Measure 13/05/26

Instruction issued to Euronext Amsterdam for breach of open access rules

On 12 November 2025, the Dutch Authority for the Financial Markets (AFM) issued an instruction to Euronext Amsterdam N.V. (Euronext) due to breach of the rules on providing access for central securities depositories (CSDs). Euronext complied with the instruction. European legislation requires trading venues to provide CSDs with access to their transaction feeds on a non-discriminatory and transparent basis. The AFM was of the opinion that a few adjustments to the settlement model that were initially announced by Euronext included conditions conflicting with this obligation. Euronext has withdrawn those conditions.

In short

• CSDR: rules on access for CSDs to trading venues’ transaction feeds
• Euronext set conditions that, in the AFM’s opinion, conflicted with CSDR
• Euronext remediated the shortcomings after receiving the AFM’s instruction

CSDR: rules on access for CSDs to trading venues’ transaction feeds

The Central Securities Depositories Regulation (CSDR) is a European regulation that aims to make the settlement of securities transactions safer, more efficient and more transparent, and imposes rules on undertakings conducting such settlements. Article 53(1) of CSDR requires trading venues such as Euronext to provide CSDs with access to their transaction feeds on a non-discriminatory and transparent basis.

Euronext set conditions that, in the AFM’s opinion, conflicted with CSDR

Euronext announced as part of its new settlement model, three conditions for market participants wishing to designate a CSD other than Euronext Securities Milan to settle transactions on Euronext. In the AFM’s opinion, these conditions would limit access for certain CSDs to Euronext’s transaction feeds. By doing so Euronext acted in breach of Article 53(1) of CSDR.

Euronext remediated the shortcom
ings after receiving the AFM’s instruction

An instruction is a means to ensuring that an undertaking remediates breaches within a specified period. Following the AFM's instruction on 12 November 2025, Euronext took various steps to end the breach, including the confirmation of continued access of CSDs with existing access to its transaction feeds and the withdrawal of the conditions in question. Euronext has also confirmed access of the other CSDs that requested access as alternative CSD. The AFM will continue to monitor the above and will have undiminished attention for fair, transparent and non-discriminatory access, also in relation to possible new requests from non-linked CSDs.

The AFM is publishing this instruction decision because the instruction has become irrevocable.