News and events

40 Years of the Negotiable Debt Securities Market

On November 27, the Banque de France celebrated the 40th anniversary of the Negotiable Debt Securities (TCN) market, known as the NEU CP (Negotiable European Commercial Paper) market. This event, held in the Goden Gallery, brought together a broad ecosystem of key stakeholders: banks, corporations, public entities, rating agencies, investors – including money market funds – as well as the central securities depository Euroclear.

During this milestone event, Denis Beau, First Deputy Governor of the Banque de France, emphasized the strategic importance of this market for short-term financing in Europe. “Short-term financing markets are a vital instrument for diversifying and adapting the resources borrowed by economic actors to their financing needs for their activities. The NEU CP market stands out as a success story and a benchmark for all stakeholders.”

His speech focused on three main points:

1.    The leading position of the NEU CP market within the European Union, where it serves as an essential instrument for diversifying funding sources and providing greater flexibility to issuers.
2.    The foundations of its success, which make it a benchmark for all stakeholders.
3.    The European ambition, aiming to integrate this market into a Savings and Investments Union to strengthen its role in financing the economy.

This event highlighted the importance of this market for both the French and European economies, as well as the Banque de France’s commitment to further developing it within a harmonized and competitive framework.

Learn more, Speech by Denis Beau, First Deputy Governor of the Banque de France

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Relive the highlights of the NEU CP 40th anniversary celebration

Discover the key moments of this event in images: notable speeches, exchanges with market participants, and reaffirmed European ambition.

Voices from the NEU CP Market

As part of the 40th anniversary celebration, four leading representatives shared their vision on the advantages of this market for short-term financing and on upcoming challenges.