At ETF Ecosystem Unwrapped 2025, held in London on 21-22 May, Aurélien Narminio, Head of Indices, ETFs and Securitised Derivatives at Euronext, announced the upcoming launch of Euronext ETF Europe, a major initiative to address fragmentation and create the first truly pan-European ETF market.

Scheduled to go live in September 2025, the project represents a significant milestone in Euronext's strategic roadmap to build a unified European capital market infrastructure.

During his remarks, Aurélien Narminio emphasised the simplicity of the approach: one listing, one order book, one streamlined post-trade chain. Rather than adding complexity, Euronext ETF Europe offers a cohesive market structure designed to support growth across the ETF ecosystem, from issuers to investors.

Tackling fragmentation with a single European market

Fragmentation in today's European ETF market triggers inefficiency across the value chain. Issuers must list products across multiple venues to access different geographies, liquidity is scattered across various trading books – often off-exchange – and post-trade processes remain inconsistent and costly across borders.

Euronext ETF Europe aims to remove these barriers by bringing together ETF trading across its markets in Amsterdam, Milan and Paris into a unified offering. It will feature a single European order book powered by Optiq®, the Euronext trading platform, alongside harmonised membership, market data access and post-trade infrastructure.

What the new model means for market participants

The new model will deliver benefits across the value chain:

For issuers: Euronext ETF Europe will enable ETF issuers to access Euronext's full distribution network with a single listing. This simplifies market entry, reduces the operational burden of multi-venue listings and supports broader product visibility across Europe.

For trading members and market makers: By consolidating liquidity into a single order book, Euronext ETF Europe is expected to enhance price formation, tighten spreads and deepen trading volumes. Access across venues will be streamlined, supported by coordinated membership arrangements and a unified market data feed.

For investors: By improving transparency and simplifying access, the platform will enable more efficient investment in ETFs across borders. Greater on-exchange liquidity and improved execution outcomes align with the goals of the EU Capital Markets Union and the broader ambition of building a European Savings and Investment Union.

Supporting operational continuity while building for the future

From a post-trade perspective, the new model will be reinforced by Euronext Clearing and Euronext Securities, creating a centralised and efficient settlement chain. While the target model will be fully in place by September 2026, transitional arrangements will ensure continuity for trading members and custodians during the implementation phase.

Euronext is actively engaging with members and service providers to facilitate operational readiness, including harmonisation of cross-membership, testing activities and support with settlement arrangements. Issuers with existing multi-listed ETFs will be encouraged to consolidate listings ahead of go-live.

A step forward in European market integration

The launch of Euronext ETF Europe reflects Euronext’s broader vision to strengthen Europe’s capital markets and support deeper integration. Unifying the ETF market is a tangible step towards delivering the infrastructure necessary for a more efficient, connected and competitive financial system in Europe.

By drawing on its unique position across European financial centres, Euronext is bringing together local strengths into a pan-European solution. Euronext ETF Europe marks a fundamental change in the way ETFs are accessed, traded and settled across Europe.

For more information, market participants and issuers are invited to contact the Euronext ETF team at etf@euronext.com.