Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERG ER REGISTRY, 1049 Brussel,  BELGIË 
 Tel: +32 229-91111. Fax: +32 229-64301. E-mail: COMP-MERGER-REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION 
Brussels, 30.6.2017 
C(2017) 4666 final 
 
 
To the Notifying parties: 
Subject: Case M.8429 - BNP PARIBA S / CAISSE DES DEPOTS ET 
CONSIGNATIONS / SOCIETE GENERALE  / EURONEXT / EUROCLEAR / 
S2IEM / CACEIS / JV Commission decision pursuant to Articl e 6(1)(b) of Council Regulation (EC) 
No 139/20041 and Article 57 of the Agreemen t on the European Economic Area2  
Dear Sir or Madam, 
1. On 30 May 2017, the European Commission received notifica tion of a proposed 
concentration pursuant to Article 4 of th e Merger Regulation by which BNP Paribas 
Securities Services (“BP2S”, France), CACEIS  Investor Services (“CACEIS”, France), 
Caisse des Dépôts et Consi gnations (“CDC”, France), Eu roclear SA/NV (“ESA”, United 
Kingdom), Euronext NV (“Euronext”, the Netherlands), S2IEM - Société 
d’Investissements en Infrastructures Europ éennes de Marchés (“S2IEM”, France), and 
Société Générale SA (“Société Générale”, France) will acquire, within the meaning of Article 3(4) of the Merger Regulation, joint control over a newly created joint venture in 
France (the “JV”).
3 The JV will provide certain post-tr ade services to small and medium 
enterprises for their listed and unlisted eq uities, namely Distri buted Ledger Technology 
("DLT")-based registrar services and DLT-based settlement services.   
2. The business activities of the undertakings concerned are:  
− BP2S a French based subsidiary of BNP Pari bas SA, the parent company of the 
BNP Paribas Group, a worldwid e provider of banking and financial services to 
retail, corporate and institutional clients, provides custody and administration services for the assets of BNP Paribas Group's clients. 
                                                 
1 OJ L 24, 29.1.2004, p. 1 (the 'Mer ger Regulation'). With effect from  1 December 2009, the Treaty on the 
Functioning of the European Union ('TFEU') has intr oduced certain changes, su ch as the replacement of 
'Community' by 'Union' and 'common market' by 'interna l market'. The terminology of the TFEU will be used 
throughout this decision.  
2  OJ L 1, 3.1.1994, p. 3 (the 'EEA Agreement'). 
3  Publication in the Official Journal of the European Union No C 179 , 7.6.2017, p. 6. 
PUBLIC VERSION 
2 − CACEIS , a company belonging to French ba nking group Crédit Agricole Group, 
active in retail and investment banking as well as insurance and asset management, 
provides insurance and asset management serv ices to corporate clients, institutional 
investors, banks and brokers.  
− CDC , a French institutional investor, is active in public service and general interest 
activities (including banking services and management and centralisation of saving 
funds) as well in other areas such as real  estate, environment, regional development 
services and capital investment.  
− ESA , a subsidiary of Euroclear plc, the ul timate parent company of the Euroclear 
Group, a provider of safekeeping, settlement and related services for domestic and 
international securities including bonds, equ ities and investment  funds.  ESA itself 
is the parent company of the Group's operating entities, which include central 
security depositories and Euroclear Ba nk, an International Central Security 
Depositary which handles the safekeeping and settlement of Eurobonds and other 
securities. 
− Euronext  is the parent company of the Eurone xt Group, which is active in i) 
listing, ii) cash trading, iii) de rivatives trading, iv) market data and indices, v) post-
trade and vi) market solutions. 
− S2IEM  is an alternative investment fund managed by OFI Asset Management, an 
asset manager providing a wide range of services in asset management, which is 
primarily owned by Mutuelle Assurance de s Commerçants et Industriels de France 
et des cadres et des salaries de l'indust rie et du Commerce ("Macif"), an insurance 
and banking services provider. 
− Société Générale is the parent company of the So ciété Générale Group, which is a 
financial institution active in French and international retail banking, international 
financial services and insurance, an d corporate and investment banking. 
3. After examination of the notification, the Eu ropean Commission ha s concluded that the 
notified operation falls within the scope of the Merger Regulation and of paragraph 5(a)  of 
the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004.
4 
4. For the reasons set out in the Notice on a simp lified procedure, the European Commission 
has decided not to oppose the notified operati on and to declare it compatible with the 
internal market and with the EEA Agreement. This decision is adopted in application of 
Article 6(1)(b) of the Merger Regulati on and Article 57 of the EEA Agreement. 
For the Commission 
(signed) Johannes LAITENBERGER Director-General 
                                                 
4  OJ C 366, 14.12.2013, p. 5.