The TRADE 88 - Q2 2026 | Page 8

NEWS UPDATE
TRADING VENUES
Euronext begins testing phase for pan-European CSD expansion
BNP Paribas, Citi and CACEIS back initiative to streamline settlement and custody across EU markets.

Euronext has opened the testing phase of its European

CSD expansion, as it moves forward with plans to
CACEIS, which have indicated support for a framework that introduces greater optionality in how post-trade
broaden its post-trade offering across the region.
services are accessed across markets.
Clients are now able to access the testing environment
Bruno Campenon, head of financial intermediaries
to onboard, test connectivity and assess operational
and corporates client line, securities services at BNP
readiness through Q2 2026, ahead of a planned launch in
Paribas, said:“ BNP Paribas’ securities services business
September.
is working on providing connectivity to Euronext
The approach allows participants to progress at their
Securities Milan for clients wishing to route their French,
own pace, reflecting the complexity of integrating new
Belgian, and Dutch securities, recognising the benefit
post-trade infrastructure.
of increased dynamism in the CSD space brought by
The expansion is expected to extend Euronext
Euronext’ s initiative.”
Securities’ CSD services for equities and ETFs into
The testing phase aims to validate the full settlement
Belgium, France and the Netherlands, adding to its
chain within Euronext’ s infrastructure, covering
existing presence in Denmark, Greece, Italy, Portugal and
processes from issuance through to custody.
Norway. It forms part of the group’ s broader Innovate for
The model is built around a single platform spanning
Growth 2027 strategy.
multiple markets, with the aim of reducing operational
The move has received backing from major custodians,
friction and addressing some of the fragmentation that
including BNP Paribas securities services, Citi and
has long characterised Europe’ s post-trade landscape.
TECHNOLOGY

ICE launches AI-powered pre-trade analytics platform aimed at buy-side fixed income desks

The offering will allow institutional investors to estimate counterparty price commitment prior to indicating intent to trade; T. Rowe Price has signed on as an anchor client, The TRADE understands.

Intercontinental Exchange( ICE) has launched a new AI-powered trading analytics platform – ICE Compass – aimed at buy-side fixed income trading desks.

Specifically, the platform gives desks prioritised trader counterparty rankings and price estimates before executing trades.
T. Rowe Price has signed on as an anchor client, The TRADE understands, following the firm’ s involvement and feedback during the development process and beta testing.
Dwayne Middleton, global head of fixed income trading, T. Rowe Price, said:“ At T. Rowe Price, we are focused on using data, technology, and market insight to make faster, more informed trading decisions and enhance execution outcomes for our clients.
“ Our collaboration with ICE on Compass reflects that priority and supports our continued evolution toward a more transparent, data-driven, and scalable trading model.”
The offering will enable users to combine ICE’ s market data and pricing streams with their own real-time and historical trading data, in addition to the bids and offers, indications of interest and other pricing data points from their trading counterparties.
It estimates counterparty price commitment before trading intent is indicated and ranks counterparties by pricing competitiveness across global corporate and sovereign bond markets, with its data model continuously refined as new trading data is incorporated.
8 // TheTRADE // Q2 2026