Euroclear and LCH SA Expand Italian Debt Settlement Partnership

Euroclear expanded its partnership with LCH SA, unveiling a new initiative that will allow clearing members to settle all Italian government debt — including cash and repo transactions — traded on MTS and BrokerTec and cleared through LCH SA. Settlement will occur directly at Euroclear Bank, the International Central Securities Depository of the Euroclear group.

The new service will launch in 2026, marking a major step toward deeper integration within Europe’s post-trade infrastructure. The enhancement aims to boost balance sheet netting, increase operational efficiency, and reduce market fragmentation. Furthermore, by settling through Euroclear Bank, clients will gain access to a wider, more efficient network for euro-denominated securities, improving collateral mobility and reinforcing the principles of open infrastructure and client choice.

Euroclear and LCH SA Expand Italian Debt Settlement Partnership

Euroclear emphasized that direct settlement via Euroclear Bank will also mobilize Italian government debt onto the group’s Collateral Highway, creating expanded securities financing and funding opportunities for market participants.

Michel Semaan, Global Head of RepoClear at LSEG, highlighted the strategic benefits of the collaboration:

“As a leading provider of clearing services for Italian government debt, we are delighted to be working with Euroclear to bring even greater efficiencies and choice to our members, both key elements of a competitive European capital market.”

Sebastien Danloy, Chief Business Officer of Euroclear group, underscored the partnership’s broader significance:

“We are extremely proud to bring this expanded solution to the market together with LCH. Given that Italian government debt represents a major segment of the European fixed income market, this marks an important milestone in advancing the Savings and Investments Union — centred around greater choice, open access models, and the continued development of a resilient, interconnected European capital market.”

Moreover, the initiative strengthens Euroclear’s and LCH SA’s roles as pivotal players in shaping a more unified and efficient European financial system.

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