Finance
Italy's CDP sues euronext over milan bourse spat, sources say
Published by Global Banking & Finance Review®
Posted on March 11, 2026
3 min readLast updated: March 11, 2026
Quick Summary
Italy’s state lender CDP has launched legal proceedings against Euronext in Amsterdam, challenging its refusal to initiate a selection process for a new CEO at Borsa Italiana. The dispute stems from governance rights CDP claims are guaranteed under deal agreements.
CDP Files Lawsuit Against Euronext Over Milan Stock Exchange CEO Dispute
Background and Details of the Dispute
By Giuseppe Fonte
ROME, March 11 (Reuters) - Italian state lender Cassa Depositi e Prestiti has filed a lawsuit against pan-European exchange operator Euronext in an Amsterdam court for opposing the search for a new chief executive to lead the Milan stock exchange, sources said.
Concerns from Italian Lawmakers
Lawmakers within Italy's governing right-wing coalition have raised concerns that Euronext, of which CDP is a leading shareholder, could favour listings in France or other markets over Italian operations.
Leadership of Borsa Italiana
Fabrizio Testa has been at the helm of Borsa Italiana since 2021, and his current term ends with the approval of 2025 results in the first half of this year.
Governance Agreements and Legal Action
CDP argues that Euronext's governance agreements give the Italian shareholder the right to trigger the process aimed at selecting a new chief for Borsa Italiana, two people familiar with the matter told Reuters.
Euronext's unwillingness to assess alternative candidates to Testa led CDP to file the legal action in Amsterdam, where the pan‑European group is headquartered, the sources added.
Milan Exchange: A Sensitive Italian Asset
Milano Finanza newspaper first reported on the lawsuit.
CDP declined a Reuters request for comment.
Euronext's Response and Performance in Italy
"Euronext does not comment on press rumors regarding potential legal actions by a shareholder," a Euronext spokesperson said, adding that the group's performance in Italy had delivered "unprecedented results" in recent years.
Financial Growth and Commitment
Between 2020 and 2025, Borsa Italiana's revenues grew by 57%.
"Euronext remains fully committed to the development, competitiveness and long-term success of the Italian market and continues to work closely with all stakeholders to support its growth," the spokesperson said.
Strategic Importance of Milan Stock Exchange
The Milan stock exchange has always been a sensitive asset in Italy, mainly because it controls MTS, where 2.7 trillion euros ($3.13 trillion) of Italian government bonds are traded.
Euronext's Acquisition of Borsa Italiana
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 in a 4.3-billion-euro deal.
Shareholder Structure
As part of the transaction, CDP and Italy's largest bank Intesa Sanpaolo bought 8.1% and 1.55% of Euronext respectively. France's Caisse des Depots also holds 8.1%.
($1 = 0.8619 euros)
(Reporting by Giuseppe Fonte; Editing by Joe Bavier)
Key Takeaways
- •CDP/Equity alleges that under 2020 governance agreements it holds the right to trigger the CEO selection process at Borsa Italiana, and accuses Euronext of disregarding this right.
- •Euronext insists it refuses to comment on press reports, emphasizing that Borsa Italiana has delivered “unprecedented results,” including a 57% growth in revenues between 2020 and 2025.
- •The Milan exchange remains strategically critical to Italy—especially due to MTS, where €2.7 trillion in Italian government bonds are traded—and tensions may affect both legal and political spheres.
Frequently Asked Questions about Italy's CDP sues Euronext over Milan bourse spat, sources say
1Why did CDP file a lawsuit against Euronext?
CDP filed the lawsuit over Euronext’s opposition to searching for a new CEO for the Milan stock exchange, citing governance agreements.
2Where was the lawsuit between CDP and Euronext filed?
The lawsuit was filed in an Amsterdam court, where Euronext is headquartered.
3What concerns have Italian lawmakers raised about Euronext?
Italian lawmakers are concerned that Euronext could favor listings in France or other markets over Italian operations.
4Who currently leads Borsa Italiana and since when?
Fabrizio Testa has led Borsa Italiana since 2021, with his current term ending after approval of the 2025 results.
5Why is the Milan stock exchange considered important to Italy?
The Milan stock exchange is sensitive as it controls MTS, where €2.7 trillion in Italian government bonds are traded.
