access for the other CSDs that had requested access as an alternative CSD. The AFM said it will continue to monitor compliance and will keep focusing on fair, transparent and non-discriminatory access, including in relation to any new requests from CSDs that are not already connected.
Dutch Authority for the Financial Markets 2026-05-13
Dutch Authority for the Financial Markets publishes direction to Euronext Amsterdam over CSDR open access breach
The Dutch Authority for the Financial Markets has published an irrevocable direction to Euronext Amsterdam N.V. after finding that conditions in its new settlement model breached Central Securities Depositories Regulation requirements for non-discriminatory, transparent access for central securities depositories (CSDs) to transaction flows. The direction required Euronext to withdraw three conditions restricting certain CSDs’ access, confirm continued access for existing CSDs and grant access to others that had requested it, which Euronext has done. The AFM will continue to monitor compliance and focus on fair, transparent, non-discriminatory access for CSDs, including for new access requests.