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Euroclear SA/NV

Euroclear

Euroclear is a leading global provider of settlement services for bonds, equities, and funds.

Lobbying Activity

Meeting with Jennifer Robertson (Head of Unit Financial Stability, Financial Services and Capital Markets Union)

14 Oct 2025 · SIU

Meeting with Jennifer Robertson (Head of Unit Financial Stability, Financial Services and Capital Markets Union)

1 Jul 2025 · CSDR refit

Meeting with Irena Pereša (Head of Unit Budget), Zuzana Maluskova (Head of Unit Budget)

11 Jun 2025 · Exchange of views on the Euroclear financial report on windfall profits on frozen assets of the Russian Central Bank

Response to Savings and Investments Union: Directive fostering EU market integration and efficient supervision

5 Jun 2025

Euroclear fully agrees with the need to continue to improve the efficiency of European post-trade infrastructure and ensure it is fit for the next evolution of capital markets. The Commissions initiative to foster integration, scale and efficient supervision in the single market is an opportunity to create conditions for market-driven solutions that will advance EU competitiveness and the Savings and Investments Union. The initiative should focus on targeted policy actions to enable market-driven solutions. Our proposed policy actions include the following: Recognising FMI group structures in the regulatory framework to facilitate synergies, intra-group outsourcing and efficiencies for the benefit of users and the wider ecosystem; Addressing remaining barriers/frictions to cross-border services and advancing market standardisation; this includes exploring the design of a 28th regime framework in all areas where it could bring benefits to EU markets; Ensuring that EU principles regarding user choice, open access and fair competition are effectively implemented in practice particular attention should be given to any operator practices or undue technical restrictions that seek to curtail fair competition, the right of choice of trading counterparties to designate the system for the settlement of transactions as well as the access rights of other market infrastructures; Promoting the growth of digital assets and DLT infrastructures by ensuring that frameworks EU and national provide the same levels of legal certainty and protection to investors and are compatible with EU integration and single market principles; Promoting supervisory consistency, simplification and convergence. Our response to the Commissions targeted consultation on the integration of EU markets will provide further views on these priorities and other topics.
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Meeting with Felix Fernandez-Shaw (Director Directorate-General for International Partnerships) and

19 May 2025 · Presentation of Euroclear’s activities in the field of Financial Market Infrastructure in Latin America and the Caribbean

Meeting with Jennifer Robertson (Head of Unit Financial Stability, Financial Services and Capital Markets Union)

15 May 2025 · CSDR

Meeting with Maria Luís Albuquerque (Commissioner) and

15 May 2025 · Exchange with Euroclear on the SIU

Meeting with Andrea Beltramello (Head of Unit Financial Stability, Financial Services and Capital Markets Union)

7 May 2025 · Meeting at the request of the interest representative on the Savings and Investment Union. Euroclear presented its views on market integration and emphasised the importance of open access, legal convergence, and supervisory consistency.

Meeting with Maria Luís Albuquerque (Commissioner) and

15 Apr 2025 · Exchange with Euroclear on the SIU

Meeting with Maria Luís Albuquerque (Commissioner) and

2 Apr 2025 · Savings and Investments Union – discussion with Swedish financial market infrastructure representatives

Meeting with Irena Pereša (Head of Unit Budget)

28 Mar 2025 · Exchange of views on the Euroclear financial report on windfall profits on frozen assets of the Russian Central Bank

Meeting with Jennifer Robertson (Head of Unit Financial Stability, Financial Services and Capital Markets Union)

27 Mar 2025 · CSDR Refit

Meeting with Caroline Wellemans (Head of Unit Directorate-General for International Partnerships)

18 Mar 2025 · Discussion on market infrastructure to develop green bond market in low- and middle-income countries.

Response to Savings and Investments Union

7 Mar 2025

Strengthening European securities markets and the post-trade architecture Euroclear fully agrees with the need to continue to improve the efficiency of European post-trade infrastructure and ensure it is fit for the next evolution of capital markets. At the same time, it is vital to support the EU's diverse ecosystems, ensuring that no market or Member State is left behind. As an immediate step, we believe the key to enhanced market efficiency and competitiveness lies in fostering an open and interconnected architecture that enables seamless access across the EU and caters to the needs of both the single market and local ecosystems. Central Securities Depositories (CSDs) and other infrastructures need to operate with cost-efficiency, high connectivity and high resilience targets. An optimal market structure in Europe should fulfil the following needs: Enable connectivity between local infrastructures and large pan-European players to provide liquidity, scale and value-added services; Provide global connectivity to facilitate growth and diversification; Ensure deep collateral pool access to support financial stability, risk management, central bank operations and investment flows. A Post-Trade Roadmap for the Savings and Investments Union We propose a roadmap with nine workstreams applicable to market participants and authorities for the coming EU legislative cycle. Objective: Developing an integrated single market where local, European and international ecosystems are effectively connected 1) Optimising the connectivity of settlement systems across all Member States, leveraging pan-European CSDs and TARGET2-Securities (T2S) in line with market needs. 2) Ensuring an effective application of open access, competition, interoperability and level playing field principles among settlement, clearing and trading infrastructures. 3) Successfully implementing the T+1 settlement cycle in Europe, aligning with global best practices. Objective: Fostering simplification and consolidation 4) Addressing any impediments towards FMI intra-group synergies and consolidation. 5) Fostering supervisory convergence and coordination mechanisms among authorities. Objective: Enhancing efficiencies for issuers and investors 6) Encouraging issuers (private and public) to leverage truly pan-European infrastructures and issuance models to maximise liquidity and cost-effective services. 7) Advancing market harmonisation and addressing legal frictions, including exploring the design of a 28th regime (considering this concept also in relation digital issuances and tokenisation). Objective: Positioning Europe at the forefront of innovation and the infrastructures of tomorrow 8) Scaling digital assets and currencies in a safe and integrated manner, enabling market participants to develop open, interoperable and resilient infrastructures, ensuring that private sector initiatives and public sector efforts remain complementary. 9) Leveraging cloud technologies, AI and DLT to optimise infrastructures and processes relating to the management of data, collateral, investment funds and non-listed assets. Euroclear is committed to contributing to driving these initiatives in collaboration with EU authorities, Member States, market participants and other infrastructures.
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Meeting with Aurore Lalucq (Member of the European Parliament, Rapporteur)

