FLATEXDEGIRO (=) : Joining a strategic partnership for blockchain-based settlement

研报英文原文证据摘录

FLATEXDEGIRO (=) : Joining a strategic partnership for blockchain-based settlement

EQUITIES

DIVERSIFIED FINANCIALS

FLATEXDEGIRO NEUTRALPRICE* EUR32.1  TARGET PRICE EUR35 (UPSIDE 9%)

FLASH NOTE

Joining a strategic partnership for blockchain-based settlement

21 MAY 2026 Securities Research Report Production time: 08:24* (London time)

Christoph Blieffert BNP Paribas SA (+49) 69 4272 97321 christoph.blieffert@bnpparibas.com

What happened?

The Boerse Stuttgart Group’s settlement platform Seturion has formed a strategic partnership with flatexDEGIRO,

Société Générale and its crypto-asset subsidiary SG-FORGE to build Europe’s first pan-industrial, blockchain-based

solution for securities settlement. Seturion will handle the on-chain clearing of transactions, flatexDEGIRO will feed its

3.5 million-customer retail flow into the network, Société Générale will issue tokenised structured products (e.g.,

certificates, options) on the platform, and SG-FORGE will provide MiCA-compliant euro and US-dollar stablecoins for

settlement. Covering all asset classes on public and private blockchains and allowing payment with stablecoins or

central-bank money, the collaboration promises substantially lower costs, higher reliability and faster settlement cycles,

thereby overcoming Europe’s fragmented post-trade landscape and supporting the development of a single European

capital market.

BNPP View:

Block-chain-based settlement is substantially reducing custody and settlement fees for brokerage platforms such as

flatexDEGIRO. This announcement is based on ETP products issued by Société Générale, i.e. the economic impact for

FTK as a group is somewhat limited: we estimate cEUR100k out of EUR60m settlement and custody costs in total in

2025.