An Amsterdam court on Tuesday dismissed an application by Italian state-owned bank CDP seeking to block the reappointment of Milan Stock Exchange CEO Fabrizio Testa. The ruling paves the way for Testa's formal reappointment at an upcoming shareholders' meeting.

CDP holds approximately 8.1% of Euronext, the parent company of the Milan Stock Exchange. CDP had previously requested the Amsterdam court to halt Testa's reappointment process, arguing that Euronext should consider other candidates and conduct a proper selection procedure.

Testa, who has led the Milan Stock Exchange since 2021, is expected to be formally reappointed at Euronext's shareholders' meeting scheduled for May 20.

CDP's legal action stems from concerns that Euronext may weaken its Italian operations. There are widespread worries within the Italian government that the pan-European exchange operator might prioritize promoting listings in France or other markets over Italy.

Notably, the Milan Stock Exchange controls the MTS platform, the primary trading venue for Italian government bonds, with a trading volume of up to 2.7 trillion euros. This makes the leadership of the Milan exchange a highly sensitive issue in Italy.

CDP's core argument is that, according to a 2020 shareholder agreement, it has the right as a significant shareholder to initiate the selection process for the Milan exchange CEO. However, Euronext has resisted evaluating candidates other than Testa, prompting CDP to file the lawsuit in Amsterdam, where Euronext is registered.

Euronext CEO Stéphane Boujnah stated in February that Testa was likely to receive a new term, praising his "unprecedented performance" in recent years. According to statistics, revenue at the Milan exchange grew by 57% between 2020 and 2025.

Euronext stated that it "remains fully committed to the development, competitiveness, and long-term success of the Italian market" and will continue to work closely with all stakeholders to support its growth.

According to sources close to the matter, CDP plans to appeal the Amsterdam court's ruling.

Euronext completed the acquisition of the Milan Stock Exchange from London Stock Exchange Group for 4.3 billion euros in 2021. Following the transaction, CDP and Italy's largest bank, Intesa Sanpaolo, acquired approximately 8.1% and 1.55% stakes in Euronext, respectively. France's Caisse des Dépôts also holds approximately 8.1% of the shares.