4 Mar 2025 · Frozen Assets; SIU

Meeting with John Berrigan (Director-General Financial Stability, Financial Services and Capital Markets Union)

25 Nov 2024 · CMU

Meeting with John Berrigan (Director-General Financial Stability, Financial Services and Capital Markets Union)

5 Jun 2024 · CMU, CSDR,CBR

Meeting with Florian Denis (Cabinet of Commissioner Mairead Mcguinness)

15 Apr 2024 · Capital Markets Union

Meeting with Geneviève Tuts (Cabinet of Commissioner Didier Reynders), Ludovic Pierre (Cabinet of Commissioner Didier Reynders)

23 Nov 2023 · Discussions about the immobilization and freezing of Russian assets under EU sanctions

Meeting with Mairead McGuinness (Commissioner) and

22 Feb 2023 · Sanctions implementation

Meeting with Valeria Miceli (Cabinet of President Ursula von der Leyen)

12 Jul 2022 · Sanctions implementation

Meeting with Dārta Tentere (Cabinet of Commissioner Mairead Mcguinness)

12 Jul 2022 · Sanctions

Response to Central securities depositories – review of EU rules

24 May 2022

Euroclear supports the Commission’s aim to further enhance the efficiency and competitiveness of post-trade markets in the EU. Hence, we welcome the opportunity to provide feedback on the CSDR REFIT proposal. We would like to refer to the feedback statement which will be submitted by the European CSD Association (ECSDA) and to which we participated. Please find below a few additional elements in relation to some of the observations therein: 1. Passporting – issuer CSD: the double-law test for CSDs leads to further complexity Only requirements pertaining to the validity of the securities should be taken into consideration, not local market practices or tax driven requirements. Once a passport is granted, undue administrative burden could be avoided by limiting the notification duties of the CSD to elements pertaining to actual changes of services rather than to changes in documents having supported the initial passporting process. 2. Avoid additional complexity to the supervisory convergence requirements The Commission follows a well-established approach in banking legislation and amongst CCPs. As the proposed colleges for CSDs are intended to be non-decision making, they could be a valuable next step to increase the level of supervisory convergence. We are however concerned that the current draft text does not sufficiently reflect these intentions. Especially for provisions that aim to increase supervisory convergence, it is particularly important that they themselves do not lead to more divergence or give rise to concerns around undue sharing of information. 3. Further clarity under the Settlement Discipline Regime & settlement efficiency The Commission makes it clear in the proposal that certain type of transactions and/or instruments should be out of scope of settlement discipline. Whilst we support this objective, we believe that CSDR should continue to cater sufficiently for each CSD’s operational set-up. 4. Ensuring a better-balanced targeted exemption in the banking-type ancillary services regime We take note of the Commission’s proposed mandate for EBA to review the exemption in CSDR, i.e. the thresholds below which the non-banking CSDs may use commercial banks not subject to CSDR requirements. Because of their critical role in the capital markets, CSDs are expected to mitigate risks to the largest possible extent. Hence, we believe it is important to maintain consistency between CSDR and the global CPMI-IOSCO Principles for Financial Market Infrastructures. Already today, there is a deviation from these global principles as they do not foresee the possibility of such thresholds. We are available to provide any further information the EU institutions may deem relevant.
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Meeting with John Berrigan (Director-General Financial Stability, Financial Services and Capital Markets Union)

18 May 2022 · Courtesy meeting, CSDR

Meeting with Mairead McGuinness (Commissioner)

4 May 2021 · Increase Market Stability & efficiency Embracing new technologies.

Meeting with Valdis Dombrovskis (Executive Vice-President)

7 Sept 2020 · European financial market infrastructure, International role of the euro

Meeting with Olivier Guersent (Director-General Financial Stability, Financial Services and Capital Markets Union)

9 Oct 2018 · CSD

Meeting with Olivier Guersent (Director-General Financial Stability, Financial Services and Capital Markets Union)

21 Jun 2018 · European Post-trade Forum, CSD Regulation, Brexit

Meeting with Olivier Guersent (Director-General Financial Stability, Financial Services and Capital Markets Union)

5 May 2017 · Future post trade reform in the EU, Securities Law Reform

Meeting with Inge Bernaerts (Cabinet of Commissioner Marianne Thyssen)

15 Dec 2016 · LSE/DBAG merger

Meeting with Jonathan Hill (Commissioner)

9 Feb 2016 · Capital Markets Union

Meeting with Lee Foulger (Cabinet of Vice-President Valdis Dombrovskis)

7 Dec 2015 · Capital Markets Union/Central Securities Depositories Regulation

Meeting with Lee Foulger (Cabinet of Vice-President Valdis Dombrovskis)

7 Dec 2015 · Central Securities Depositories Regulation/Capital Markets Union