Hyloris moves its issuer CSD from Euroclear Belgium to Euronext Securities Milan

On 14 October, Euronext Securities Milan took over from Euroclear Belgium as issuer CSD for the shares of Hyloris Pharmaceuticals SA (ISIN BE0974363955). The shares are still listed and traded on Euronext Brussels.

Euronext’s European CSD offering went live on 21 September. At the time, the exchange group said “first adopters are already live” but did not name any. The two Hyloris notices are the only issuer migration that Euronext Securities Milan has published in its operational notices since go-live.

The Hyloris migration

Euronext Securities Milan gave participants two weeks’ notice. Its operational notice ON_39/2026 of 30 September said the place of issuance would move from Euroclear Belgium to Euronext Securities Milan on 14 October. It added that the migration “does not affect in any way the availability of the stock for trading”. The notice set out two operational impacts:

• on-exchange cross-CSD instructions sent to T2S and still pending on 14 October would be deleted from T2S, with no action needed from clients;
• after the migration, participants would have to re-enter any OTC instructions that had been cancelled from T2S.

On 14 October, a follow-up notice, ON_44/2026, confirmed that the migration “was successfully completed” and that the security is “now fully operational under the new Issuer CSD arrangement”.

Hyloris announced the move the same day at 4:00pm CEST. It described itself as “the first company with headquarters in Belgium” to join Euronext Securities under the new model. Chief executive Stijn Van Rompay went further, calling it “the first company that moved” to the model. Both are the company’s own claims.

According to Hyloris:

• its shares are now held and settled through Euronext Securities;
• the ticker and ISIN are unchanged;
• holdings moved automatically and shareholders need take no action;
• registered shareholders remain on the company’s share register.

The company gave fuller shareholder identification and greater visibility among European investors as its reasons. Benoît van den Hove, chief executive of Euronext Brussels, said in the release that the early adoption was “the proof that it delivers value for ambitious European businesses”.

Scope and the first weeks of operation

Euronext Securities Milan’s market notice of 8 September set out the scope of the change:

• equity trades on Euronext Amsterdam, Brussels and Paris, and euro-denominated ETP trades on Amsterdam and Paris;
• the MICs XAMS, XBRU, XPAR, MLXB, XMLI, ALXB and ALXP;
• 23 September as the first intended settlement date for trades executed on or after 21 September;
• physically settled equity derivatives follow the place of settlement of the underlying;
• bonds, certificates and warrants are unchanged.

In operational notice ON_38/2026 of 24 September, the CSD said the model had been “operating smoothly and as expected” since go-live. It said “no issues have been identified that could affect the efficient processing of transactions”.

How the choice of settlement location works

Euronext Securities Milan is the default place of settlement, but trading members can designate an alternative. In its 6 March announcement, Euronext named Clearstream Europe AG, Euroclear Bank, Euroclear Belgium, Euroclear France and Euroclear Nederland as the alternative CSDs.

Euronext’s place of settlement change guidelines (version 3, March 2026) explain how each choice settles in T2S:

• Euronext Securities Milan: if the settlement agent holds an account there, the trade settles intra-CSD.
• An alternative T2S CSD: the trade settles cross-CSD.
• Neither CSD is the issuer CSD: settlement can run through the issuer CSD, with T2S automatic realignment taking place there.

To settle in Milan, settlement agents need:

• approved connectivity;
• validated production access;
• a finalised account structure;
• a mandatory test, confirmed with a readiness form.

The guidelines also set 12 October 2026 as a contingency date for the change. It was not needed.

SIX x-clear set out a different route in a FrontLine notice of 28 August. The clearing house said it did not intend to designate Euronext Securities Milan for the securities in scope. Instead, it planned to keep settling equities and domestic ETPs in the relevant Euroclear ESES CSD (Euroclear Belgium, Euroclear France or Euroclear Nederland) and international ETPs in Euroclear Bank. It said the approach was meant “to limit operational changes for Clearing Members” and to keep settlement netting across trades in the same securities from different venues. The notice said the arrangement remains subject to Euronext’s final migration arrangements. We found no later SIX x-clear notice changing it.

The T+1 deadline

Regulation (EU) 2025/2075 amends Article 5(2) of the Central Securities Depositories Regulation. Under the amendment, the intended settlement date for transactions in transferable securities executed on trading venues will be no later than the first business day after trading. It applies from 11 October 2027.

In the market notice of 12 March 2025 that first announced the move of settlement to Euronext Securities Milan, Euronext Securities said the change was expected “to simplify clients’ set-up ahead of the T+1 settlement cycle migration”.