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The pan-European exchange is calling on Brussels to open up the market for the listing and custody of NextGenerationEU issues, which until now has been handled by the Luxembourg Stock Exchange and Clearstream. Euronext, which now owns the MTS trading platform, is highlighting its ability to boost the secondary market to convince the European Commission to use its range of services. The Luxembourg Stock Exchange is playing the historical legitimacy card.
Euronext wants to play a full part in the European Commission's ecosystem of obligations, in terms of trading, custody and listing.
The issue is of course economic, since NextGenerationEU (NGEU), the recovery plan designed to bring Europe out of the health crisis, will be financed between now and 2026 by some 800 billion euros of issues, including 30% of green bonds. 150 billion per year, through syndication or auction.
But these loans, made by the executive branch of the European Union, also have a strategic and marketing dimension for market companies. This is illustrated by the strong communication from the Luxembourg Stock Exchange, where NGEU securities are currently listed, on the occasion of the listing of the very first green European bonds last Tuesday. Having the European Commission as a client means having a first-class reference to convince the many private issuers of international bonds.
The highly symbolic "Ring the bell ceremony" took place in the Grand Duchy in the presence of the European Commissioner for Budget and Administration, the Austrian Johannes Hahn, as well as Xavier Bettel, the Luxembourg Prime Minister in person. It is usually the Minister of Finance, Pierre Gramegna, who represents the government at this type of event.
To convey its message and mark its territory, the Luxembourg Stock Exchange has multiplied its tweets and retweets.
