Dutch regulator Autoriteit Financiële Markten (AFM) said on Wednesday it issued an instruction to Euronext Amsterdam N.V. for breaching rules on providing access to central securities depositories (CSDs).
Euronext has complied with the instruction, the AFM said. The action was imposed in November 2025.
European rules require trading venues to provide CSDs access to their transaction flows on a non-discriminatory and transparent basis. The AFM said Euronext had announced adjustments to its settlement model that contained conditions inconsistent with those access requirements.
Under the rules, a venue’s settlement setup must allow eligible CSDs to connect on equal terms, limiting the ability of trading venues to favour one CSD over another in post-trade services.
The AFM did not disclose the specific conditions it objected to. Euronext did not comment beyond confirming its compliance.
Euronext Amsterdam is part of the Euronext exchange group. The AFM, alongside De Nederlandsche Bank, exercises supervisory authority over the Dutch exchange.
