Published by Global Banking & Finance Review®
Posted on April 14, 2026
2 min readLast updated: April 14, 2026
Add as preferred source on GoogleAn Amsterdam court has dismissed Cassa Depositi e Prestiti’s (CDP) request to halt the reappointment of Fabrizio Testa as CEO of Borsa Italiana, paving the way for his expected reconfirmation ahead of Euronext’s May 20 shareholder meeting. CDP plans to appeal and continues pushing for a broader tale
By Elvira Pollina and Giuseppe Fonte
MILAN, April 14 (Reuters) - An Amsterdam court rejected on Tuesday a request by Italian state lender Cassa Depositi e Prestiti (CDP) to block the reappointment of Fabrizio Testa as chief executive of the Milan Stock Exchange, a ruling seen by Reuters showed.
CDP holds an 8.1% stake in pan-European exchange operator Euronext, which owns the Milan Stock Exchange, also known as Borsa Italiana. It wants Amsterdam-based Euronext to consider alternative candidates to Testa and to conduct a proper search process.
Testa has been at the helm of Borsa Italiana since 2021 and is expected to be reappointed ahead of a Euronext shareholder meeting scheduled for May 20.
CDP, which is 80% owned by Italy's Treasury, filed a request with an Amsterdam court last month seeking to block the appointment.
It intends to appeal the court's decision, a source close to the matter told Reuters.
Euronext declined to comment.
Euronext CEO Stéphane Boujnah said in February that Testa was on course to secure a new term, praising him for his "unprecedented results" in recent years.
The court case comes amid concerns in Italian government circles that Euronext could scale back its Italian operations and favour listings in France or other markets.
Euronext - which operates the Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo, Athens and Paris exchanges - completed its acquisition of Borsa Italiana in 2021 from London Stock Exchange Group.
The 4.3-billion-euro ($5.1-billion) deal made Italy one of Euronext's biggest trading venues and a key revenue driver.
Italy's largest bank, Intesa Sanpaolo, owns a 1.55% stake in Euronext, while France's Caisse des Depots holds an 8.1% stake, the same as CDP.
($1 = 0.8477 euros)
(Reporting by Elvira Pollina in Milan and Giuseppe Fonte in Rome; Editing by Emelia Sithole-Matarise)
CDP filed a request to block the reappointment of Fabrizio Testa as CEO of the Milan Stock Exchange, seeking Euronext to consider alternative candidates and conduct a proper search process.
The Amsterdam court rejected CDP's request to block Fabrizio Testa's reappointment as chief executive of the Milan Stock Exchange.
The Milan Stock Exchange, also known as Borsa Italiana, is owned by Euronext, a pan-European exchange operator based in Amsterdam.
Yes, CDP intends to appeal the Amsterdam court's decision, according to a source close to the matter.
There are concerns in Italian government circles that Euronext could scale back its Italian operations and favor listings in France or other markets.
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